Breakout stocks to buy or sell: Despite weak global market sentiments, the Indian stock market ended higher for the third day in a row on Wednesday. The Nifty 50 index finished 121 points higher at 24,978. The BSE Sensex scaled 285 points north and closed at 81,741, whereas the Bank Nifty index was 121 points higher at 51,620. However, the mid-cap index in the broad market outperformed the frontline indices of the Indian stock market.
According to Sumeet Bagadia, Executive Director at Choice Broking, the market mood is expected to remain positive after the US Fed meeting. Bagadia said that US Fed Chairman Jerome Powell has dropped the hint that the US Fed interest rate cut may begin from the September meeting. This has been cheered by the US stock market, and other global bourses, including Dalal Street, are expected to follow shoot. However, looking at breakout stocks for intraday trading in the current market scenario would be a good option when most stocks are trading at higher levels. He advised a stock-specific approach as the Q1FY25 results season is in full swing.
Sumeet Bagadia’s stock recommendations today
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “The outlook for the Indian stock market is positive as the Nifty 50 index has sustained above 24,800 for two straight sessions, which indicates that the frontline index is slowly but steadily inching towards 25K peak. The outcome of the US Fed meeting declared on Wednesday will also support the bull trend on Dalal Street during Thursday’s session. I am expecting Nifty to touch 24,500 in the near term.”
Bagadia suggested investors maintain a stock-specific approach and look at breakout stocks for intraday trading. Regarding breakout stocks to buy today, Sumeet Bagadia recommended these five shares to buy today: Torrent Power, Lambodhara Textiles, Munjal Showa, Autoline Industries, and Greenply Industries.
Sumeet Bagadia’s intraday stocks for today
1] Torrent Power: Buy at ₹1866.45, target ₹1960, stop loss ₹1800;
2] Lambodhara Textiles: Buy at ₹195.75, target ₹205.50, stop loss ₹189;
3] Munjal Showa: Buy at ₹182.95, target ₹191, stop loss ₹175.50;
4] Autoline Industries: Buy at ₹144.60, target ₹152, stop loss ₹140; and
5] Greenply Industries: Buy at ₹356, target ₹372, stop loss ₹342.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
