Stocks to buy or sell: Gulf Oil to Aegis Logistics — Sumeet Bagadia recommends five breakout stocks today

Stocks to buy or sell: The Indian stock market, which experienced a significant downturn on Tuesday, has shown resilience by bouncing back in the last two consecutive sessions. The Nifty 50 index surged by 201 points, closing at 22,821, while the BSE Sensex skyrocketed by 692 points, concluding at 75,074. The Bank Nifty index also made a notable climb of 237 points, ending at 49,291. The India VIX Index, a measure of market volatility, continued its downward trend, finishing nearly 11 percent lower at 16.80, marking a 37 percent dip in just two sessions.

According to Sumeet Bagadia, Executive Director at Choice Broking, the recent volatility in the Indian stock market has been quelled after the two allies, TDP and JDU, pledged their unwavering support to the NDA government. This development has bolstered the confidence of Dalal Street bulls, leading to a surge in value picking on Wednesday and Thursday. Bagadia advises retail investors to exercise extra caution in the coming sessions, as any single trigger could sway the market in either direction. He strongly advocates for a stock-specific approach, recommending the purchase of breakout stocks that are still available at an attractive valuation.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 7

Breakout stocks today

Speaking on the outlook for the Nifty today, Sumeet Bagadia said, "The Nifty 50 index has broken the crucial 22,800 resistance, and it would be important to see whether the 50-stock index manages to sustain above this hurdle in early morning deals on Friday or not. Nifty today would have crucial support placed at the 22,500 to 22,450 range, and any dip towards this range would be a good buying option for investors with a short-term target of 23,200."

Also Read: Trade setup for stock market today: Five stocks to buy or sell on Friday

Expecting volatility in the Indian stock market for a few more sessions, Sumeet Bagadia said, "The volatility in the Indian stock market has been erased in the last two sessions after two crucial allies, TDP and JDU, vowed its support to the NDA government. However, the volatility is expected to exist until government formation; hence, one should maintain a stock-specific approach and focus on breakout stock."

Regarding breakout stocks to buy today, Sumeet Bagadia is optimistic, recommending traders to consider these five breakout stocks for intraday trading — Nava, UNO Minda, KNR Constructions, Aegis Logistics, and Gulf Oil Lubricants. These stocks, with their potential for significant gains, present a promising opportunity for traders.

Breakout stocks to buy today

1] Nava: Buy at ₹585.50, target ₹615, stop loss ₹565;

2] UNO Minda: Buy at ₹974.20, target ₹1030, stop loss ₹945;

3] KNR Constructions: Buy at ₹378.65, target ₹405, stop loss ₹365;

4] Aegis Logistics: Buy at ₹791, target ₹845, stop loss ₹762; and

5] Gulf Oil Lubricants: Buy at ₹986, target ₹1040, stop loss ₹950.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.