Breakout stocks to buy or sell: Reliance Infra to Paracables — Sumeet Bagadia recommends five shares to buy today

Breakout stocks to buy or sell: After showing sharp weakness on the rise on Tuesday, the Indian stock market shifted into a sustainable upside bounce on Wednesday. The Nifty 50 index finished 322 points upward at 24,315, whereas the BSE Sensex ended 874 points higher at 79,468. The Bank Nifty index gained 472 points and closed at 50,221. However, the broad market outperform the frontline indices. The small-cap index gained 2.39 per cent, while the mid-cap index surged 2.63 per cent.

Sumeet Bagadia's stocks to buy today

According to Sumeet Bagadia, Executive Director at Choice Broking, the India VIX Index has dipped around 14 per cent after skyrocketing on Monday this week. This could become possible as the Nifty 50 index has managed to sustain above its 50-DEMA support, at around 23,950 to 23,980. However, the Choice Broking expert said that Wednesday's rise in the Indian stock market would remain a relief rally until the Nifty breaches above the 23,700 mark on a closing basis. He advised investors to maintain a stock-specific approach and suggested buying breakout stocks for intraday trading.

Sumeet Bagadia recommended five breakout stocks to buy today: Reliance Infrastructure, Sarda Energy & Minerals, Oriental Aromatics, Paramount Cables, and Himatsingka Seide.

Shares to buy today

1] Reliance Infrastructure: Buy at ₹214, target ₹225, stop loss ₹206;

2] Paramount Cables: Buy at ₹82.85, target ₹85.70, stop loss ₹78.80;

3] Sarda Energy & Minerals: Buy at ₹277.45, target ₹290, stop loss ₹267;

4] Oriental Aromatics: Buy at ₹495.15, target ₹520, stop loss ₹476; and

5] Himatsingka Seide: Buy at ₹154.70, target ₹162, stop loss ₹149.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.