Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 24 December 2024

Breakout stocks to buy or sell: Following strong global market sentiments after the positive US inflation data, the Indian stock market ended a loss session on Monday. The Nifty 50 index finished 165 points higher at the 23,753 mark; the BSE Sensex ended 481 points north at 78,523, whereas the Nifty Bank Index gained 547 points and closed at 51,306. The Nifty Mid-cap and the Small-cap Indices underperformed the key benchmark indices, where the Nifty Mid-cap 100 gained by 0.33% while the Nifty Small-cap Index fell by 0.14. Declining shares outnumbered the advancing shares, where the advance-decline ratio stood at 0.67 on BSE.

Sumeet Bagadia's breBagadia'sck recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias has improved after the pullback rally on Monday. However, it would remain a relief rally if the Nifty 50 index fails to break above the 23,800 mark. The Choice Broking expert said the 50-stock index moving above 24,800 decisively would be a fresh uptrend on Dalal Street, and the frontline index may soon touch 24,000 once it breaks the 200-DEMA hurdle placed at 24,800. Bagadia advised investors to avoid taking bulk positions and suggested a stock-specific approach. He advised looking at breakout stocks for intraday trading.

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "Overall, the"Indian stock market bias has improved after the pullback rally on Monday. However, the Nifty 50 index is facing a hurdle at 200-DEMA (23,800), which is very important for trend reversal on Dalal Street. Breaching this hurdle on a decisive basis would mean a fresh uptrend in the Indian stock market. So, investors are advised to wait for the breakout in the Nifty 50 chart. So, it is better to maintain a stock-specific approach and avoid taking any bulk position in the current scenario. One can look at breakout stocks for intraday trading."

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Aster DM Healthcare, Raymond, Jubilant Ingrevia, Bajaj Healthcare, and Caplin Point Laboratories.

Stocks to buy today

1] Aster DM Healthcare: Buy at ₹503.85, target ₹540, stop loss ₹486;

2] Raymond: Buy at ₹1782.40, target ₹1907, stop loss ₹1720;

3] Jubilant Ingrevia: Buy at ₹800, target ₹856, stop loss ₹772;

4] Bajaj Healthcare: Buy at ₹572.50, target ₹613, stop loss ₹552; and

5] Caplin Point Laboratories: Buy at ₹2417.65, target ₹2659, stop loss ₹2295.

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.