Breakout stocks to buy or sell: FSL to Indian Bank — Sumeet Bagadia recommends five shares to buy today | Stock Market News

Breakout stocks to buy or sell: Following strong global market sentiments, the Indian stock market snapped a five–day losing streak on Monday. The Nifty 50 index gained 158 points and closed at the 24,339 mark, the BSE Sensex surged over 600 points and regained the psychological 80,000 mark, whereas the Nifty Bank index finished 471 points higher at 51,259. Cash market volumes rose as bank stocks seem to be coming back in favour. The Small-cap index rose more than the Nifty 50 index as retail investors returned to bargain hunt their favourite stocks after a relentless slide.

Sumeet Bagadia’s stock market recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes the pullback rally witnessed on Monday has eased out the Indian stock market sentiments to a more significant extent. The Choice Broking expert said the Nifty 50 index has rebounded after reaching the 24,000 mark. Bagadia said that crucial support for the Nifty 50 index would continue to remain in the 24,000 to 23,900 range. However, the Indian stock market mood would improve when the 50-stock index closes above the 24,650 to 24,700 mark. He said a stock-specific approach would be prudent for the Indian stock market investors and suggested breakout stocks for intraday trading.

On the outlook for the Indian stock market today, Sumeet Bagadia said, “Bearish pressure on Dalal Street has eased out after the pullback rally on Monday. However, the Indian stock market will remain cautious until the Nifty 50 index breaks above the 24,650 to 24,700 hurdle. Likewise, the 50-stock index has bounced back after reaching the 24,000 mark, which signals the frontline index making a crucial base around the 24,000 to 23,900 zone. Amid Q2 results 2024 season, day traders are advised to maintain a stock-specific approach and looking at breakout stocks for intraday trading can be a good option.”

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Firstsource Solutions (FSL), Indian Bank, Par Drugs and Chemicals, Dynamic Cables, and Nilkamal.

Stocks to buy today

1] FSL: Buy at ₹372.55, target ₹405, stop loss ₹363;

2] Indian Bank: Buy at ₹551.45, target ₹585, stop loss ₹530;

3] Par Drugs and Chemicals: Buy at ₹299.55, target ₹320, stop loss ₹290;

4] Dynamic Cables: Buy at ₹713.20, target ₹760, stop loss ₹688; and

5] Nilkamal: Buy at ₹1964.70, target ₹2070, stop loss ₹1899.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.