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Business News/ Markets / Stock Markets/  Stocks to buy or sell: Paras Defence to Amara Raja Energy — Sumeet Bagadia recommends 5 breakout stocks today
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Stocks to buy or sell: Paras Defence to Amara Raja Energy — Sumeet Bagadia recommends 5 breakout stocks today

Stocks to buy or sell: Sumeet Bagadia has recommended buying these 5 breakout stocks today — Aegis Logistics, Paras Defence, Isgec, Alicon, and Amara Raja Energy

Stock market today: Sumeet Bagadia of Choice Broking believes that the Nifty 50 index has made a strong base at the 22,750 to 22,800 zone, which is a range of prices where the 50-stock index has historically found support. (MINT)Premium
Stock market today: Sumeet Bagadia of Choice Broking believes that the Nifty 50 index has made a strong base at the 22,750 to 22,800 zone, which is a range of prices where the 50-stock index has historically found support. (MINT)

Stocks to buy or sell: The Indian stock market, which has been showing remarkable resilience, climbed to a new peak during Friday deals last week. Despite the selling pressure in the European markets, Dalal Street witnessed strong profit-booking and ended flat on May 24. The Nifty 50 index ended flat after climbing to a new peak above the 23,000 mark. However, some stocks managed to give fresh breakouts on Friday. Sumeet Bagadia, Executive Director at Choice Broking, believes that some breakout stocks still look lucrative on chart pattern despite heavy profit-booking on Friday. The Choice Broking expert said one can look at these breakout stocks during Monday dealings.

Stock market today

"The Nifty 50 index has made a strong base at the 22,750 to 22,800 zone, which is a range of prices where the 50-stock index has historically found support. This means that the market has a tendency to bounce back from this range. Any dip in the market should be seen as a buying opportunity till this support remains sacrosanct, a term used to describe a level that is expected to prevent the price of an asset from being pushed downwards. The India VIX Index, which is a measure of the market's expectation of volatility over the next 30 calendar days, has also remained flat for the entire week. This indicates that the market is not expected to be highly volatile in the near future. Any dip in the India VIX today could further spur bulls' sentiment, which means that investors are optimistic about the market.", said Sumeet Bagdia.

On the outlook for Nifty today, Aditya Gaggar, Director of Progressive Shares, said, "On the weekly timeframe, the Nifty 50 Index has given a much-awaited breakout from an Ascending Triangle Formation, which suggests an extension of the current uptrend. As per the pattern, the approximate target comes to 23,850, while on the lower side, the immediate support is placed at 22,800."

Stocks in focus

“We are bullish on Maruti (Pennant and Pole Breakout) and Motherson Sumi (Record Breakout) from the Auto segment. With a strong bullish candle, the Energy segment surpassed its previous resistance and is likely to extend its strong uptrend (BPCL- Inverted Head & Shoulder Breakout, Coal India- Rounding Bottom Breakout, and HPCL- Symmetrical Triangle Breakout). We are bullish on the Metal segment and advocate buy on dips strategy. Rally in the Defense and Ship Building stocks seems to be overstretched; thus, we recommend booking some of the profit," Aditya Gaggar said.

Breakout stocks today

Regarding breakout stocks to buy today, Sumeet Bagadid of Choice Broking, a trusted expert in the field, said that a good number of stocks gave a fresh breakout on the chart patterns during Friday deals. However, after the profit-booking trigger, some of those breakout stocks entered the weak zone again. However, some breakout stocks are still looking positive on chart pattern and they are available at a discounted level after the fresh breakout. Sumeet Bagadia, with his extensive experience and knowledge, recommended buying these five breakout stocks today — Aegis Logistics, Paras Defence, Isgec, Alicon, and Amara Raja Energy. His recommendation is based on the stocks' recent breakout, positive chart pattern, and the potential for a discounted price after the profit-booking.

Breakout stocks to buy today

1] Aegis Logistics: Buy at 710, target 755, stop loss 685;

2] Paras Defence: Buy at 859, target 910, stop loss 830;

3] Isgec: Buy at 1188, target 1265, stop loss 1145;

4] Alicon: Buy at 1121, target 1185, stop loss 1085; and

5] Amara Raja Energy: Buy at 1210, target 1280, stop loss 1165.

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: 27 May 2024, 09:58 AM IST
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