Breakout stocks to buy or sell: Symphony to Triveni Turbine — Sumeet Bagadia recommends five shares to buy today

Breakout stocks to buy or sell: Following weak global market trends, the Indian stock market ended lower on Thursday. The Nifty 50 index dropped 197 points and closed at 24,100, while the BSE Sensex corrected 581 points and ended at 78,886. The Bank Nifty index finished marginally lower at the 50,113 mark. Cash market volumes on the NSE were down another 2.6 per cent compared to the previous day. The broad market indices fell less than the Nifty even as the advance-decline ratio plunged to 0.70:1.

Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market may remain volatile as the India VIX Index is still around 17. The Choice Broking expert said that the nifty 50 index is again near its crucial support of 23,900 to 23,950. Bagadia said that the 50-stock index has failed to breach its hurdle, placing at 24,350 to 24,400 in the recent rebound. So, a bullish or bearish trend on Dalal Street can be assumed only on the breakage of either side of the range (23,900 to 24,400). Till Nifty is in this tight range, Bagadia suggested a stock-specific approach and advised looking at breakout stocks for intraday trading.

Sumeet Bagadia's stock recommendations today

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "The Nifty 50 index has been trading in tight 23,900 to 24,400 range for the last few sessions. The 50-stock index is close to its crucial support after Thursday's selling, and breaching below this support may dent the chances of recovery on Dalal Street in the near term. So, the first few hours of trade on Friday will be crucial. My suggestion to investors would be the stock-specific approach for intraday trading. They can also look at breakout stocks still looking positive on the technical chart."

Bagadia said the India VIX Index gained on Thursday and ended near 17. This India VIX movement can't be taken lightly, as global sentiments are already weak. Due to the persisting volatility on Dalal Street, any trigger may take the Indian stock market to either side.

Regarding breakout stocks to buy today, Sumeet Bagadia recommended five shares to buy today: Triveni Turbine, RPG Life Sciences, Igarashi Motors India, ITD Cementation India, and Symphony.

Shares to buy today

1] Triveni Turbine: Buy at ₹688, target ₹720, stop loss ₹663;

2] RPG Life Sciences: Buy at ₹2180, target ₹2294, stop loss ₹2100;

3] Igarashi Motors India: Buy at ₹657.55, target ₹690, stop loss ₹633;

4] ITD Cementation India: Buy at ₹534.65; target ₹560, stop loss ₹515; and

5] Symphony: Buy at ₹1656.25, target ₹1740, stop loss ₹1600.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.