Election stocks to buy: Sumeet Bagadia recommends five breakout stocks today — June 4

Buy or sell on Lok Sabha Election result: On account of strong global cues, better-than-expected Indian GDP numbers and exit polls giving the third term to the incumbent Narendra Modi government, the Indian stock market registered a robust rally on Monday. The Nifty 50 index logged its best session in over three years as the 50-stock index ended 733 points higher after touching a new high of 23,338. Other two frontline indices also touched new record highs. The BSE Sensex registered over 2500 points gain and touched a new high of 76,738 during the Monday rally. The Bank Nifty index surged around 2000 points and made a new lifetime high of 51,133 on the penultimate day of the Lok Sabha Election result.

Breakout stocks today

Looking ahead, the Nifty 50 index is showing promising signs, having broken the previous peak zone. It is now poised for further rise, potentially reaching around 23,500 and 23,800 levels. Intraday traders should note that the immediate support for Nifty today is placed at around 23,000 to 23,100, providing a positive outlook for the index.

Also Read: Stock market today: Trade setup for Nifty 50 on Lok Sabha Election results date, 8 stocks to buy or sell

"The India VIX Index has retraced from its recent highs and came close to the 19 mark, which signifies rising confidence of investors in the Indian equity market. This happened after the Exit Polls gave the incumbent Narendra Modi government a third term. If the actual Lok Sabha Election result comes in sync with the Exit Polls, then we can witness further nosedive in the Indian VIX today, and the index may soon touch the 15 mark," said Sumeet Bagadia.

On the topic of intraday trading, Bagadia highlighted that a significant number of stocks have given fresh breakouts on the technical chart. These breakout stocks continue to show positive signs on the chart pattern, instilling confidence in their potential. He advised investors to consider these stocks for intraday trading, recommending five breakout stocks for today: GIPCL, GAIL, Ashapura Minechem, CONCOR, and NCC.

Also Read: Buy or sell on Lok Sabha Election result: Vaishali Parekh recommends three stocks to buy today

Stocks to buy today

1] GIPCL: Buy at ₹209, target ₹220, stop loss ₹202;

2] GAIL: Buy at ₹231, target ₹244, stop loss ₹223;

3] Ashapura Minechem: Buy at ₹383.50, target ₹405, stop loss ₹370;

4] CONCOR: Buy at ₹1174.25, target ₹1230, stop loss ₹1130; and

5] NCC: Buy at ₹313, target 330, stop loss ₹302.

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.