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Business News/ Markets / Stock Markets/  Stocks to buy or sell: Premier Explosives to Affle — Sumeet Bagadia recommends five breakout stocks today — May 21
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Stocks to buy or sell: Premier Explosives to Affle — Sumeet Bagadia recommends five breakout stocks today — May 21

Stocks to buy or sell: Sumeet Bagadia has recommended buying these five breakout stocks today — Premier Explosives, Bharat Bijlee, Balkrishna Industries, Kaynes Technology India, and Affle (India).

Stocks to buy or sell: Sumeet Bagadia has recommended buying these five breakout stocks today — Premier Explosives, Bharat Bijlee, Balkrishna Industries, Kaynes Technology India, and Affle (India). (MINT)Premium
Stocks to buy or sell: Sumeet Bagadia has recommended buying these five breakout stocks today — Premier Explosives, Bharat Bijlee, Balkrishna Industries, Kaynes Technology India, and Affle (India). (MINT)

Stocks to buy or sell: On Tuesday, amid mixed global cues, it is anticipated that the domestic benchmark indices, the Sensex and Nifty 50, will open higher.

Amidst encouraging global signs, the Indian stock market indexes concluded the special trading session on Saturday with slight gains.

The Nifty 50 closed 35.90 points, or 0.16%, higher at 22,502.00, while the Sensex increased by 88.91 points, or 0.12%, to conclude at 74,005.94.

Also Read: Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 21

Due to the Lok Sabha elections in Mumbai on Monday, the domestic equities markets were closed.

Market participants are expecting clarification from a forthcoming Fed chair speech, according to Vinod Nair, Head of Research at Geojit Financial Services, who clarified that there are still questions around the timing of rate adjustments by the US Federal Reserve. In the immediate future, we expect volatility to persist due to lingering uncertainty around the election outcomes and quarterly reports.

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: Premier Explosives, Bharat Bijlee, Balkrishna Industries, Kaynes Technology India, and Affle (India).

Also Read: Stock market today: Trade setup for Nifty 50 to India VIX, six stocks to buy or sell on Tuesday — May 21

Breakout stocks to buy today

1] Premier Explosives: Buy at 2,477.6, target 2,626, stop loss 2,394;

2]Bharat Bijlee: Buy at 3,884.85, target 4,111, stop loss 3,744;

3] Kaynes Technology India: Buy at 3,234.35, target 3,399, stop loss 3,144;

4] Balkrishna Industries: Buy at 2797.95, target 2950, stop loss 2699; and

5] Affle (India): Buy at 1,233.85, target 1,299, stop loss 1,188.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 21

Nifty 50 Outlook 

In the Nifty 50 during the special trading session on Saturday, May 18, range bound activity continued to push the market higher, closing the day up 35 points, according to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. The market moved during the brief special trading session within a narrow range after starting the day on a bullish note.

On the daily chart, a modest range candle appeared, indicating a pattern of upward continuance. On the Nifty weekly chart, a bullish candlestick pattern resembling a Piercing line pattern appeared, suggesting further upside for the market in the near future.

“Larger range bound pattern of around 22,800-21,750 has come into play this week. Having moved up from near the lower range of 21750 levels in this week, Nifty 50 is expected to move towards the upper range of 22,800 levels in the next 1-2 weeks. Immediate support is placed at 22,200 levels," said Shetti.

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Nasdaq at record high to oil prices

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 21 May 2024, 08:44 AM IST
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