Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 6 January 2025

Breakout stocks to buy or sell: Following weak global market cues on selling in the US stock market for five straight sessions, the Indian stock market ended lower on Friday. The Nifty 50 index lost 183 points but sustained above the crucial 24,000 mark. The BSE Sensex nosedived 773 points and closed at 79,170, while the Nifty Bank index crashed 632 points and finished at 50,972.

Among sectors, Media, Oil & Gas, and Consumer Durables led the gainers, while IT, Pharmaceuticals, and Banking sectors faced the most substantial selling pressure. The broader markets showed relative resilience, with the Nifty Mid-cap and Smallcap 100 indices declining by 0.3% and 0.24%, respectively, outperforming the benchmark's 0.76% fall. Market breadth remained positive for the fourth consecutive session, with an advance-decline ratio of 1.13.

Sumeet Bagadia's breakout stock recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias remains cautiously positive. The Nifty 50 index has sustained above 24,000, with crucial support placed at 23,900 to 23,850. The Choice Broking expert said the 50-stock index is currently in the 200-DEMA to 50-DEMA range. Bagadia also said the frontline index is facing resistance at the 24,200 mark—the 50-DEMA level. He said that one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart.

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Despite a heavy sell-off on Friday, the Indian stock market bias is cautiously optimistic as the Nifty 50 index has sustained above the psychological 24,000 mark and crucial support of 23,900. The 50-stock index is facing a hurdle at 50-DEMA, placing at around 24,200, while it has made a strong base at 200-DEMA, placing at 23,850. Bullish or bearish trends can be assumed on the breakage of this 200-DEMA to 50-DEMA range. So, day traders are advised to maintain a stock-specific approach and look at those stocks that are looking for stock on the technical chart. Looking at breakout stocks can be a good bet for intraday trading.”

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: RPG Life Sciences, Platinum Industries, Bajaj Healthcare, Jubilant Ingrevia, and Hilton Metal Forging.

Stocks to buy today

1] RPG Life Sciences: Buy at ₹2310.90, target ₹2525, stop loss ₹2260;

2] Platinum Industries: Buy at ₹440.30, target ₹475, stop loss ₹425;

3] Bajaj Healthcare: Buy at ₹631, target ₹680, stop loss ₹610;

4] Jubilant Ingrevia: Buy at ₹859.20, target ₹910, stop loss ₹830; and

5] Hilton Metal Forging: Buy at ₹113, target ₹123, stop loss ₹110.

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.