Breakout stocks to buy or sell: The Indian stock market ended lower on Friday. However, banking stocks witnessed a decent demand throughout the session. Among the frontline indices, the Nifty 50 index lost 32 points and closed at the 25,356 mark, the BSE Sensex went off 71 points and closed at 82,890, whereas the Bank Nifty index added 165 points and finished at 51,938. In the broad market, the Small-cap index outshined the frontline indices after finishing higher by 0.95 per cent. The Mid-cap index ended 0.48 per cent higher.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty 50 index will continue trading positive soon and touch the immediate target of 25,750 to 25,800. The Choice Broking expert advised investors to maintain a buy-on-dips strategy as support at 25,100 is expected to remain sacrosanct. He said that trend reversal on Dalal Street could be expected anytime, and the market may soon come out of the ‘Buffallow Trend’ and attain a fresh bull trend on breaching the 25,500 mark.
The Choice Broking expert suggested a stock-specific approach and recommended breakout stocks for intraday trading. Regarding breakout stocks to buy today, Bagadia recommended buying these five shares: Orissa Minerals Development Company, Biofil Chemicals and Pharmaceuticals, Oswal Greentech, Renaissance Global, and GIC Housing Finance.
Shares to buy today
1] Orissa Minerals Development Company: Buy at ₹8150, target ₹8599, stop loss ₹7878;
2] Biofil Chemicals and Pharmaceuticals: Buy at ₹76.39, target ₹80.80, stop loss ₹73.50;
3] Oswal Greentech: Buy at ₹56, target ₹59.20, stop loss ₹54;
4] Renaissance Global: Buy at ₹145, target ₹153.50, stop loss ₹140; and
5] GIC Housing Finance: Buy at ₹260.85, target ₹275, stop loss ₹251.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
