Breakout stocks to buy or sell: Amid the Israel-Iran war, the Indian stock market ended lower for the fifth straight session on Friday last week. The Nifty 50 index recorded its worst week in over two years amid rising tensions in the Middle East region. After the end of Friday’s session, the Nifty 50 index lost 235 points and closed at the 25,014 mark; the BSE Sensex crashed 808 points and ended at 81,688, whereas the Nifty Bank index finished 288 points lower at 51,556. Cash market volumes on the NSE were 7% lower than in the previous session. The Mid-cap index fell slightly more than the Nifty, even as the advance-decline ratio dropped sharply to 0.43:1.
Sumeet Bagadia’s stock recommendations today
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market trend has turned highly bearish after the biggest weekly fall in the Nifty 50 index in CY24. The Choice Broking expert said the 50-stock index has crucial support at around the 24,300 to 24,250 range. Bagadia noted that the Nifty Bank Index also looks weak after breaching below the 51,900 mark. He said the support for the Nifty Bank index is now in the 49,800 to 49,700 range. Sumeet Bagadia of Choice Broking advised investors to maintain a stock-specific approach and suggested looking at breakout stocks that still look positive on the technical chart.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Sree Rayalaseema Hi-Strength Hypo, Quick Heal Technologies, VIP Industries, R Systems International, and CARE Ratings.
Shares to buy today
1] Sree Rayalaseema Hi-Strength Hypo: Buy at ₹757, target ₹807, stop loss ₹730;
2] Quick Heal Technologies: Buy at ₹685, target ₹725, stop loss ₹660;
3] VIP Industries: Buy at ₹564.15, target ₹595, stop loss ₹544;
4] R Systems International: Buy at ₹506.15, target ₹533, stop loss ₹487; and
5] CARE Rating: Buy at ₹1096.25, target ₹1150, stop loss ₹1060.
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.
