Stocks to buy or sell: Despite mixed trends in the global markets, the Indian stock market ended higher on Friday. The Nifty 50 index finished 186 points higher at 24,502. The BSE Sensex shot up 622 points and closed at 80,519, whereas the Bank Nifty index ended marginally higher at 52,278. According to Sumeet Bagadia, Executive Director at Choice Broking, the Indian stock market is set for a fresh bull trend as Nifty today is looking strong on the technical chart and may touch 24,900 soon. The Choice Broking expert said that strong Q1 results 2024 from leading IT companies and IREDA will keep the market mood positive during Monday deals. However, he cautioned investors from buying a stock trading at high valuations. He advised breakout stocks for intraday trading as some stocks still look attractive after giving fresh breakouts during Friday deals.
Speaking on the outlook for the Indian stock market, Sumeet Bagadia said, "The Nifty 50 index has come out of the consolidation phase, and the 50-stock index is looking set to touch 24,900 in the near term. Bulls' sentiments are expected to remain positive after the Indian IT majors TCS and HCL Technologies declared strong Q1FY25 results. IREDA also delivered strong quarterly results on Friday."
Bagadia said that the Indian stock market is climbing new peaks on a regular basis, and it is highly likely that investors are getting carried away in this bull trend. Finding a stock available at attractive valuations may become difficult for intraday trading. Intraday traders may look at breakout stocks still available at attractive valuations.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these breakout stocks today for intraday trading: Railtel, IRFC, HPL, Cantabil, and Sonata Software.
1] Railtel: Buy at ₹597, target ₹630, stop loss ₹575;
2] IRFC: Buy at ₹69.60, target ₹73.50, stop loss ₹67;
3] HPL: Buy at ₹633.25, target ₹666, stop loss ₹610;
4] Cantabil: Buy at ₹290.65, target ₹305, stop loss ₹280; and
5] Sonata Software: Buy at ₹710.50, target ₹745, stop loss ₹685.
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.
