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Business News/ Markets / Stock Markets/  Stocks to buy or sell: Mazagon Dock to Bajaj Auto — Sumeet Bagadia recommends 5 breakout stocks despite rising India VIX
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Stocks to buy or sell: Mazagon Dock to Bajaj Auto — Sumeet Bagadia recommends 5 breakout stocks despite rising India VIX

Stocks to buy today: Sumeet Bagadia has recommended buying five breakout stocks today — Mazagon Dock, Grindwell, Bajaj Auto, Sumitomo Chemical, and Paras Defence

Stock market strategy: The India VIX Index has breached the immediate hurdle placed at 23, and the volatility index is now facing the hurdle at 25, beliueves Sumeet Bagaia of Choice Broking. (MINT)Premium
Stock market strategy: The India VIX Index has breached the immediate hurdle placed at 23, and the volatility index is now facing the hurdle at 25, beliueves Sumeet Bagaia of Choice Broking. (MINT)

Stocks to buy or sell: Amid the rising India VIX Index, a measure of market volatility, during the Lok Sabha Election 2024 and weak global market sentiments due to heightened tension in the Middle East, the Indian stock market fell for the fourth straight session on Wednesday. The Nifty 50 index breached the crucial 22,750 support and ended close to the 22,700 mark, whereas the India VIX Index, which indicates the market's expectation of volatility over the next 30 days, ended above 24. According to Sumeet Bagadia, Executive Director at Choice Broking, some stocks showed fresh breakouts in chart patterns despite selling pressure at the frontline and other significant indices of Dalal Street. The Choice Broking expert said that some breakout stocks still look positive on chart patterns and can be considered for intraday trading.

Breakout stocks today

Speaking on the outlook for the Indian stock market, Sumeet Bagadia of Choice Broking said, "The Nifty 50 index has decisively breached 22,750 support, which has hit the Indian stock market sentiments. The Indian stock market mood has turned weak, and more downside can be expected when the market opens on Thursday. Now the 50-stock index has support placed at 22,500, and one should look at the levels as the market is expected to trade more volatile as Friday will be the last session ahead of the Lok Sabha exit polls."

"The India VIX Index has breached the immediate hurdle placed at 23, and the volatility index is now facing the hurdle at 25. On breaching this resistance on a closing basis, we can expect more volatility in the Indian stock market as the index may touch the 28 mark soon," said Bagadia.

Sumeet Bagadia, the expert at Choice Broking, has advised investors to look at these five breakout stocks today: Mazagon Dock, Grindwell, Bajaj Auto, Sumitomo Chemical, and Paras Defence. These stocks, which are both technically and fundamentally strong, hold significant potential for profitable trading.

Breakout stocks to buy today

1] Mazagon Dock: Buy at 3357.35, target 3535, stop loss 3250;

2] Grindwell: Buy at 2590.55, target 2750, stop loss 2500;

3] Bajaj Auto: Buy at 9070, target 9450, stop loss 8850;

4] Sumitomo Chemical: Buy at 489.55, target 515, stop loss 473; and

5] Paras Defence: Buy at 945.60, target 1000, stop loss 910.

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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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 30 May 2024, 09:30 AM IST
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