Breakout stocks to buy or sell: India’s benchmark indices, Sensex and Nifty 50, extended their winning streak for a third straight session, hitting record highs on Monday, 23 September 23. Gains were driven by solid financial service performance, with additional support for realty and auto stocks. The Nifty 50 closed 0.57% higher at 25,939.05 points, up from 25,790.95 in the previous session. The BSE Sensex closed 0.45% higher at 84,928.61 points, compared to 84,544.31 points at Friday’s market close. Cash market volumes on the NSE fell compared to the previous three sessions. The broad market indices rose more than the Nifty 50 index even as the advance-decline ratio remained positive at 1.66:1.
Sumeet Bagadia’s stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, believes that overall Indian stock market sentiment has remained bullish as the Nifty 50 index is sustaining above the 25,900 mark. The Choice Broking expert said that if the Nifty manages to sustain above this level by the Opening Bell on Tuesday, the frontline index may soon touch the 26,300 mark. He suggested a stock-specific approach for intraday trading and advised looking at breakout stocks.
“The Indian stock market mood is bullish as the Nifty 50 index is sustaining above 25,900. If the 50-stock index sustains above this mark for a few more hours or at least during the Opening Bell, we can expect the Nifty 50 index to touch the 26,300 mark soon. So, any dip from here should be seen as a buying opportunity until Nifty breaches below the 25,800 mark. Hence, a stock-specific approach focusing on breakout stocks would be a prudent stock market strategy,” said Sumeet Bagadia.
Sumeet Bagadia recommended buying these five breakout stocks today: Skipper, Amber Enterprises, Signet Industries, Refex Industries, and VIP Industries.
1] Skipper: Buy at ₹479.80, target ₹505, stop loss ₹463;
2] Amber Enterprises: Buy at ₹4924, target ₹5200, stop loss ₹4760;
3] Signet Industries: Buy at ₹83.78, target ₹89, stop loss ₹91;
4] Refex Industries: Buy at ₹475, target ₹505, stop loss ₹460; and
5] VIP Industries: Buy at ₹556.85, target ₹590, stop loss ₹540.
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.
