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

Breakout stocks to buy or sell: The Indian stock market finished flat on Monday as the rise in IT and Banking stocks was pared by losses in index heavyweights. The Nifty 50 index closed 0.11 per cent lower at 24,122. The BSE Sensex closed 0.08 per cent higher at 79,496, whereas the Nifty Bank index ended 0.49 per cent higher at 51,812. FIIs have been selling equities for the last 29 consecutive days, amounting to ₹1.41 lakh crore, denting investor sentiments.

Sumeet Bagadia's stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market may continue to trade range-bound as the Nifty 50 index trades in the 24,000 to 24,500 range. The Choice Broking expert said that a bullish or bearish trend could be assumed after the decisive breach of either side of this range. Bagadia said that on breaking below the 24,000 mark, the 50-stock index might go down to the 23,800 to 23,750 mark. He advised a stock-specific approach as Q2 results 2024 are in full swing. Sumeet Bagadia of Choice Broking said that breakout stocks can be a good option for intraday trading.

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "The Indian stock market may continue to trade range-bound until the Nifty 50 index breaches either side of 24,000 to 24,500 range. Hence, it is better to maintain a stock-specific approach as the Q2 results for the 2024 season are in full swing. One should fish out those shares that look strong in the technical chart pattern. Breakout stocks can be a good option for intraday trading."

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Vardhman Holdings, Tainwala Chemicals, Aries Agro, ITI, and Aaron Industries.

Shares to buy today

1] Vardhman Holdings Ltd or VHL: Buy at ₹5526.55, target ₹5900, stop loss ₹5333;

2] Tainwala Chemicals: Buy at ₹315.05, target ₹335, stop loss ₹305;

3] Aries Agro: Buy at ₹296..75, target ₹310, stop loss ₹285;

4] ITI: Buy at ₹327.35, target ₹345, stop loss ₹316; and

5] Aaron Industries: Buy at ₹288.95, target ₹302, stop loss ₹280.

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.