Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today
- Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — Pennar Industries, Himatsingka Seide, Kronox Lab, DCAL, and Navkar Corporation
Breakout stocks to buy or sell: Despite the stock market holiday in the US markets, Dalal Street heavyweights attracted strong buying on the last session of November 2024 and helped frontline indices to end higher. After opening with a marginal gain, the Nifty 50 index finished 208 points higher at the 24,122 mark; the BSE Sensex ended 699 points higher at 79,743, while the Nifty Bank index gained 117 points and closed at 52,023. The Nifty Mid-cap 100 and the Small-cap 100 indices continued their upward journey for the sixth day on the trot, gaining by 0.16 per cent and 0.75 per cent, respectively. Advancing shares outnumbered the declining shares for six days in a row, where the advance-decline ratio stood at 1.44 on BSE.
Sumeet Bagadia breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that overall Indian stock market bias has improved as the Nifty 50 index has reclaimed the 21-DEMA support of 24,050. However, the Choice Broking expert maintained that the 50-stock index is facing a hurdle at 24,400, and hence, one should avoid taking bulk calls. The frontline index may see 23,600 to 23,550 levels on breaking the current support. So, day traders should maintain a cautious approach and follow a stock-specific strategy. He advised day traders to maintain a stock-specific approach and look at breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "The Indian stock market bias has improved as the Nifty 50 index has reclaimed 24,050 support — 21-DEMA level. However, this is insufficient to establish bullish sentiments on Dalal Street until the 50-stock index breaks above the 24,400 mark. On breaking below the 24,050 mark, the frontline index may touch the 23,600 to 23,550 mark. Hence, maintaining a stock-specific approach is advisable. One can look at breakout stocks for intraday trading."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Pennar Industries, Himatsingka Seide, Kronox Lab, DCAL, and Navkar Corporation.
Stocks to buy today
1] Pennar Industries: Buy at ₹208.67, target ₹223, stop loss ₹201;
2] Himatsingka Seide: Buy at ₹180.45, target ₹193, stop loss ₹174;
3] Kronox Lab: Buy at ₹210.33, target ₹225, stop loss ₹203;
4] DCAL: Buy at ₹244.63, target ₹262, stop loss ₹236; and
5] Navkar Corporation: Buy at ₹149.61, target ₹160, stop loss ₹144.30.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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