Breakout stocks to buy or sell: Sumeet Bagadia recommends three shares to buy
Source: Live Mint
Breakout stocks to buy or sell: Following a partial recovery in the global markets, the Indian stock market snapped a three-day losing streak on Monday. The Nifty 50 index went up 84 points and closed at the 24,936 mark, the BSE Sensex surged 375 points and closed at 81,559, whereas the Bank Nifty index finished 540 points higher at 51,117. Cash market volumes on the NSE fell 17.5% compared to the previous session – the lowest since May 29. The broad market indices ended in the red even as the advance-decline ratio ended at 0.60:1.
Sumeet Bagadia’s stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, believes that bias for the Indian stock market has improved after the Nifty 50 index closed above the crucial 24,900 mark. The Choice Broking expert said that the 24,750 to 24,800 zone would remain crucial as this near-term support has to stay sacrosanct to maintain the positive bias on Dalal Street. He noted that a stock-specific approach has to be maintained, and looking at breakout stocks can be a suitable intraday trading tip for investors.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Shah Alloys, Syncom Formulations, GP Petroleums, Indo Amines, and TBZ.
Stock market today
On the outlook for the Indian stock market today, Sumeet Bagadia, Executive Director at Choice Broking, said, “The Nifty 50 index witnessed a strong pullback on Monday and closed above 24,900, which has slightly improved the market bias. So, the first few hours on Tuesday will be crucial as for further improvement in the Indian stock market sentiments, the Nifty 50 index has to remain above the 24,900 mark, and its crucial support zones of 224,750 to 24,800 have to remain sacrosanct.”
“As the market is trading at record high levels, a stock-specific approach is advisable, and one should look at breakout stocks for intraday trading,” Bagadia said.
Sumeet Bagadia’s stock recommendations today
1] Shah Alloys: Buy at ₹82.75, target ₹87.50, stop loss ₹79.50;
2] Syncom Formulations: Buy at ₹26.77, target ₹28.50, stop loss ₹25.85;
3] GP Petroleums: Buy at ₹87.65, target ₹93, stop loss ₹84.50;
4] Indo Amines: Buy at ₹230.38, target ₹245, stop loss ₹223; and
5] TBZ: Buy at ₹270.35, target ₹285, stop loss ₹260.
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.
