Stocks to buy or sell: Route Mobile to Indo Amines — Sumeet Bagadia recommends buying five breakout stocks today

Stocks to buy or sell: Despite weakness in the global markets, the Indian stock market continues to scale northward on Thursday. The Nifty 50 index ended 175 points higher at the 20,044 mark after climbing to a new peak of 24,087. The BSE Sensex finished 568 points higher at 79,243 after hitting a new record high of 79,396. However, the Nifty Bank index lost its early morning gains and ended 59 points lower at 52,811 after touching a new lifetime high of 53,180. The broad markets underperformed the Nifty 50 index even as the advance-decline ratio fell sharply to 0.48:1.

According to Sumeet Bagadia, Executive Director at Choice Broking, the Indian stock market is expected to trade range-bound today as investors may wait for the US inflation data. The Choice Broking expert expressed confidence that the Nifty 50 index has sustained above the 24,000 mark, making the first-hour trade on Friday crucial. If the 50-stock index remains above the 23,900 mark, it is likely that the frontline index will touch the 23,400 to 23,500 mark soon, providing a stable trading environment for investors.

Breakout stocks today

Unveiling the intraday trading strategy for Friday, Sumeet Bagadia advised investors to focus on the breakout stocks that are still positive on the chart pattern. He underlined the significance of these stocks, as many have given fresh breakouts on the chart pattern in the recent stock market rally, and some are still looking strong on the technical chart. Asked about the breakout stocks to buy today, Sumeet Bagadia recommended buying these five breakout stocks today — Indo Amines, Hindustan Composites, KDDL, Route Mobile, and LG Balakrishnan, all of which are poised for potential gains.

Stock market today

On the outlook for the Indian stock market today, Sumeet Bagadia said, “The Indian stock market may trade range-bound on Friday as the equity and other asset investor would wait for the US inflation data, which is getting released on Friday, i.e. today. As the US inflation data will come after the Indian market closes, I am not expecting any big movement on Dalal Street. However, we must remain vigilant about the Nifty movement during Friday deals. If the 50-stock index sustains above 23,900 in the first hour, then in that case, we can expect the 50-stock index to touch the 23,400 to 23,500 marks in the near term.”

Shares to buy today

1] Indo Amines: Buy at ₹142.58, target ₹150, stop loss ₹137.50;

2] Hindustan Composites: Buy at ₹509.50, target ₹535, stop loss ₹490;

3] KDDL: Buy at ₹3174.85, target ₹3550, stop loss ₹3070;

4] Route Mobile: Buy at ₹1879.55, target ₹1985, stop loss ₹1810; and

5] LG Balakrishnan & Brothers: Buy at ₹1424.70, target ₹1500, stop loss ₹1370.

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.