Breakout stocks today: PNB, Power Grid to Adani Power — Anand Rathi recommends these five stocks to buy today

Breakout stocks today: The frontline indices of the Indian stock market extended their early morning gains as bulls are betting high after the US Fed chairman downplayed the US Fed rate hike buzz in the US Fed meeting on Wednesday. Buying in mid-cap and small-cap indices was also witnessed during early morning deals on Thursday. However, these gains are limited as frontline indices are still below their resistance level.

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi believes that the Nifty 50 index is facing a hurdle at 22,800 to 22,900 levels while it has immediate support placed at 22,500 to 22,600 level. Dongre said that the Nifty 50 index is in overbought condition and the Indian stock market may remain sideways to positive till the 50-stock index is in the 22,500 to 22,900 range. He advised investors to follow stock stock-specific approach as a good number of quality stocks have given breakouts on the technical chart.

Stock market today

Speaking on the outlook for the Indian stock market today, Ganesh Dongre of Anand Rathi said, "On the Nifty front, we may see profit-booking in the 50-stock index as the index is in an overbought condition. Support for Nifty today is 222,500 whereas it is facing a hurdle at 22,800 to 22,900 zones. On the Bank Nifty front, support for the index is placed at the 48,000 level and resistance will be at the 49,500 level." Bullish or bearish trends in the two frontline indices can be assumed on breakage of either side of the range.

Breakout stocks to buy today

Advising stock stock-specific approach in the current market scenario, the Anand Rathi expert listed five stocks that have given a decisive breakout on the technical chart. Those five breakout stocks are Punjab National Bank (PNB), Bank of Baroda (BoB), Adani Power, Bajaj Finserv, and Power Grid Corporation of India.

Stocks to buy today

1] PNB: Breakout at ₹135, target ₹155, stop loss ₹134;

2] Bank of Baroda: Breakout at ₹265, target ₹298, stop loss ₹268;

3] Adani Power: Breakout at ₹595, target ₹645, stop loss ₹590;

4] Bajaj Finserv: Breakout at ₹1575, target ₹1670, stop loss ₹1575; and

5] Power Grid Corporation of India: Breakout at ₹295, target ₹315, stop loss ₹292.

Ganesh Dongre of Anand Rathi said that investors can maintain buy on dips till the given target or stop loss is not triggered.

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 making any investment decisions.