Breakout stocks to buy or sell: GHCL Textiles to Precision Camshafts — Sumeet Bagadia recommends 5 shares to buy today

  • Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — GHCL Textiles, Precision Camshafts, Medicamen Biotech, Oriental Hotels, and TTL

Asit Manohar
Updated31 Oct 2024, 07:44 AM IST
Stock market today: Sumeet Bagadia of Choice Broking believes the Nifty 50 index faces tough resistance at the 24,500 mark and predicts that 24,000 will continue supporting the 50-stock index.
Stock market today: Sumeet Bagadia of Choice Broking believes the Nifty 50 index faces tough resistance at the 24,500 mark and predicts that 24,000 will continue supporting the 50-stock index.(MINT)

Breakout stocks to buy or sell: Following weak global market sentiments, the Indian stock market snapped a two-day winning streak and ended lower on Wednesday. The Nifty 50 index went off 126 points and closed at the 24,340 mark; the BSE Sensex ended 426 points lower at 79,942, whereas the Nifty Bank index finished 491 points southward at 51,828. Banking stocks received the maximum beating, but the broad market indices ended positively, with the Small-cap index ending 1.5 per cent higher even as the advance-decline ratio rose to 3.2:1.

Sumeet Bagadia's stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty 50 index faces tough resistance at the 24,500 mark and predicts that 24,000 will continue supporting the 50-stock index. The Choice Broking expert said the Indian stock market bias may improve once the frontline index breaks above 24,700 on a decisive basis. However, the Choice Broking expert also predicted further weakness in the Indian stock market if the Nifty 50 index decisively slips below the 24,000 mark. He advised investors to maintain a stock-specific approach during the Q2 results 2024 season and suggested looking at breakout stocks for intraday trading.

Speaking on the outlook of the Indian stock market today, Sumeet Bagadia said, "Bearish pressure on Dalal Street has eased out after the pullback rally on Monday and Tuesday sessions. However, the Indian stock market will remain cautious until the Nifty 50 index breaks above the 24,650 to 24,700 hurdle. Likewise, the 50-stock index has bounced back after reaching the 24,000 mark, which signals the frontline index making a crucial base around the 24,000 to 23,900 zone. Amid Q2 results 2024 season, day traders are advised to maintain a stock-specific approach and looking at breakout stocks for intraday trading can be a good option."

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares on Thursday: GHCL Textiles, Precision Camshafts, Medicamen Biotech, Oriental Hotels, and TTL.

Shares to buy today

1] GHCL Textiles: Buy at 103.25, target 110, stop loss 99.50;

2] Precision Camshafts: Buy at 308.20, target 331, stop loss 297;

3] Medicamen Biotech: Buy at 547.80, target 585, stop loss 530;

4] Oriental Hotels: Buy at 180.69, target 193, stop loss 174; and

5] TTL: Buy at 144.47, target 153, stop loss 140.

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 making any investment decisions.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:31 Oct 2024, 07:44 AM IST
Business NewsMarketsStock MarketsBreakout stocks to buy or sell: GHCL Textiles to Precision Camshafts — Sumeet Bagadia recommends 5 shares to buy today

Most Active Stocks

ITC share price

481.30
03:52 PM | 6 NOV 2024
1.25 (0.26%)

Tata Steel share price

153.60
03:59 PM | 6 NOV 2024
1.3 (0.85%)

Infosys share price

1,824.30
03:58 PM | 6 NOV 2024
70.5 (4.02%)

Larsen & Toubro share price

3,646.65
03:44 PM | 6 NOV 2024
71.25 (1.99%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

National Aluminium Company share price

245.00
03:55 PM | 6 NOV 2024
10 (4.26%)

EPL share price

270.15
03:42 PM | 6 NOV 2024
8.15 (3.11%)

Firstsource Solutions share price

380.35
03:53 PM | 6 NOV 2024
10.95 (2.96%)

City Union Bank share price

178.85
03:29 PM | 6 NOV 2024
0.15 (0.08%)
More from 52 Week High

Hindustan Zinc share price

513.15
03:54 PM | 6 NOV 2024
-46.3 (-8.28%)

Great Eastern Shipping Company share price

1,257.65
03:53 PM | 6 NOV 2024
-36.35 (-2.81%)

Five Star Business Finance share price

654.85
03:43 PM | 6 NOV 2024
-18.8 (-2.79%)

Triveni Engineering & Indus share price

406.00
03:29 PM | 6 NOV 2024
-11.25 (-2.7%)
More from Top Losers

Syrma SGS Technology share price

554.00
03:51 PM | 6 NOV 2024
47.45 (9.37%)

Dixon Technologies (India) share price

15,658.95
03:43 PM | 6 NOV 2024
1262.95 (8.77%)

Tejas Networks share price

1,409.95
03:55 PM | 6 NOV 2024
101.7 (7.77%)

Eclerx Services share price

3,263.35
03:52 PM | 6 NOV 2024
231.45 (7.63%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    80,365.00110.00
    Chennai
    80,371.00110.00
    Delhi
    80,523.00110.00
    Kolkata
    80,375.00110.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.92/L0.00
    Chennai
    100.80/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.77/L0.00

    Popular in Markets

      HomeMarketsPremiumInstant LoanMint Shorts