Breakout Stocks to Buy or Sell: Despite market volatility, India’s benchmark Nifty 50 broke its four-week losing streak and ended last week with a modest gain of around 0.51 percent. However, on a monthly basis, October witnessed the biggest sell-off since the COVID-19 crash of March 2020, marking a turbulent turn in the markets. Strong foreign capital outflows, weak second-quarter earnings and increased geopolitical tensions were the main causes of the market sell-off.
Sumeet Bagadia’s Stocks to Buy Today
Sumeet Bagadia, executive director at Choice Broking, believes that the overall trend in the Indian stock market is cautious. The trend may weaken if the index falls below the psychological level of 24,000. The Choice Broking expert said the Nifty 50 index could fall to the 23,400 level if the 50-share index breaks decisively below 23,900. On the upside, Dalal Street’s bias could improve if the index moves decisively above 24,500, Bagadia said. He suggested maintaining a stock-specific approach, focusing on breakout stocks for intraday trading.
Speaking about the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, the trend in the Indian stock market is cautious and may turn weak if the Nifty 50 index falls below the psychological mark of 24,000. A decisive collapse below 24,000 would mean the sharp selling pressure for the 50-share index, and the frontline index may fall towards the upper limit of 23,450 to 23,400. Dalal Street bias may improve once the Nifty 50 index moves decisively above 24,500 In full swing, day traders are advised to maintain a stock-specific approach. They can look at breakout stocks for intraday trading.”
Sumeet Bagadia recommended five breakout stocks to buy today: Poly Medicure, KJMC Corporate Advisors, BASF India, DCW and TTL.
Stocks to buy today
1]Poly Medicure: Buy from ₹3151, target ₹3370, stop loss ₹3040;
2]KJMC business advisors: Buy from ₹105.15, goal ₹114, stop loss ₹101;
3]BASF India: Buy from ₹8314, target ₹8900, stop loss ₹8000;
4]DCW: Buy from ₹107.20, target ₹113, stop loss ₹103; And
5]TTL: Buy from ₹160.35, target ₹172, stop loss ₹155.
Disclaimer: The views and recommendations expressed in this article are those of individual analysts. These do not represent the views of Mint. We recommend that investors consult certified experts before making any investment decisions.
