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

Breakout stocks to buy or sell: Following the profit-booking trigger on Wall Street at record higher levels, the Indian stock market ended lower on Friday. The Nifty 50 index went off 30 points and closed at the 24,677 mark; the BSE Sensex shed 117 points and finished at 81,648, whereas the Nifty Bank index ended 110 points lower at 53,493. Cash market volumes on the NSE fell to ₹1.08 lakh crore. The broad market indices ended positively, even as the advance-decline ratio rose to 1.49:1.

Sumeet Bagadia's breakout stock recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes the overall Indian stock market bias is positive, as the Nifty 50 index has broken above the 24,550 to 24,600 mark. The Choice Broking expert said the 50-stock index is poised to touch 24,800 in the near term. He said the frontline index may touch 25,200 once it breaks above 24,800. He advised day traders to maintain a stock-specific approach and look at breakout stocks for intraday trading.

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "Overall, the Indian stock market bias is positive as the Nifty 50 index broke the immediate hurdle decisively at 24,600. The 50-stock index is heading for 24,800 and 25,200 in the near term. However, one should avoid taking any bulk position until the 50-stock index gives a breakout above 24,800 on a closing basis. One should maintain a stock-specific approach and look at breakout stocks for intraday trading."

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Time Technoplast, Borosil Renewables, EMS, JK Paper, and PG Electroplast.

Stocks to buy today

1] Time Technoplast: Buy at ₹480.45, target ₹515, stop loss ₹465;

2] Borosil Renewables: Buy at ₹554.55, target ₹580, stop loss ₹535;

3] EMS: Buy at ₹894, target ₹955, stop loss ₹860;

4] JK Paper: Buy at ₹483, target ₹515, stop loss ₹465; and

5] PG Electroplast: Buy at ₹813, target ₹870, stop loss ₹785.

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.