Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 26 December 2024 | Stock Market News
Source: Live Mint
Breakout stocks to buy or sell: The Indian stock market witnessed a subdued trade session on Tuesday before Christmas. The Nifty 50 index went off 25 points and closed at the 23,727 mark, the BSE Sensex went down 67 points and finished at 78,472, while the Bank Nifty index ended 84 points lower at 51,233. NSE cash market volumes were lower by 8% compared to yesterday and lowest in more than a year. Declining shares outnumbered the advancing shares for the sixth day on the trot, where the advance-decline ratio stood at 0.98 on the BSE.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the overall Indian stock market mood is cautious as the Nifty 50 index is facing a hurdle at the 23,800 to 23,850 range. The Choice Broking expert said the 50-stock index has made a crucial base at 23,200 to 23,250 and predicted a sideways train until the frontline index breaks either side of the current range. He advised traders to maintain a stock-specific approach and look at technically strong stocks. Bagadia suggested day traders look at breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, the Indian stock market trend is cautious, as the Nifty 50 index finds resistance at the 23,800 to 23,850 range. The 50-stock index has crucial support at the 23,200 to 23,250 range. A bullish or bearish trend can be assumed on the breakage of either side of the range. So, traders are advised to maintain a stock-specific approach and look at those stocks that look strong on the technical chart. Looking at breakout stocks for intraday trading can be a good bet for day traders.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Wockhardt, AMI Organics, METSL, Cartrade Tech, and Welspun Enterprises.
Stocks to buy today
As mentioned, Sumeet Bagadia has listed breakout stocks to buy today, which is as follows:
1] Wockhardt: Buy at ₹1486.50, target ₹1600, stop loss ₹1430;
2] AMI Organics: Buy at ₹2300, target ₹2480, stop loss ₹2222;
3] METSL: Buy at ₹191, target ₹205, stop loss ₹184;
4] Cartrade Tech: Buy at ₹1615.20, target ₹1725, stop loss ₹1550; and
5] Welspun Enterprises: Buy at ₹589.85, target ₹630, stop loss ₹565.
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 making any investment decisions.
