Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 22 January 2025 | Stock Market News

Breakout stocks to buy or sell: The Indian stock market experienced significant volatility today, with bears taking control over bulls on Tuesday. The Nifty 50 index crashed 291 points and ended at 23,053; the BSE Sensex nosedived 1,235 points and finished at 75,838, whereas the Nifty Bank Index tanked 727 points and closed at 48,623. Breaking their five-day winning streaks, the Mid-cap and the Small-cap indices saw sharp declines, with the Nifty Mid-cap 100 falling 2.31% and the Nifty Small-cap 100 dropping 2.28%. Market sentiment weakened further, reflected in the BSE’s advance-decline ratio of 0.43. All sectoral indices closed negative, with Nifty Realty, Consumer Durables, and PSU Banks recording the steepest losses.

Sumeet Bagadia’s breakout stock recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes that overall bias has turned weakly as the Nifty 50 Index failed to sustain above the 23,300 mark after sharp selling on Wednesday. The Choice Broking expert said the 50-stock index has crucial support and is currently at 23,850 to 23,800. Bagadia said the key benchmark index has closed above the 23,000 mark, and the frontline index may try to test the crucial support on breaching the 23,000 mark decisively. Bagadia recommended that day traders maintain a stock-specific approach as the Q3 results for the 2025 season are in full swing. He said technically strong-looking stocks could be a good bet for intraday trading.

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, Indian stock market sentiment has turned weak after sharp selling on Wednesday. However, the Nifty 50 index is above 23,000 despite breaking below 23,300. So, an early morning session would be crucial, and the 50-stock index may try to test 23,850 to 23,800 support after a decisive break below the 23,000 mark. So, day traders are advised to maintain a stock-specific approach and look at those stocks that look strong on the technical chart. For technically strong shares, one can look at breakout stock for intraday trading.”

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Amines and Plasticizer, Paradeep Phosphates, Tainwala Chemicals, RMC, and Technichem Organics.

Stocks to buy today

1] Amines and Plasticizer: Buy at ₹303.20, target ₹330, stop loss ₹292;

2] Paradeep Phosphates: Buy at ₹124.20, target ₹134, stop loss ₹120;

3] Tainwala Chemicals: Buy at ₹293.45, target ₹320, stop loss ₹282;

4] RMC: Buy at ₹985, target ₹1060, stop loss ₹950; and

5] Technichem Organics: Buy at ₹72.39, target ₹78, stop loss ₹70.

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 taking any investment decisions.