Stocks to buy or sell: ITDC to Elecon Engineering — Sumeet Bagadia recommends five breakout stocks today

Stocks to buy or sell: The Indian stock market snapped its two-day fall and ended northward on Wednesday. This means that the market, after a period of decline, started to move upwards again. The Nifty 50 index went up 58 points and closed at 23,322, while the BSE Sensex scaled 149 points and finished at 76,606. During Wednesday's trade, the 50-stock index climbed to a new peak of 23,441. The Bank Nifty index, which tracks the performance of the banking sector, ended 189 points higher at 49,895. Among the frontline indices, the Nifty 50 index touched a new peak of 23,441. Cash market volumes on the NSE, which is the National Stock Exchange of India, fell minorly to ₹1.20 lakh crore. The broad market indices, which track the performance of a wide range of stocks, rose more than a percent even as the advance-decline ratio, which measures the number of advancing stocks relative to the number of declining stocks, rose to 2.05:1.

According to Sumeet Bagadia, Executive Director at Choice Broking, many stocks showed fresh breakouts in the chart pattern. These breakout stocks, still available at attractive levels, present a promising opportunity for intraday traders during Thursday deals. Sumeet Bagadia recommended buying these five breakout stocks today — ITDC, Asian Granito, Gravita India, Associated Alcohols, and Elecon Engineering, all of which have the potential for significant profitability.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 13

Stock market today

Speaking on the outlook for Nifty today, Sumeet Bagadia expressed optimism, stating, "The Nifty 50 index is facing a hurdle at the 23,400 to 23,500 range. However, breaching above this hurdle on a closing basis would signify a fresh bull trend in the Indian stock market. The overall trend on Dalal Street is expected to remain positive, bolstering confidence, as long as the 50-stock index sustains above the 22,800 mark."

Also Read: Trade setup for stock market today: Eight stocks to buy or sell on Thursday

US Fed meeting

Bagadia provided insights on the potential market impact of the US Fed meeting outcome. The Choice Broking expert noted that while the US central bank has maintained the status quo regarding interest rates, the commentary is hawkish, as the US Fed has reduced the number of rate cuts in 2024 from three to one. This shift in policy might lead to some upside in the US dollar, which could act as a taper for equity, commodities, and some other assets, thereby influencing the Indian stock market.

Breakout stocks to buy today

1] ITDC: Buy at ₹780, target ₹820, stop loss ₹7750;

2] Asian Granito: Buy at ₹71.80, target ₹75.50, stop loss ₹69;

3] Gravita India: Buy at ₹1333, target ₹1414, stop loss ₹1288;

4] Associated Alcohols: Buy at ₹712.75, target ₹750, stop loss ₹685; and

5] Elecon Engineering: Buy at ₹1338.40, target ₹1400, stop loss ₹1285.

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.