Breakout stocks to buy or sell: After trading in a narrow range for four straight sessions, the Indian stock market finally witnessed intense selling pressure on Monday deals. The Nifty 50 index lost 152 points and closed at the 23,661 mark, the BSE Sensex shed 499 points and closed at 78,199, while the Nifty Bank index corrected 411 points and finished at 50,899. The NSE cash market volumes were higher by 77% compared to Friday last week based on a quarterly rejig of the Nifty 50 index. Amongst the sectoral Indices, Nifty Healthcare, Pharma, and IT gained the most, while Nifty Media, Reality and Metals were significant losers.
Speaking on the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, "The short-term trend of the Nifty 50 index is down, and the market is expected to slide down to 23,500 to 23,400 levels in the short term. Immediate resistance for Nifty today is placed at 23,800 levels."
On the outlook for the Nifty Bank index, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, said, "Bank Nifty opened slightly negative, witnessed buying in the first half but faced heavy profit booking later and concluded on a negative note at 50,953. Technically, the Bank Nifty index formed a red candle on the daily chart, indicating weakness, although it reversed from trendline support and defended its 200-Day Simple Moving Average (200-DSMA), placed at 50,600. On the upside, the 50-Day Exponential Moving Average (50-DEMA) at 51,960 will act as resistance. In the short term, Bank Nifty is expected to trade within the 50,500–52,000 range, with a breakout in either direction determining its future direction."
When asked about intraday stocks for today, stock market experts Sugandha Sachdeva, Founder of SS WealthStreet, Mahesh M Ojha, AVP—Research at Hensex Securities, and Anshul Jain, Head of Research at Lakshmishree Investment and Services, recommended these five buy or sell stocks: IRB Infrastructure Developers, Allcargo Logistics, Manaksia, IOB, and SBFC Finance.
1] IRB Infrastructure Developers: Sell at ₹56, target ₹53.70, stop loss ₹57.50; and
2] Allcargo Logistics: Sell at ₹49.60, target ₹46.50, stop loss ₹50.80.
3] Manaksia: Buy at ₹82.50, target ₹87.50, stop loss ₹79.50 (Closing Basis); and
4] SBFC Finance: Buy at ₹89.50, target ₹94.50, stop loss ₹87.50 (Closing Basis).
5] IOB: Buy at ₹48 to ₹50, targets ₹52, ₹54 and ₹55, stop loss ₹46.
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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