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Business News/ Markets / Stock Markets/  Breakout stocks today: Mazagon Dock, BDL, RITES - Sumeet Bagadia recommends 5 stocks to buy today
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Breakout stocks today: Mazagon Dock, BDL, RITES - Sumeet Bagadia recommends 5 stocks to buy today

Breakout stocks today: Sumeet Bagadia has recommended five stocks to buy today — Crompton Greaves Consumer Electricals, Mazagon Dock Shipbuilders, Glaxosmithkliine Pharmaceuticals, Bharat Dynamics and RITES.

Buy or sell stocks: Sumeet Bagadia, Executive Director at Choice Broking has suggested five breakout stocks to buy today. (Photo: MINT)Premium
Buy or sell stocks: Sumeet Bagadia, Executive Director at Choice Broking has suggested five breakout stocks to buy today. (Photo: MINT)

Stocks to buy: The Indian stock market indices, Sensex and Nifty 50, were trading flat with a positive bias on Saturday, May 18, amid muted volumes. The domestic equity markets are open today for a special live trading session.

In the first session, the Sensex was up 42.60 points, or 0.06%, at 73,959.63, while the Nifty 50 was 15.80 points, or 0.07%, higher at 22,481.90. Broader markets outperformed the frontliners as the midcap and smallcap indices gained 0.8% and 0.4% each.

Positive global market cues supported the domestic market and analysts believe the upside trajectory would remain intact as long as the Nifty 50 holds above 22,400 level. Nifty 50 can find support at 22,400 followed by 22,350. On the higher side, immediate resistance can be faced at 22,550, followed by 22,600.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 18

Bank Nifty is likely to get support at 48,000, followed by 47,800. If the index advances, 48,300 would be the initial key resistance, followed by 48,500, analysts at Choice Broking said.

Today’s trading session could have minimal volumes. Traders should evaluate the support and resistance levels mentioned above and trade with a strict stop loss, they added.

Nifty monthly contracts have highest open interest at 23,000 for Calls and 21,000 for Puts. Meanwhile, FIIs have increased their long position holdings in future index by 10.77%, while they increased shorts in future index by 1.16%.

Also Read: Stock market today: Trade setup for Nifty 50 to India VIX, three stocks to buy or sell on Saturday - May 18

Sumeet Bagadia, Executive Director at Choice Broking has suggested five breakout stocks to buy today. According to Bagadia, these stocks have seen a breakout from their recent levels and are likely to see decent upside.

These five stocks to buy include Crompton Greaves Consumer Electricals, Mazagon Dock Shipbuilders, Glaxosmithkliine Pharmaceuticals, Bharat Dynamics and RITES.

Also Read: Value investing gems: 5 underrated stocks flying under the radar

Here are the five stocks to buy today:

Crompton Greaves Consumer Electricals | Buy at 390.4 | Target Price: 414 | Stop Loss: 375 

Mazagon Dock Shipbuilders | Buy at 2,737 | Target PriceL 2,929 | Stop Loss: 2,633

Glaxosmithkliine Pharmaceuticals | Buy at 2,287 | Target Price: 2,424 | Stop Loss: 2,205 

Bharat Dynamics | Buy at 2,324.25 | Target Price: 2,444 | Stop Loss: 2,250 

RITES | Buy at 696.05 | Target Price: 765 | Stop Loss: 662 

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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. 

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Published: 18 May 2024, 10:46 AM IST
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