Markets
Breakout stocks to buy: Sumeet Bagadia recommends these 5 shares to buy today
Summary
- Breakout stocks to buy today: Sumeet Bagadia has recommended five shares to buy today — Rane (Madras), Innova Captab, Max Estates, Sarda Energy & Minerals and Strides Pharma Science.
Breakout stocks to buy or sell: India's benchmark stock market indices, Sensex and Nifty 50, opened higher on Wednesday buoyed by positive global market trends.
The Sensex began the session 109.19 points, or 0.14%, up at 79,065.22, while the Nifty 50 gained 45.40 points, or 0.19%, to start at 24,184.40. The rally was broad-based, with midcap and smallcap indices also trading positively.
Sector-wise, Nifty PSU Bank, Nifty IT, Nifty Auto, and Nifty Metals led the gains, while Nifty Pharma and Nifty Realty saw declines.
This upward movement follows a sharp drop on Tuesday, where domestic equity indices closed lower due to heavy selling in blue-chip stocks, foreign fund outflows, and mixed global market signals. The Sensex dropped 692.89 points, or 0.87%, to close at 78,956.03, while the Nifty 50 settled 208.00 points, or 0.85%, lower at 24,139.00.
Broader markets also faced pressure, with the Nifty Midcap 100 down 0.78% and the Nifty Smallcap 100 falling 1.3% for the session.
Stock market today
On the technical front, the Nifty has shown a bearish signal on the daily chart, forming a bearish engulfing candle that suggests sideways to bearish momentum. Analysts at Choice Broking highlight that Nifty 50 has immediate support at the 24,050 and 23,950 levels, with resistance expected at 24,300 and 24,400. Should the Nifty 50 hold above the 24,400 mark, it could potentially climb to 24,550 and 24,600 levels.
Analysts said if the Nifty 50 manages to hold above 24,400 levels, it could potentially rise to 24,550 and 24,600 levels.
Open Interest (OI) data revealed that the highest OI on the call side was observed at the 24,300 and 24,400 strike prices, while on the put side, it was concentrated at the 24,000 strike price.
Sumeet Bagadia, executive director, Choice Broking has recommended five breakout stocks to buy today, 14 August. According to Bagadia, these stocks are poised for a technical breakout and have potential for a decent upside momentum. These five breakout stocks for today are Rane (Madras), Innova Captab, Max Estates, Sarda Energy & Minerals and Strides Pharma Science.
Here are five breakout stocks to buy:
Shares to buy today
1] Rane (Madras): Buy at ₹965.65; Target ₹1,040; Stop Loss ₹928
2] Innova Captab: Buy at ₹653; Target ₹705; Stop Loss ₹627
3] Max Estates: Buy at ₹589.85; Target ₹640; Stop Loss ₹565
4] Sarda Energy & Minerals: Buy at ₹299.75; Target: ₹325’ Stop Loss ₹288
5] Strides Pharma Science: Buy at ₹1,179.15; Target ₹1,275; Stop Loss ₹1,133
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.
