Stocks to buy or sell: The Indian stock market, buoyed by strong global market sentiments, broke a five-day losing streak on Friday. The Nifty 50 index soared to a new peak of 24,861, finishing 428 points higher. The BSE Sensex also saw a significant surge, skyrocketing 1,292 points to close at 81,332. The Bank Nifty index ended 407 points higher at 51,295, further boosting the positive sentiment.
According to Sumeet Bagdia, Executive Director at Choice Broking, the Indian stock market sentiment has improved after the Nifty 50 index decisively breached above 24,850 on Friday. The 50-stock index is now moving towards the 25,000 mark. However, for those who believe in a stock-specific approach, he advised looking at breakout stocks. Bagadia said many stocks gave breakouts on Friday; some still look positive on the chart pattern.
Speaking on the outlook for the Nifty 50 index, Sumeet Bagadia advised, "The Nifty 50 index has decisively breached the 24,850 hurdles, and the 50-stock index is poised to touch the 25,000 mark. However, some consolidation is likely. Therefore, it's advisable to maintain a buy-on-dips strategy, given the overall positive trend in the Indian stock market today."
"Those who want to maintain a stock-specific approach are advised to look at breakout stocks as some of the stocks that had given breakout on Friday are still looking strong on the daily and weekly charts," said Bagadia.
Sumeet Bagadia recommended buying five breakout stocks today: GHCL Textiles, CSL Finance, Banco Products India, AWHCL, and EMS.
1] GHCL Textiles: Buy at ₹105.80, target ₹110.90, stop loss ₹101.50;
2] CSL Finance: Buy at ₹525, target ₹550, stop loss ₹505;
3] Banco Products India: Buy at ₹768, target ₹805, stop loss ₹740;
4] AWHCL: Buy at ₹890, target ₹935, stop loss ₹855; and
5] EMS Limited: Buy at ₹843, target ₹888, stop loss ₹815.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
