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

Breakout stocks to buy today: Following weakness in the global markets and the rising US dollar putting the Indian National Rupee (INR) under pressure, the Indian stock market fell for the fifth successive session on Wednesday. The Nifty 50 index closed 1.36 per cent lower at 23,559; the BSE Sensex closed 1.25 per cent lower at 77,690, whereas the Nifty Bank index ended 1.70 per cent lower at 50,290. The mid-cap and small-cap stocks bore the brunt of the selling pressure.

Sumeet Bagadia's stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market bias has weakened as the Nifty 50 index tested its 200-DEMA during Wednesday's session. The Choice Broking expert said the 50-stock index has broken 23,700 support decisively, and it may test 23,500 in the near term. In intensified selling, the frontline index may try to test 23,200 levels. Bagadia advised a cautious approach in the current market scenario and suggested avoiding bullish positions quickly. Sumeet Bagadia of Choice Broking suggested a stock-specific approach as the Q2 results 2024 season is in full swing. Bagadia said looking at breakout stocks for intraday trading can be a good bet.

Speaking on the outlook of the Indian stock market today, Sumeet Bagadia said, "The Nifty 50 index has broken below its 23,700 support decisively, and the 50-stock index tested 50-DEMA levels during the intensified selling on Wednesday. Hence, selling pressure is expected to be sustained, and the Nifty 50 index may try to test the 23,500 mark in the near term. In case of further intensified selling, we may see the Nifty 50 index going down to 23,200 levels. Hence, one should not hurry to a bullish trade and wait for a decisive breach of the 24,000 mark for the trend reversal."

"Traders are advised to remain cautious and avoid taking bulk positions in a hurry. As Q2 results 2024 is in full swing, applying a stock-specific approach with a special focus on breakout stocks can be a good bet for intraday trading," Bagadia added.

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Windsor Machines, TTL, Suven Pharma, Paradeep Phosphates, and Windlas Biotech.

Shares to buy today

1] Windsor Machines: Buy at ₹273.20, target ₹290, stop loss ₹264;

2] TTL: Buy at ₹162.33, target ₹175, stop loss ₹156;

3] Suven Pharma: Buy at ₹1262.30, target ₹1340, stop loss ₹1215;

4] Paradeep Phosphates: Buy at ₹106.72, target ₹115, stop loss ₹102; and

5] Windlas Biotech: Buy at ₹1007.25, target ₹1070, stop loss ₹970.

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.