Stocks to buy or sell: Tata Motors to Hero MotoCorp — Sumeet Bagadia recommends five breakout stocks today — May 10

Stocks to buy or sell: On account of weak global cues, the Indian stock market ended lower on fifth day in a row on Thursday. Among the frontline indices, the Nifty 50 and Sensex ended lower by near 1.50 percent whereas the Bank Nifty index lost to the tune of 1.10 percent. However, the broad market lost more than the 50-stock index even as the advance-decline ratio fell sharply to 0.17:1 (lowest since March 13, 2024). The India VIX Index touched a new 52-week peak of 19.17 before ending at 18.20 level. 

Sumeet Bagadia, Executive Director at Choice Broking believes that market mood received a big dend on Thursday as Nifty slipped below the psychological 22,000 mark on a closing basis. He said that rising India VIX Index during Lok Sabha elections and FIIs' contionuous selling are some of the major reasons for this current weakness on Dalal Street. However, the Choice Broking expert maintained that Nifty today has major support at 21,750 to 21,800 range and one can expect a relief rally on Dalal Street if this support remains sacrosanct in the intraday session.

Breakout stocks today

Sumeet Bagadia of Choice Broking said that one should follow stock specific appproach as some stocks are still lookinkg solid on the chart pattern. He said that despite heavy selling in the last five straight sessions, shares of Tata Motors, Hero MotoCorp, JWL, Artemis Medicare Services, and Endurance Technologies have given technical breakout, a term used to describe a stock that is moving outside a defined support or resistance level with increased volume. He advised these stocks to buy today.

Looking ahead, Sumeet Bagadia shares a hopeful outlook for the Indian stock market. He states, "The Nifty 50 index has slipped below the crucial 22,000 support and the 50-stock index has now has crucial support placed at 21,800 to 21,750 level. If this support remains sacrosanct in early morning session, we can anticipate a potential relief rally on Dalal Street."

For intraday traders, Bagadia provides reassurance about the India VIX today. He states, "The India VIX today is in the 17 to 19 range. We saw the India VIX Index breaching above the 19 mark when it climbed to a new 52-week high of 19.17. However, it failed to sustain at the higher levels and retraced after some time. A decisive breach above 19 would trigger a fresh and strong upside in India's volatility index, and we can expect the index to touch 22 in the short term, providing a secure trading environment."

Stocks to buy today

1] Tata Motors: Buy at ₹1030, target ₹1124, stop loss ₹982;

2] Hero MotoCorp: Buy at ₹4765, target ₹5090, stop loss ₹4580;

3] JWL: Buy at ₹420.25, target ₹460, stop loss ₹405;

4] Artemis Medicare Services: Buy at ₹190.35, target ₹206, stop loss ₹182.50; and

5] Endurance Technologies: Buy at ₹1956, target ₹2055, stop loss ₹1880.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.