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 — TCI, Kapston Services, Siyaram Silk, OAL, and Vishnu Chemicals
Breakout stocks to buy or sell: The benchmark indices of the Indian stock market, Sensex and Nifty 50, witnessed a broad sell-off on Monday, dragging them down more than 1 per cent. The Nifty 50 index closed 1.27 per cent lower on November 4 at 23,995.35 points, compared to the previous market close 24,304.35. The BSE Sensex closed 1.18 per cent lower at 78,782.24 points after Monday's trading session, compared to 79,724.12 points at the last market close. Sectorally, Realty, Oil & Gas indices suffered the most, falling 2.9 per cent and 2.5 per cent respectively. Other sectors also experienced notable drops, barring Nifty IT, which ended flat. India's VIX also surged 5% to reach 16.7.
Sumeet Bagadia's stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, believes that overall Indian stock market bias is negative as the Nifty 50 index slipped decisively below the psychological 24,000 mark. The immediate support for the 50-stock index is now placed at the 23,500 mark, whereas crucial support is placed at 24,350 to 24,300. The Choice Broking expert said that day traders should maintain a stock-specific approach and look for the stock showcasing strong upside potential on the technical chart. He noted that breakout stocks can be a good option for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "The Indian stock market bias turned weak as the Nifty 50 index slipped below the 24,000 mark on a closing basis. The 50-stock index is now heading towards 24,500, or it may try to test 24,300 levels, now acting as crucial support for the frontline index. As Q2 results 2024 are in full swing, I suggest day traders maintain a stock-specific approach and find shares that look strong on the technical chart pattern. Finding breakout stocks for intraday trading can be a good option."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: TCI, Kapston Services, Siyaram Silk Mills, Oriental Aromatics Ltd or OAL, and Vishnu Chemicals.
Shares to buy today
1] Transport Corporation of India or TCI: Buy at ₹1161.20, target ₹1230, stop loss ₹1123;
2] Kapston Services: Buy at ₹287.80, target ₹305, stop loss ₹278;
3] Siyaram Silk Mills: Buy at ₹611, target ₹650, stop loss ₹590;
4] Oriental Aromatics Ltd or OAL: Buy at ₹628.50, target ₹675, stop loss ₹608; and
5] Vishnu Chemicals: Buy at ₹543.80, target ₹580, stop loss ₹525.
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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