Breakout stocks to buy or sell: Amid a highly volatile session, the Indian stock market finally ended higher on Friday. The Nifty 50 index broke out from the consolidation and finished 219 points higher at 24,768. The BSE Sensex surged 860 points and closed at 82,150, whereas the Nifty Bank index gained 414 points and ended at 53,630. Amongst the sectoral indices, Nifty FMCG, Consumer durables and Private Bank gained the most, while Nifty Metal, Media and Reality fell the most. NSE cash market volumes were lower by 6% as compared to yesterday. The Nifty Mid-cap and Small-cap indices underperformed as they fell by 0.05% and 0.30%, respectively, against a 0.89% rise in the Nifty. Declining shares outnumbered the advancing shares for the second day in a row as the advance-decline ratio stood at 0.85 on BSE.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market mood has improved as the Nifty 50 index has closed above 24,700, giving a fresh technical breakout on a closing basis. The Choice Broking expert said the 50-stock index is set to touch 25,200 in the near term. Bagadia also said the frontline index has crucial support and is now 24,300. He advised day traders to maintain a stock-specific approach and look at breakout stocks for intraday trading.
Speaking on the outlook of the Indian stock market today, Sumeet Bagadia said, “Overall, the Indian stock market bias is positive. The Nifty 50 index has given a fresh breakout at 24,700 on a closing basis on Friday. The 50-stock index is now heading towards the 25,200 mark. The frontline index has crucial support now placed at 24,300, which is expected to remain sacrosanct in the near term. So, maintaining a stock-specific approach focusing on breakout stocks for intraday trading is advised.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Crisil, Aries Agro, PDS, ADF Foods, and Lumax AutoTechnologies.
Stocks to buy today
1] Crisil: Buy at ₹5890, target ₹6222, stop loss ₹5650;
2] Aries Agro: Buy at ₹387.90, target ₹415, stop loss ₹375;
3] PDS: Buy at ₹611.05, target ₹650, stop loss ₹588;
4] ADF Foods: Buy at ₹343.55, target ₹365, stop loss ₹330; and
5] Lumax AutoTechnologies: Buy at ₹606, target ₹650, stop loss ₹585.
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.
