Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy tomorrow | Stock Market News
Source: Live Mint
Breakout stocks to buy or sell: Despite the US stock market climbing a new peak on Friday’s session last week, the Indian stock market ended lower on Monday as investors reacted to more Q2 results 2024. The Nifty 50 index ended 112 points lower at 24,741, the BSE Sensex shed 73 points and closed at 81,151, whereas the Nifty Bank index finished 226 points southward at 51,867. Cash market volumes on the NSE were down 1.65% compared to the previous session. The broad market indices fell more than the Nifty 50 index even as the advance-decline ratio fell to 0.29:1.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty 50 index is facing tough resistance at the 25,050 mark, whereas it has made a strong base at 24,700 to 24.650. The Choice Broking expert said the 50-stock index breaching below this support would mean more selling pressure in the Indian stock market. In contrast, a fresh bull trend on Dalal Street can be expected only after the frontline index breaks above 25,300. He said that one should maintain a stock-specific approach as investors are expected to react to the second-quarter results of the companies. Bagadia noted that looking at breakout stocks for intraday trading can be a good option.
On the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, Indian stock market sentiment is weak. The Nifty 50 index is facing a strong hurdle at 25,050, whereas it has made a strong base at 24,700 to 24,650. To improve the market bias, the 50-stock index needs to close above 25,050, whereas it has to close above 25,300 for a fresh bull trend. downside pressure can be seen on Dalal Street due to breaches below the current base. So, maintaining a stock-specific approach amid Q2 results 2024 can be a good strategy.”
Sumeet Bagadia recommended buying the following five breakout stocks today: Ganges Securities, JSW Holdings, Nahar Capital and Financial Services, Silgo Retail, and TTL.
Shares to buy today
1] Ganges Securities: Buy at ₹223, target ₹239, stop loss ₹215;
2] JSW Holdings: Buy at ₹10735, target ₹11400, stop loss ₹10350;
3] Nahar Capital and Financial Services: Buy at ₹337.50, target ₹254, stop loss ₹348;
4] Silgo Retail: Buy at ₹50, target ₹54, stop loss ₹48; and
5] TTL: Buy at ₹126.58, target ₹135, stop loss ₹122.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
