Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy

Stock market today: Sumeet Bagadia believes the Nifty 50 index may touch the 25,900 mark once the frontline index breaches above 25,400 to 25,450 range decisively. (MINT)
Stock market today: Sumeet Bagadia believes the Nifty 50 index may touch the 25,900 mark once the frontline index breaches above 25,400 to 25,450 range decisively. (MINT)

Summary

  • Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — Crest Ventures, BSE, Menon Bearings, Graphite India, and Torrent Power

Breakout stocks to buy or sell: After showing range-bound action in the last few sessions, the Indian stock market shifted into high volatility on Wednesday. The Nifty 50 index lost 41 points and closed at 25,377, the BSE Sensex shed 131 points and finished at 82,948, and the Bank Nifty index ended 561 points higher at 52,750. In the broad market, the Small-cap index lost 0.52 per cent, whereas the Mid-cap index nosedived 0.71 per cent.

Sumeet Bagadia's stock recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes overall Indian stock market bias is positive. The Nifty 50 index faces a hurdle in the 25,400 to 25,450 range. The Choice Broking expert said the 50-stock index may touch the 25,900 mark once the frontline index breaches this resistance. Bagadia noted that an aggressive US Fed rate cut by 50 bps is also expected to fuel bulls' sentiment and suggested a stock-specific approach for intraday trading. He said breakout stocks can be a good option for those considering a stock-specific approach.

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Crest Ventures, BSE, Menon Bearings, Graphite India, and Torrent Power.

Speaking on the outlook for the Indian stock market, Sumeet Bagadia said, “The Indian stock market bias is positive, and the Nifty 50 index may touch 25,900 or maybe 26,000 once it breaches above its immediate resistance placed at 25,400 to 25,450 range. So, maintaining a stock-specific approach with a special focus on breakout stocks can be a good option for intraday trading."

Shares to buy today

1] Crest Ventures: Buy at 545, target 575, stop loss 525;

2] BSE: Buy at 3844, target 4050, stop loss 3700;

3] Menon Bearings: Buy at 135.60, target 144, stop loss 130;

4] Graphite India: Buy at 586.35, target 620, stop loss 565; and

5] Torrent Power: Buy at 1933, target 2040, stop loss 1855.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, 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.

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