2 weeks Ago
Breakout stocks to buy or sell: Following strong global market sentiments, the Indian stock market extended its recovery for a second consecutive session on Tuesday. The Nifty 50 index gained 127 points and closed at 24,466, the BSE Sensex added 363 points and ended at 80,369, whereas the Bank Nifty index finished 1,025 points higher at 52,284. Banking shares (including PSU Banks) did well for the second consecutive session.
The broad market indices outperformed the Nifty 50 index even as the advance-decline ratio rose to 1.47:1. Sumeet Bagadia's stocks to buy today Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has eased after the pullback rallies in two straight sessions.
However, the Choice Broking expert maintained that for a decisive improvement in Dalal Street sentiments, the Nifty 50 index needs to close above the 24,700 mark. He said that 24,000 to 23,900 remains crucial for the 50-stock index. Bagadia advised a stock-specific approach and suggested looking at breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today , Sumeet Bagadia said, "Bearish pressure on Dalal Street has eased out after the pullback rally on Monday and Tuesday sessions. However, the Indian stock market will remain cautious until the Nifty 50 index breaks above the 24,650 to 24,700 hurdle. Likewise, the 50-stock index has bounced back after reaching the 24,000 mark, which signals the frontline index making a crucial base around the 24,000 to 23,900 zone.
Amid Q2 results 2024 season, day traders are advised to maintain a stock-specific approach and looking at breakout stocks for intraday trading can be a good option." Regarding breakout stocks to buy today , Sumeet Bagadia recommended buying these five shares on Tuesday: Syrma SGS Technology, AMI Organics, Deepak Fertilisers, SJS Enterprises, and Gillette India. Shares to buy today 1] Syrma SGS Technology: Buy at ₹ 492.
50, target ₹ 520, stop loss ₹ 473; 2] AMI Organics: Buy at ₹ 1810, target ₹ 1945, stop loss ₹ 1745; 3] Deepak Fertilisers: Buy at ₹ 1310, target ₹ 1400, stop loss ₹ 1260; 4] SJS Enterprises: Buy at ₹ 1145, target ₹ 1212, stop loss ₹ 1100; and 5] Gillette India: Buy at ₹ 9399, target ₹ 10050, stop loss ₹ 9070. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint.
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