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

Breakout stocks to buy or sell: Despite renewed tension in the Russia-Ukraine war, the Indian stock market ended the worst losing streak of 7 day fall in over 20 months on Tuesday. The Nifty 50 index added 64 points and closed at the 23,518 mark, the BSE Sensex gained 239 points and closed at 77,578, whereas the Nifty Bank index went up 262 points and ended at 50,626. However, the broad market indices outperformed the frontline indices even as the advance-decline ratio improved to 1.92:1. The Indian stock market corrected in the late afternoon on fears of an escalation in hostilities between Russia and Ukraine that could spill over to Europe.

Sumeet Bagadia's stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market bias is sideways to positive as the Nifty 50 index failed to sustain above the 23,750 level despite a decent pullback from the 23,350 mark. The Choice Broking expert said that renewed tension in the Russia-Ukraine war could be a reason for profit-booking at the evening session on Tuesday. However, he said that day traders should avoid taking any selling position in the early morning session. Dalal Street bias may become bullish if the 50-stock index breaks above the 23,750 mark and sustains above this level for some hours. He said that the majority of the market mood of the exit polls predict NDA's victory in the Maharashtra Assembly and Jharkhand Assembly polls, which is expected to pull up market sentiments. He advised investors to maintain a stock-specific approach and look at technically strong stocks. He said that breakout stocks can be a good bet in the current market for intraday trading.

Speaking on the outlook for the Indian stock market today, Sumeet Bagdia said, "Despite rising hostility in Russia and Ukraine, the market ends a seven-day losing streak on Tuesday. The uptrend is expected to continue as most exit polls predict NDA's victory in the Maharashtra Assembly Election and the Jharkhand Assembly Election. However, one shouldn't be in a hurry to take a bullish position until the Nifty 50 index breaks above 23,750 decisively. So, maintaining a stock-specific approach is advisable. One can look at breakout stocks for intraday trading."

Sumeet Bagadia recommended buying the following five breakout stocks today: Aries Agro, AARON Industries, Jash Engineering, Arvind Smartspaces, and PG Electroplast.

Shares to buy today

1] Aries Agro: Buy at ₹317.95, target ₹339, stop loss ₹305;

2] AARON Industries: Buy at ₹311.70, target ₹330, stop loss ₹299;

3] Jash Engineering: Buy at ₹554.90, target ₹590, stop loss ₹534;

4] Arvind Smartspaces: Buy at ₹936, target ₹990, stop loss ₹900; and

5] PG Electroplast: Buy at ₹675.90, target ₹730, stop loss ₹650.

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 taking any investment decisions.