Stocks to buy or sell: Chennai Petroleum to Insecticides India — Sumeet Bagadia recommends five breakout stocks today
- Stocks to buy or sell: Sumeet Bagadia recommends buying these five breakout stocks today — Camlin Fine Sciences, Vascon Engineers, Chennai Petroleum, Insecticides India, and Sportking India
Stocks to buy or sell: Despite weak global markets, the Indian stock market concluded Tuesday on a high note, reaching a record-closing high. The Nifty 50 index closed 26 points higher at 24,613, the BSE Sensex gained 51 points and ended at 80,716, whereas the Bank Nifty index finished 59 points lower at 52,396. The small-cap index gained 0.32 percent in the broad market, but the mid-cap index ended lower. This positive trend signals potential for profit in the stock market.
According to Sumeet Bagadia, Executive Director at Choice Broking, the overall trend on Dalal Street is positive. However, Nifty is facing a hurdle at the 24,600 to 24,650 zone, and some profit bookings ahead of the Union Budget 2024 are widely expected. He advised investors to maintain a buy-on-dips approach with stock-specific action for intraday trading. The technical expert suggested that investors look at breakout stocks for intraday trading as some breakout stocks still look strong on the chart pattern. The upcoming Union Budget 2024 is a key event that investors should keep in mind.
Sumeet Bagadia's stocks to buy today
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "Overall, the Indian stock market trend is looking positive, and any correction ahead of the Union Budget 2024 should be seen as a buying opportunity by investors. The Nifty 50 index has crucial support placed at 24,250 to 24,300, while the 50-stock index is facing hurdles at 24,600 to 24,650. On breaching above this resistance decisively, we can expect the 50-stock index to touch 24,850 to 24,900 in the near term." This positive outlook should reassure investors about the potential of the Indian stock market.
Advising a stock-specific approach in the current Indian stock market, Bagadia said, "As the Union Budget 2024 is around the corner, a stock-specific approach is advisable. So, one can look at breakout stocks, as some stocks that have given a breakout in the previous session are still looking strong on chart patterns."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Camlin Fine Sciences, Vascon Engineers, Chennai Petroleum Corporation Limited, Insecticides India, and Sportking India.
Sumeet Bagadia's stock recommendations for today
1] Camlin Fine Sciences: Buy at ₹122.60, target ₹128, stop loss ₹118;
2] Vascon Engineers: Buy at ₹82.10, target ₹86.50, stop loss ₹79;
3] Chennai Petroleum: Buy at ₹1215, target ₹1270, stop loss ₹1165
4] Insecticides India: Buy at ₹788.30, target ₹825, stop loss ₹760;
5] Sportking India: Buy at ₹1059, target ₹1111, stop loss ₹1020.
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.
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