Stocks to buy or sell: RVNL to Navkar Corp — Sumeet Bagadia recommends five breakout stocks today

Stocks to buy or sell: Following weak global market trends and rising US-China tension, the Indian stock market had a decisive sell-off on Friday last week. The Nifty 50 index corrected 269 points and closed at 24,530, while the BSE Sensex lost 738 points and ended at 80,604. The Bank Nifty index nosedived 355 points and finished at 52,265. Cash market volumes on the NSE were down 8.8 percent, hindered by tech outages. The broad market indices fell more than the Nifty even as the advance-decline ratio fell to 0.18:1, the lowest in 1.5 months.

Sumeet Bagadia's stock recommendations for today

Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market mood has turned cautious after sharp selling on Friday last week. He said that the Nifty 50 index is facing a hurdle at the 24,850 to 24,900 range, and the 50-stock index has made a crucial base at 24,200. As the union Budget 2024 is scheduled on Tuesday this week, Bagadia advised investors to maintain a stock-specific approach till the budget is tabled in parliament. He suggested breakout stocks for intraday trading as some shares that had given breakout on Friday still look strong on the chart pattern.

Asked about the breakout stocks to buy today, Sumeet Bagadia recommended buying these five intraday stocks: NECC, Navkar Corporation, Electrosteel Castings, Rail Vikas Nigam Limited or RVNL, and Shaily Engineering.

Stock market today

On the outlook for the Nifty today, Sumeet Bagadia said, "The Nifty 50 index is facing hurdles at 24,850 to 24,900. The 50-stock index has made a bearish candle pattern on the daily chart, and Nifty today will have crucial support placed at 24,200. The Indian stock market mood may turn more bearish if the frontline index slips below 24,200."

Unveiling an intraday trading strategy, Bagadia said, “As the Union Budget 2024 is scheduled for tomorrow and global market trends are looking weak on rising China-US trade war tension, one should maintain a stock-specific approach. Looking at breakout stocks will be a prudent strategy as the Q1 results 2024 are in full swing now.”

Sumeet Bagadia's intraday stocks for today

1] RVNL: Buy at ₹613, target ₹645, stop loss ₹590;

2] Navkar Corp: Buy at ₹127.70, target ₹135, stop loss ₹123;

3] NECC: Buy at ₹35.50, target ₹37.35, stop loss ₹34.25;

4] Electrosteel Castings: Buy at ₹202.70, target ₹212, stop loss ₹195; and

5] Shaily Engineering: Buy at ₹844, target ₹920, stop loss ₹805.

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