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Business News/ Markets / Stock Markets/  Stocks to buy or sell: Finolex Cables to IOB — Sumeet Bagadia recommends 5 breakout stocks today
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Stocks to buy or sell: Finolex Cables to IOB — Sumeet Bagadia recommends 5 breakout stocks today

Stocks to buy or sell: Sumeet Bagadia has recommended buying these 5 breakout stocks today — Finolex Cables, Indian Overseas Bank, ASAL, Pudumjee Paper Products, and JBM Auto

Breakout stocks to buy today: On the India VIX today, Sumeet Bagadia said that the Indian volatility index is in the 19 to 23 range and is expected to remain on the topsy-turvy curve until the Lok Sabha Election 2024 results are declared. (MINT)Premium
Breakout stocks to buy today: On the India VIX today, Sumeet Bagadia said that the Indian volatility index is in the 19 to 23 range and is expected to remain on the topsy-turvy curve until the Lok Sabha Election 2024 results are declared. (MINT)

Stocks to buy or sell: The frontline indices of the Indian stock market continue to scale new highs, but they have failed to sustain themselves at higher levels, especially the Nifty 50 and the BSE Sensex. After climbing to the new peaks, Nifty and Sensex witnessed heavy selling pressure at the closing bell on Monday. However, in this topsy-turvy session, many shares gave fresh breakouts. These breakout stocks, which are still lucrative for traders and investors, hold significant potential. According to Sumeet Bagadia, Executive Director at Choice Broking, late-hour correction in the Indian stock market has made some breakout stocks more attractive. The Choice Broking expert said that after the fresh breakout, some of the breakout stocks today are available at a highly discounted price, which makes them an ideal stock to buy on Tuesday.

Breakout stocks to buy today

Sumeet Bagadia of Choice Broking said that the Nifty 50 index once again failed to sustain higher levels after reaching the 23,000 hurdle for the second day in a row. Bagadia said that the 50-stock index has made a strong base at the 22,750 to 22,800 mark, and the Indian stock market bias will continue to remain positive until this support remains sacrosanct. He said Dalal Street's bias may improve once the 50-stock index breaches the immediate hurdle placed at 23,200 on a closing basis.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 28

On the India VIX today, Sumeet Bagadia said that the Indian volatility index is in the 19 to 23 range and is expected to remain on the topsy-turvy curve until the Lok Sabha Election 2024 results are declared. This volatility in the Indian stock market, as predicted by the India VIX, may show more volatility on 31st May 2023 as the market will be buzzed around the Lok Sabha Exit Poll expected on 1st June 2024 evening after the end of the 7th phase of Lok Sabha Polls on Saturday this week.

Also Read: Trade setup for stock market today: Eight stocks to buy or sell on Tuesday

Sumeet Bagadia's stock recommendations

Sumeet Bagadia recommends five breakout stocks to buy today: Finolex Cables, Indian Overseas Bank, ASAL, Pudumjee Paper Products, and JBM Auto.

1] Finolex Cables: Buy at 1456, target 1550, stop loss 1400;

2] IOB: Buy at 74.50, stop loss 79.50, stop loss 72;

3] ASAL: Buy at 896.55, target 950, stop loss 865;

4] Pudumjee Paper Products: Buy at 98.7, target 105, stop loss 95; and

5] JBM Auto: Buy at 2117.20, target 2222, stop loss 2050.

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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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 28 May 2024, 09:24 AM IST
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