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

Breakout stocks to buy or sell: The Indian stock market witnessed a tough Tuesday day as investors switched back to their sell-on-the-rise strategy after showcasing optimism in the early morning session. The Nifty 50 index closed 1.07 per cent at 23,883, the BSE Sensex index closed 1.03 per cent lower at 78,675, while the Nifty Bank index finished 756 points or 1.46 per cent lower at 51,120. Power, Capital Goods, FMCG and Auto stocks came under selling pressure, while Realty and IT were relatively insulated.

Sumeet Bagadia’s stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market sentiment has turned bearish after the sharp selling on Tuesday. The Choice Broking expert said the Nifty 50 index has slipped below 24,000 and may test the 23,500 level if it breaches the 23,700 mark. Amid Q2 results 2024, he advised day traders to maintain a stock-specific approach and look at breakout stocks for intraday trading.

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “The Indian stock market bias has turned weak as the Nifty 50 index has slipped decisively below the 24,000 mark. The 50-stock index may test the 23,500 mark by breaking below its current support at 23,700. So, maintaining a stock-specific approach amid the Q2 results of the 2024 season would be ideal for day trading. Looking at breakout stocks for intraday trading is also advisable in this highly volatile Indian stock market.”

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Macrotech Developers, Fortis Healthcare, Polyplex Corp, Pritish Nandy Communications, and UNO Minda.

Shares to buy today

1] Macrotech Developers: Buy at ₹1240.95, target ₹1328, stop loss ₹1198;

2] Fortis Healthcare: Buy at ₹643.20, target ₹688, stop loss ₹621;

3] Polyplex Corp: Buy at ₹1249.65, target ₹1250, stop loss ₹1206;

4] Pritish Nandy Communications (PNC): Buy at ₹69.12, target ₹74, stop loss ₹66.70; and

5] UNO Minda: Buy at ₹1002.60, target ₹1073, stop loss ₹967.

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.