Breakout stocks to buy or sell: The frontline indices of the Indian stock market, Sensex and Nifty 50, started on a positive note on Wednesday and gained momentum after the Reserve Bank of India (RBI) set the stage for a potential rate cut in the MPC meeting. However, the upside momentum soon snapped amid investors selling heavyweights like Reliance Industries, HDFC Bank, and ITC. The Nifty 50 index closed 0.12% lower at 24,981. The BSE Sensex index closed 0.21% higher at 81,467, whereas the Nifty Bank index ended 0.03% lower at 51,007. Cash market volumes on the NSE fell 5% compared to the previous session. The broad market indices ended more than 1% higher, even as the advance-decline ratio rose to 2.14:1.
Sumeet Bagadia, Executive Director at Choice Broking, believes that the overall Indian stock market trend is cautious as the Nifty 50 index failed to breach its immediate hurdle of 25,250. The Choice Broking expert said the Indian stock market bias may weaken if the 50-stock index slips below 24,750 to 24,700 support decisively. Likewise, Bank Nifty is facing a hurdle at 51,700 to 51,750. Bagadia advised a stock-specific approach as the Q2FY25 results season has begun, and Dalal Street majors like Tata Consultancy Services (TCS) and IREDA (Indian Renewable Energy Development Agency) will be declaring their Q2 results today. He said that breakout stocks for intraday trading can be a good option for intraday trading.
On the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall Indian stock market trend is cautious as the Nifty 50 index failed to breach its immediate hurdle placed at 25,250. Similarly, the Bank Nifty index failed to breach its immediate hurdle at 51,700 to 51,750. As the Q2FY25 results season begins today, with Dalal Street majors like TCS and IREDA declaring their quarterly results today, I suggest that day traders maintain a stock-specific approach. Looking at breakout stocks can be a good option for intraday trading.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: ADF Foods, DB (International) Stock Brokers, NRL, Sasken Technologies, and Xelpmoc Design and Tech.
Shares to buy today
1] ADF Foods: Buy at ₹316.50, target ₹335, stop loss ₹305;
2] DB (International) Stock Brokers: Buy at ₹53.80, target ₹57, stop loss ₹51.75;
3] NRL: Buy at ₹119.92, target ₹126, stop loss ₹115;
4] Sasken Technologies: Buy at ₹1662.30, target ₹1777, stop loss ₹1600; and
5] Xelpmoc Design and Tech: Buy at ₹133.820, target ₹140, stop loss ₹128.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.