Breakout stocks to buy or sell: The domestic benchmark indices, the Nifty 50 and Sensex, are expected to open lower on Thursday, following other Asian counterparts, as investors reduce their risk appetite in the face of an intensifying Middle East crisis.
According to the GIFT Nifty, which was trading at 25,701.50 points as of 8:13 IST, the Nifty 50 would begin below its previous close of 25,796.90.
The day saw a little increase in oil prices. For countries such as India that import a lot of oil, a spike in prices is detrimental since crude accounts for a large portion of the import cost. In the three preceding sessions, profit booking at all-time highs caused the Nifty 50 to drop 1.6%. Indian markets were shut on Wednesday, October 2 on account of Gandhi Jayanti.
According to Prashanth Tapse, Senior Vice President of Research at Mehta Equities, technically, the long and short of Tuesday’s trading was that Nifty 50 despite positive global backdrop Nifty 50 wavered indicating bulls have hit the pause button. Nifty 50’s all-time-high continues to be at 26,277.30 — and the street seen concerned amidst overbought technical conditions. The line in the sand is at Nifty 50’s psychological support at 25,300 mark and then at 24,850 mark. Nifty 50’s 200 DMA at 23,095 mark.
Also on Tuesday, the Securities and Exchange Board of India (SEBI) announced a reduction in the number of weekly options contracts available for investors to trade to just one per exchange. Additionally, the minimum trading amount has been raised from ₹500,000 to ₹1.5 million to 2 million, as stated in a circular published on the regulator’s website.
Sumeet Bagadia’s intraday stocks for today
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Beardsell Ltd, Jay Shree Tea & Industries Ltd, Bajaj Steel Industries Ltd, Renaissance Global Ltd, and DCW Ltd.
Shares to buy today
Buy Beardsell Ltd in cash at ₹46.2; Stop Loss at ₹44.5; Target Price at ₹49.2
Buy Jay Shree Tea & Industries Ltd in cash at ₹156.78; Stop Loss at ₹151; Target Price at ₹166
Buy Bajaj Steel Industries Ltd in cash at ₹3,360; Stop Loss at ₹3,232; Target Price at ₹3,599
Buy Renaissance Global Ltd in cash at ₹135.3; Stop Loss at ₹130.5; Target Price at ₹144
Buy DCW Ltd in cash at ₹1,06.34; Stop Loss at ₹102; Target Price at ₹112
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 making any investment decisions.
