Breakout stocks to buy or sell: Powered by a sharp rally in the banking and power sector stocks, the Indian stock market ended higher on Thursday. The Nifty 50 index rose 0.07% to 24,998.45, while the S&P BSE Sensex added 0.18% to 81,611.41. The Nifty Bank index finished over one per cent higher on Thursday. In the broader market, while the BSE mid-cap gauge slipped 0.36%, the small-cap index rose 0.43%. Cash market volumes on the NSE fell 13% compared to the previous session to ₹0.94 lakh crore – the lowest in 5 months. The mid-cap index fell 0.36% even as the advance-decline ratio fell to 1.17:1.
Sumeet Bagadia’s stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, believes that the overall sentiment of the Indian stock market is cautious as the Nifty 50 index is trading in the 24,900 to 25,300 range. The Choice Broking expert said that bullish or bearish sentiment can be assumed on the breakage of either side of this range. However, the Bank Nifty is looking positive after reaching above the 51,200 mark on a closing basis. Sumeet Bagadia said that the Q2FY25 results season has begun, and the market would react to the quarterly numbers of the listed entity. He advised a stock-specific approach focusing on the breakout stocks for intraday trading.
On the outlook of the Indian stock market today, Sumeet Bagadia said, “Banking stocks are expected to attract fresh buyers as the Nifty Bank Index has closed above 51,200. However, overall sentiment on Dalal Street is expected to remain cautious as the Nifty 50 index is trading range-bound in a tight 24,900 to 25,300 range. So, a bullish or bearish trend can be assumed on the breakage of this range on a decisive basis. Until then, I suggest a stock-specific approach focusing on breakout stocks.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Sharda Motor Industries, OnMobile, Sree Rayalaseema Hi-Strength Hypo, Pavna Industries, and Crest Ventures.
Shares to buy today
1] Sharda Motor Industries: Buy at ₹2103.15, target ₹2244, stop loss ₹2025;
2] OnMobile: Buy at ₹91.60, target ₹96.50, stop loss ₹88;
3] Sree Rayalaseema Hi-Strength Hypo: Buy at ₹898.50, target ₹950, stop loss ₹866;
4] Pavna Industries: Buy at ₹602, target ₹640, stop loss ₹580; and
5] Crest Ventures: Buy at ₹525.80, target ₹560, stop loss ₹507.
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.
