Breakout stocks to buy or sell: Following weak global market sentiments, the Indian stock market ended lower for the second straight session on Thursday. The Nifty 50 index lost 135 points and closed at 24,205, the BSE Sensex corrected 553 points and ended at 79,389, and the Nifty Bank index finished 251 points lower at 51,555. Cash market volumes have remained steady over the last few days, suggesting no great conviction on either side by participants. The small-cap index ended 1.6 per cent positive even as the advance-decline ratio remained firm at 1.82:1.
Sumeet Bagadia’s stocks to buy on Muhurat Trading 2024
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market bias is weak and that the Nifty 50 index may go down to 23,450 to 23,400 if the 50-stock index breaks below 24,000 to 23,900 support decisively. The Choice Broking expert said the Nifty 50 index may try to retest its recent lows as it has failed to breach above 24,400 resistance on multiple occasions. On the Muhurat trading 2024 strategy, Sumeet Bagadia suggested a stock-specific approach and asked investors to look at breakout stocks for intraday trading.
Speaking on the Muhurat Trading 2024 strategy for the Indian stock market today, Sumeet Bagadia said, “Bearish pressure on Dalal Street has eased out after the pullback rally on Monday and Tuesday sessions. However, the Indian stock market will remain cautious until the Nifty 50 index breaks above the 24,650 to 24,700 hurdle. Likewise, the 50-stock index has bounced back after reaching the 24,000 mark, which signals the frontline index making a crucial base around the 24,000 to 23,900 zone. For Muhurat trading 2024, day traders are advised to maintain a stock-specific approach and looking at breakout stocks for intraday trading can be a good option.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares on Muihurat Trading 2024: Prudent, NPST, JSLL, Akzo Nobel India, and Rushil Decor.
Shares to buy today
1] Prudent: Buy at ₹3112.70, target ₹3350, stop loss ₹3000;
2] NPST: Buy at ₹3003.75, target ₹3200, stop loss ₹2900;
3] JSLL: Buy at ₹1744.70, target ₹1885, stop loss ₹1690;
4] Akzo Nobel India: Buy at ₹4402.30, target ₹4747, stop loss ₹4250; and
5] Rushil Decor: Buy at ₹36.82, target ₹38.70, stop loss ₹35.50.
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.
