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Business News/ Markets / Stock Markets/  Stocks to buy or sell: Cochin Shipyard to RVNL — Sumeet Bagadia recommends five breakout stocks today — May 24
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Stocks to buy or sell: Cochin Shipyard to RVNL — Sumeet Bagadia recommends five breakout stocks today — May 24

Stocks to buy or sell: Sumeet Bagadia has recommended buying these five breakout stocks today — Cochin Shipyard Ltd, Saregama India Ltd, Rail Vikas Nigam Ltd (RVNL), Olectra Greentech Ltd, and Mazagon Dock Shipbuilders Ltd.

Stocks to buy or sell: Sumeet Bagadia has recommended buying these five breakout stocks today — Cochin Shipyard Ltd, Saregama India Ltd, Rail Vikas Nigam Ltd, Olectra Greentech Ltd, and Mazagon Dock Shipbuilders Ltd. (MINT)Premium
Stocks to buy or sell: Sumeet Bagadia has recommended buying these five breakout stocks today — Cochin Shipyard Ltd, Saregama India Ltd, Rail Vikas Nigam Ltd, Olectra Greentech Ltd, and Mazagon Dock Shipbuilders Ltd. (MINT)

Stocks to buy or sell: The domestic benchmark indices, Sensex and Nifty 50, are likely to have a negative start on Friday's trading session, amid weak global cues.

Given the trends of Gift Nifty, the Indian benchmark indices are off to a slow start. Around 42 points below than the previous closing of the Nifty futures, which was 23,008.00, the Gift Nifty was trading at 22,966.00.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 24

The domestic benchmark indices, the Nifty 50 and the Sensex, set fresh closing highs on Thursday due to gains in banking stocks. The nation's budget deficit may be on the decline, as shown by the record dividend paid by the central bank to the government.

The domestic equity indices reached a new peak on Thursday as the Nifty 50 closed over 22,900.

Also Read: Stock market today: Trade setup for Nifty 50 to India VIX, five stocks to buy or sell on Friday — May 24

The Nifty 50 closed 369.85 points, or 1.64%, higher at 75,418.04, while the Sensex surged 1,196.98 points, or 1.61%, to conclude at 22,967.65.

Seasoned Executive Director at Choice Broking with a strong track record, Sumeet Bagadia has shared his professional advice on five breakout stocks that are now worth buying: Cochin Shipyard Ltd, Saregama India Ltd, Rail Vikas Nigam Ltd, Olectra Greentech Ltd, and Mazagon Dock Shipbuilders Ltd.

Breakout stocks to buy today

1] Cochin Shipyard Ltd: Buy at 1,890.25, target 2,000, stop loss 1,825 ;

2] Saregama India Ltd: Buy at 4,66.35, target 495 , stop loss 450;

3] Rail Vikas Nigam Ltd (RVNL): Buy at 372.25, target 399, stop loss 360;

4] Olectra Greentech Ltd: Buy at 1,808.70, target 2,010, stop loss 1,710; and

5] Mazagon Dock Shipbuilders Ltd: Buy at 3,125.75, target 3,333, stop loss 3,020.

Also Read: Dividend stocks: Vedanta, Tata Consumer Products, QGO Finance shares to trade ex-dividend on May 24

Nifty 50 Outlook

The market is seeing a 1,000 point rebound from 21,800 levels as FIIs are positioning themselves in the long:short ratio, which is up from 26% longs, according to Soni Patnaik, Assistant Vice President, Equity Derivatives Research, JM Financial Services. So far, Nifty futures have seen 2.5% intraday fresh longs.

"Nifty 50 manages to cross crucial resistance of 22,800+ levels at the back of weekly expiry today and can head towards the 23,000 mark by the month end expiry from current levels. Aggressive put options writing can be seen from base of 22,500 PE to all the way till 22,800 PE forming strong support base at 22,600/22,700 levels now," said Patnaik.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 24

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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Published: 24 May 2024, 08:43 AM IST
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