Stocks to buy or sell: Despite mixed trends from the global markets, the Indian stock market ended higher on Monday. The Nifty 50 index gained 84 points and closed at the 24,586 mark; the BSE Sensex shot up 145 points and finished at 80,664, whereas the Bank Nifty index ended 177 points higher at 52,455. Cash market volumes on the NSE were 15.5 percent lower at ₹1.32 lakh crore. The mid-cap index outperformed the Nifty 50 index in the broad market even as the advance-decline ratio improved to 1.09:1.
According to Sumeet Bagadia, Executive Director at Choice Broking, the Indian stock market is at record high levels, and most of the stocks and indices are available at higher valuations. He said that the Nifty 50 index slowly but steadily inched towards the 24,800 to 24,900 mark, and the outlook for the Indian stock market was still positive. Bagadia advised a stock-specific approach in the current market scenario and advised investors to look at breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia of Choice Broking said, “The Nifty 50 index is looking all set to touch the near-term target of 24,800 to 24,900. However, if the participatory rally continues and mid-cap and small-cap indices continue to outperform frontline indices, then in that case, we can expect the 50-stock index to touch 25,400 as well in the near term.”
"As most of the Indian indices are at record highs and most of the stocks and indices are available at higher valuations, my suggestion to investors is to maintain a stock-specific approach with a buy-on-dips strategy. Such investors may look at breakout stocks as some are still available at an attractive valuation," said Bagadia.
When asked about the breakout stocks to buy today, Sumeet Bagadia recommended buying Birla Cable, HBL Power, Pix Transmissions, Career Point, and Hariom Pipe Industries.
1] Birla Cable: Buy at ₹282.50, target ₹295, stop loss ₹270;
2] Pix Transmissions: Buy at ₹1612.70, target ₹1700, stop loss ₹1560;
3] Career Point: Buy at ₹470.50, target ₹495, stop loss ₹455;
4] Hariom Pipe Industries: Buy at ₹696, target ₹730, stop loss ₹670; and
5] HBL Power: Buy at ₹629.35, target ₹661, stop loss ₹605.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
