Stocks to buy or sell: BEML to JK Paper — Sumeet Bagadia recommends five breakout stocks today

  • Stocks to buy or sell: Sumeet Bagadia recommended buying these five breakout stocks today — BEML, JK Paper, DCX Systems, Indian Hume Pipe Company, and Zota Health Care

Asit Manohar
First Published18 Jun 2024, 09:02 AM IST
Stock market today: Sumeet Bagadia of Choice Broking believes that the Nifty 50 index is currently facing a hurdle at 23,450 to 23,500.
Stock market today: Sumeet Bagadia of Choice Broking believes that the Nifty 50 index is currently facing a hurdle at 23,450 to 23,500.(MINT)

Stocks to buy or sell: The Indian stock market remained range-bound, meaning it traded within a specific price range, with an upside bias, indicating a higher probability of the market moving upwards, and finished higher on Friday. The Nifty 50 index gained 66 points and closed at 23,465, while the BSE Sensex surged 181 points and ended at 76,992. The Bank Nifty index finished 155 points higher at 50,002. According to Sumeet Bagadia, Executive Director at Choice Broking, despite the range-bound session on Friday, a good number of stocks gave a fresh breakout, which means they moved above a significant resistance level, on the chart pattern. The Choice Broking expert said some breakout stocks still look attractive for intraday trading. He advised day traders to look at those breakout stocks today.

Stock market today

Looking at the Nifty today, Sumeet Bagadia reassures day traders, "The Nifty 50 index is currently facing a hurdle at 23,450 to 23,500. However, once this resistance is breached, the 50-stock index may touch the 23,800 to 23,900 level in the near term. Therefore, it's advisable to focus on breakout stocks, as stock-specific trades in the current range-bound market can be a smart way to profit from the Indian stock market. Importantly, the overall trend of the Indian stock market remains positive, reducing potential risks."

On triggers for the Indian stock market today, Sumeet Bagadia said that investors would be looking at the US Retail Sales data, which provides insights into consumer spending, and the US Fed official speech, which can influence market sentiment, both of which are expected today. So, without any significant trigger, one can expect the range-bound movement with a positive bias to continue on Tuesday.

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Sumeet Bagadia's stock recommendations

Batting in favour of a stock-specific approach, Sumeet Bagadia advised day traders to look at these five breakout stocks today: BEML, JK Paper, DCX Systems, Indian Hume Pipe Company, and Zota Health Care.

1] BEML: Buy at 4694, target 4950, stop loss 4500;

2] DCX Systems: Buy at 361.60, target 380, stop loss 350;

3] JK Paper: Buy at 489.65, target 515, stop loss 475;

4] Indian Hume Pipe Company: Buy at 385, target 410, stop loss 375; and

5] Zota Health Care: Buy at 615.20, target 645, stop loss 590.

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.

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First Published:18 Jun 2024, 09:02 AM IST
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