Breakout stocks: OIL, JSL to Raymond — Sumeet Bagadia recommends five stocks to buy today — May 3

Breakout stocks today: After trading sideways to positive throughout Thursday, the Indian stock market extended its gains from yesterday in the early morning session. The Nifty 50 index finally breached 22,700, above its previous record high of 22,783, and climbed to a new peak of 22,794. After ending lower on Thursday, the Bank Nifty index regained the upside momentum, shot up over 0.60 percent in morning deals, and came close to its existing high of 49,974 when it touched an intraday high of 49,607. The BSE Sensex regained the psychological 75K peak, touched an intraday high of 75,095 mark, and was missed by a whisker to breach its existing high of 75,124. The Indian stock market witnessed a participatory rally on Friday as the broad market also extended its Thursday gains. The small-cap index surged to 0.30 percent and climbed to a new peak of 47,678, while the mid-cap index shot up around 0.50 percent and hit a new high of 42,760.

Breakout stocks today

Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiments have further improved as the Nifty 50 index has breached above 22,700. The Choice Broking expert said that Nifty is resisting in today's 22,800 to 22,900 zone. However, Bagadia maintained that the 50-stock index may breach this hurdle in the near term as Dalal Street is witnessing a participatory rally. Regarding breakout stocks today for swing traders, Sumeet Bagadia recommended these five stocks to buy today: Zydus Lifesciences, Raymond, JSL, OIL, and Century Ply.

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Breakout stocks to buy today

1] Zydus Lifesciences: Buy at CMP, target ₹1074, stop loss ₹948;

2] Raymond: Buy at CMP, target ₹2424, stop loss ₹2222;

3] JSL: Buy at CMP, target ₹800, stop loss ₹700;

4] OIL: Buy at CMP, target ₹690, stop loss ₹604; and

5] Century Ply: Buy at CMP, target ₹720, stop loss ₹630.

Sumeet Bagadia or Choice Broking advised intraday swing traders to maintain the 'buy-on-dips' strategy till the above-mentioned breakout stocks are trading above their respective stop losses.

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.