Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today

Breakout stocks to buy or sell: Despite market volatility, India's benchmark Nifty 50 broke its four-week losing streak, ending last week with a modest gain of approximately 0.51 per cent. However, on a monthly scale, October witnessed the steepest selloff since the COVID-19 crash of March 2020, marking a turbulent turn in the markets. Strong foreign capital outflow, weak Q2 earnings and heightened geopolitical tensions were the primary triggers behind the market selloff.

Sumeet Bagadia's stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, believes that the overall trend for the Indian stock market is cautious. The trend may weaken if the index breaks below the psychological level of 24,000. The Choice Broking expert said the Nifty 50 index may go down towards 23,400 levels if the 50-stock index breaks below the 23,900 mark decisively. On the upper side, Dalal Street bias may improve if the index breaks above 24,500 decisively, said Bagadia. He suggested maintaining a stock-specific approach with a focus on breakout stocks for intraday trading.

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "Overall, the Indian stock market trend is cautious, and it may become weak if the Nifty 50 index breaks below the psychological 24,000 mark. A decisive breakdown below 24,000 would mean sharp selling pressure for the 50- -stock index, and the frontline index may go down to the 23,450 to 23,400 range. On the upper side, Dalal Street bias may improve once the Nifty 50 index breaks above 24,500 decisively. As Q2 results 2024 is in full swing, day traders are advised to maintain stock-specific approach. They can look at breakout stocks for intraday trading."

Sumeet Bagadia recommended five breakout stocks to buy today: Poly Medicure, KJMC Corporate Advisors, BASF India, DCW, and TTL.

Shares to buy today

1] Poly Medicure: Buy at ₹3151, target ₹3370, stop loss ₹3040;

2] KJMC Corporate Advisors: Buy at ₹105.15, target ₹114, stop loss ₹101;

3] BASF India: Buy at ₹8314, target ₹8900, stop loss ₹8000;

4] DCW: Buy at ₹107.20, target ₹113, stop loss ₹103; and

5] TTL: Buy at ₹160.35, target ₹172, stop loss ₹155.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.