Breakout Stocks to Buy or Sell: despite stock market With US markets on holiday, Dalal Street stalwarts attracted strong buying in the last session of November 2024 and helped frontline indices end higher. After opening with slight gains, the Nifty 50 index closed 208 points higher at 24,122 points; The BSE Sensex closed 699 points higher at 79,743, while the Nifty Bank index closed 117 points higher at 52,023. Nifty Mid-Cap 100 and Small-Cap 100 indices continued their upward journey for the sixth consecutive day with gains of 0.16 per cent and 0.75 per cent, respectively. Advancers outnumbered decliners for six consecutive days, with the advance-decline ratio on the BSE standing at 1.44.
Sumeet Bagadia Breakout Stock Recommendations
Sumeet Bagadia, Executive Director, Choice Broking believes that the overall Indian stock market sentiment has improved as the Nifty 50 index has reclaimed the 21-DEMA support of 24,050. However, the Choice Broking expert said that the 50-stock index is facing a hurdle at 24,400, and hence, one should avoid taking bulk calls. Breaking the existing support, Frontline Index may see levels of 23,600 to 23,550. Therefore, day traders should maintain a cautious stance and follow a stock-specific strategy. He advised day traders to maintain a stock-specific approach and look for breakout stocks for intraday trading.
Speaking on the outlook for Indians stock market todaySumeet Bagadia said, “Indian stock market bias has improved as Nifty 50 index has reclaimed 24,050 support – 21-DEMA level. However, this is insufficient to establish bullish sentiments on Dalal Street Unless the 50-stock index breaks above 24,400, the frontline index will fall below 24,050 points. 23,600 to 23,550 mark. Hence, it is advisable to maintain a stock-specific approach for intraday trading.
Regarding breakout stocks to buy todaySumeet Bagadia recommends buying these five stocks: Pennar Industries, Himatsingka Seed, Cronox Lab, DCAL, and Navkar Corporation.
1]Pennar Industries: buy at 208.67, target 223, stop loss 201;
2]Himatsingka Seed: buy at 180.45, target 193, stop loss 174;
3]Chronox Lab: buy at 210.33, target 225, stop loss 203;
4]DCAL: buy at 244.63, target 262, stop loss 236; And
5]Navkar Corporation: buy at 149.61, target 160, stop loss 144.30.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before taking any investment decision.
