Breakout Stocks to Buy or Sell: Despite the US stock market climbing to a new peak in the Friday session last week, the Indian stock market closed lower on Monday as investors overreacted Q2 Result 2024. The Nifty 50 index closed 112 points lower at 24,741, the BSE Sensex fell 73 points to close at 81,151, while the Nifty Bank index closed 226 points lower at 51,867. Cash market volume on NSE was 1.65% lower than the previous session. Declined more than broader market indices nifty 50 The index even though the advance-decline ratio fell to 0.29:1.
Buy shares of Sumeet Bagadia
Sumeet Bagadia, Executive Director, Choice Broking believes that the Nifty 50 index faces tough resistance at 25,050 points, while it has formed a strong base from 24,700 to 24.650. The Choice Broking expert said a break below this support for the 50-stock index would mean more selling pressure in the Indian stock market. On the contrary, fresh bullish trend on Dalal Street can be expected only after the Frontline index breaks above 25,300. He said one should maintain a stock-specific approach as investors are expected to react to companies’ second quarter results. Bagadia said that watching breakout stocks can be a good option for intraday trading.
On today’s scenario of the Indian stock market, Sumeet Bagadia said, “Overall, the sentiment of the Indian stock market is weak. The Nifty 50 index is facing a strong hurdle at 25,050, while it has made a strong base at 24,700 to 24,650. According to the market trend, for a correction, the 50-stock index needs to close above 25,050, while for a fresh bullish trend, it needs to close above 25,300, due to breaking below the current base on Dalal Street. “More downside pressure could be seen amid Q2 2024 results so a niche approach may be a good strategy.”
Sumeet Bagadia recommends buying the following five breakout stocks today: Ganga Securities, JSW Holdings, Nahar Capital & Financial Services, Silgo Retail and TTL.
shares to buy today
1]Ganga Securities: buy at 223, target 239, stop loss 215;
2]JSW Holdings: buy at 10735, target 11400, stop loss 10350;
3]Nahar Capital and Financial Services: buy at 337.50, target 254, stop loss 348;
4]Silgo Retail: buy at 50, target 54, stop loss 48; And
5]TTL: buy at 126.58, target 135, stop loss 122.
Disclaimer: The above views and recommendations are those of individual analysts, experts and brokerage firms, and not of Mint. We advise investors to consult certified experts before taking any investment decisions.
