Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 23 January 2025
- Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today —
Breakout stocks to buy or sell: After witnessing a sharp weakness on Tuesday, the Indian stock market showed high volatility with a positive bias on Wednesday and finished in the green territory. The Nifty 50 index ended 134 points higher at the 23,159 mark, the BSE Sensex finished 566 points and closed at 76,404, whereas the Nifty Bank index added 195 points and closed at 48,766. The broader markets underperformed the benchmark indices, with the Nifty Mid-cap 100 falling by 1.34% and the Nifty Small-cap 100 plunging by 1.63%. This bearish sentiment in the mid-cap and small-cap space was further reflected in the advance-decline ratio, which stood at 0.42 on the BSE.
Sumeet Bagadia's breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is cautious despite ending higher on Wednesday. The Choice Broking expert said the Nifty 50 index is facing a hurdle at 23,300 levels and managed to sustain above the psychological 23,000 mark. However, he maintained the 50-stock index may try to test the 22,850 to 22,800 mark if the key benchmark index slips below 23,000 on a closing basis. Bagadia said the Nifty 50 index may touch the 23,500 mark once it breaks above 23,300 on a closing basis. He advised investors to maintain a stock-specific approach and suggested looking at those stocks that look strong on the technical chart.
Speaking on the outlook of the Indian stock market today, Sumet Bagadia said, "Overall, the Indian stock market bias is cautious. The Nifty 50 index is sustaining above 23,000, but it needs to decisively break above the 23,300 mark for improvement in the market sentiments. The 50-stock index may soon touch 23,500 once it breaks above 23,300 on a closing basis. Amid Q3 results 2025 in full swing, maintaining a stock-specific approach would be prudent. One can look at those stocks that have given technical breakout or are on the cusp of giving a fresh breakout on the technical chart pattern."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: AstraZeneca Pharma, Patanjali Foods, Bajaj Holdings, Natco Pharma, and Devyani International.
Stocks to buy today
1] AstraZeneca Pharma: Buy at ₹6956.35, target ₹7443, stop loss ₹6712;
2] Patanjali Foods: Buy at ₹1864.55, target ₹2000, stop loss ₹1800;
3] Bajaj Holdings: Buy at ₹558.80, target ₹600, stop loss ₹539;
4] Natco Pharma: Buy at ₹1262.85, target ₹1351, stop loss ₹1218; and
5] Devyani International: Buy at ₹182.07, target ₹195, stop loss ₹175.
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 making any investment decisions.
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