Breakout stocks to buy or sell: Amber Enterprises to BF Utilities — Sumeet Bagadia recommends five shares to buy today

As the Indian stock market faces a significant downturn, Sumeet Bagadia identifies five breakout stocks to watch. With the Nifty 50 index dipping below 25,300, investors are urged to adopt a cautious, stock-specific approach to navigate these turbulent waters.

Asit Manohar
Updated4 Oct 2024, 08:00 AM IST
Stock market today: Sumeet Bagadia believes the Indian stock market investors must trade cautiously as the Nifty 50 index has slipped below the 25,300 mark.
Stock market today: Sumeet Bagadia believes the Indian stock market investors must trade cautiously as the Nifty 50 index has slipped below the 25,300 mark. (MINT)

Breakout stocks to buy or sell: The domestic benchmark indices of the Indian stock market, Sensex and Nifty 50, crashed on Thursday, marking the worst intraday drop in two months. This was due to waning investor confidence following the rising tensions between Iran and Israel, which shifted interest from riskier assets such as stocks. The Nifty 50 index crashed 546 points and closed at the 25,250 mark; the BSE Sensex tanked 1,769 points and finished at 82,497, whereas the Nifty Bank index ended 1,077 points lower at 51,845. The market capitalisation of all listed companies tumbled by more than 10 lakh crore.

Sumeet Bagadia's stock recommendations today

Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market investors must trade cautiously as the Nifty 50 index has slipped below the 25,300 mark. The Choice Broking expert said that the 50-stock index may come close to the 25,000 mark as the Indian stock market trend is still looking bearish on the technical chart pattern. He advised a stock-specific approach with a focus on breakout stocks.

"The Indian stock market trend has weakened after the Nifty 50 index slipped below the 25,300 mark. The near-term support for the 50-stock index is currently placed at the 25,000 mark, and the frontline index may showcase some pullback if the index slips in the vicinity of the 25,000 mark. Those who believe in a stock-specific approach may look at breakout stocks for intraday trading," said Sumeet Bagadia.

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Malu Paper Mills, Anup Engineering, Kapston Services, BF Utilities, and Amber Enterprises.

Shares to buy today

1] Malu Paper Mills: Buy at 53.50, target 57, stop loss 51.60;

2] Anup Engineering: Buy at 2607.35, target 2777, stop loss 2515;

3] Kapston Services: Buy at 245, target 263, stop loss 236;

4] BF Utilities: Buy at 989, target 1050, stop loss 960; and

5] Amber Enterprises: Buy at 5163.85, target 5500, stop loss 4980.

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.

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First Published:4 Oct 2024, 08:00 AM IST
Business NewsMarketsStock MarketsBreakout stocks to buy or sell: Amber Enterprises to BF Utilities — Sumeet Bagadia recommends five shares to buy today

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