Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — Dec 10
- Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — BLS International, Rain Industries, Allied Blenders and Distillers, Chalet Hotels, and Kirloskar Oil Engines
Breakout stocks to buy or sell: As investors watched this week's IIP and inflation numbers, the Indian stock market continued to trade sideways. The Nifty 50 index ended 58 points lower at the 24,619 mark; the BSE Sensex finished 185 points lower at 81,523, whereas the Nifty Bank index went off 88 points and closed at 53,420. The Nifty Mid-cap and the Nifty Small-cap Indices bucked the trend. The Nifty Mid-cap 100 and the Small-cap 100 Indices rose for the twelfth day on the trot, gaining by 0.50% and 0.19%, respectively. Advancing shares outnumbered the declining shares, where the advance-decline ratio stood at 1.30 on BSE. The Nifty Micro-cap 250 index has registered a fresh all-time high in today's trading session, while the Small-cap 100 index is just a few points away from its all-time high. This indicates strong breadth in the current uptrend.
Sumeet Bagadia's breakout stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty 50 index is consolidating around the 24,600 to 24,700 range. The Choice Broking expert said the 50-stock index needs to decisively break above the 24,800 mark to improve the Indian stock market bias. However, Bagadia advised a buy-on-dips strategy following a stock-specific approach until the Nifty 50 index sustains above the 50-DEMA support placed at the 24,400 mark. The technical analyst advised investors to look at breakout stocks for intraday trading as investors are waiting for the release of IIP and inflation numbers expected this week.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "Overall, the Indian stock market bias is sideways as investors are waiting for the release of IIP and inflation numbers expected this week. The immediate support for the Nifty 50 index is placed at 50-DEMA (24,400), and the 50-stock index is consolidating around the 24,600 to 24,700 range. So, one can maintain a buy-on-dips strategy until the Nifty 50 index is above the 24,400 mark. The frontline index faces resistance at 24,750 to 24,800 mark; hence, breakout stocks can be a good bet for intraday trading."
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: BLS International, Rain Industries, Allied Blenders and Distillers, Chalet Hotels, and Kirloskar Oil Engines.
Shares to buy today
1] BLS International: Buy at ₹447, target ₹479, stop loss ₹431;
2] Rain Industries: Buy at ₹187.10, target ₹201, stop loss ₹180;
3] Allied Blenders and Distillers: Buy at ₹378.40, target ₹405, stop loss ₹365;
4] Chalet Hotels: Buy at ₹928.55, target ₹994, stop loss ₹896; and
5] Kirloskar Oil Engine: Buy at ₹1176.40, target ₹1258, stop loss ₹1135.
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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