Stocks to buy or sell: RVNL to Indigo Paints — Sumeet Bagadia recommends five breakout stocks today — July 11

Stocks to buy or sell: Following weakness in the global markets, after the US Fed's Jerome Powell did not offer a timeframe for the US Fed rate cut in 2024, the Indian stock market witnessed its worst session since 4 June 2024. The Nifty 50 index lost 108 points and closed at 24,324; the BSE Sensex finished 426 points down at 79,924, whereas the Bank Nifty index ended 379 points lower at 52,189.

Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market mood has turned cautious after the sharp sell-off on Wednesday. The Choice Broking expert said that the Nifty 50 index has to sustain above 24,000 to keep the market sentiments positive. However, he maintained that a fresh rally could be expected only when the 50-stock index breaches above the current hurdle placed at 24,450 to 24,500. Bagadia advised investors to maintain stock-specific trade as Q1 results 2024 are going to play a significant role on Dalal Street.

Sumeet Bagadia's stock recommendations today

On the outlook for the Indian stock market today, Sumeet Bagadia said, "The Nifty 50 index needs to sustain above 24,000 levels to keep the market mood positive. However, the 50-stock index must exceed the 24,450 to 24,500 hurdle for a fresh bull trend. The immediate support for the frontline index is now placed at 24,200 to 24,250 zone."

Advising investors to maintain a stock-specific approach, Bagadia said, "Q1 results 2024 is expected to pick momentum from Thursday session as giant companies like Tata Consultancy Services (TCS), Anand Rathi, GTPL Hathways, etc. are going to declare their Q1 results today. So, stock-specific trades for intraday trading look fruitful. One can look at the breakout stocks today as some of the breakout stocks are still looking strong on chart patterns."

When asked about the breakout stocks to buy today, Sumeet Bagadia recommended these five shares to buy today: RVNL, Shoppers Stop, GEPIL, Indigo Paints, and IZMO.

Sumeet Bagadia's stocks to buy today

1] Shoppers Stop: Buy at ₹896, taregt ₹935, stop loss ₹865;

2] RVNL: Buy at ₹610, target ₹640, stop loss ₹590;

3] GEPIL: Buy at ₹597.45, target ₹630, stop loss ₹575;

4] Indigo Paints: Buy at ₹1538, target ₹1615, stop loss ₹1485; and

5] IZMO: Buy at ₹476.50, target ₹500, stop loss ₹460.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.