1 week Ago
Breakout stocks to buy or sell: Despite weakness in the Asian stock market, the Indian stock market witnessed strong buying during Thursday's trading. Bulls staged a powerful comeback on Dalal Street, as the Nifty 50 index shot up 425 points and closed at 24,168. The BSE Sensex finished 1,385 points northward at 79,893, while the Nifty Bank index ended 545 points higher at 51,605.
Among segments, financial, auto, and IT stocks showed remarkable strength ahead of the upcoming quarterly earnings season. Sumeet Bagadia's breakout stock recommendations Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market bias has improved after the strong upside movement on Thursday. The Choice Broking expert said the Nifty 50 index has finally broken the hurdle placed at 200-DEMA of 23,850, and the 50-stock index is now close to the 50-DEMA hurdle placed at the 24,200 to 24,250 range.
Sumeet Bagadia predicted a fresh bull trend on Dalal Street once the frontline index gives a fresh breakout above 24,250 on a closing basis. He advised day traders to maintain a stock-specific approach and look at breakout stocks for intraday trading. Speaking on the outlook for the Indian stock market today , Sumeet Bagadia said, "After the strong show by Dalal Street bulls on Thursday, the Indian stock market bias has improved.
The Nifty 50 index has finally broken the hurdle placed at 200-DEMA of 23,850 and finished close to the 50-DEMA hurdle of 24,200 to 24,250. We expect a fresh bull trend once the frontline index gives a fresh breakout on the technical chart pattern at 24,250 on a closing basis. On the downside, 23,850 is expected to work as crucial support for the Nifty 50 index.
So, Nifty today can be assumed in a broader range of 23,850 to 24,250. A bullish or bearish trend can be assumed on the breakage of either side of the range. So, day traders are advised to maintain a stock-specific approach and look at stocks that look strong on the technical chart.
Looking at breakout stocks for intraday trading can be a lucrative option." Regarding breakout stocks to buy today , Sumeet Bagadia recommended buying these five shares: Apollo Micro Systems, Reliance Infrastructure, DCX Systems, FSL, and Transformers and Rectifiers (India). Stocks to buy today 1] Apollo Micro Systems: Buy at ₹ 123.
96, target ₹ 133, stop loss ₹ 119; 2] Reliance Infrastructure: Buy at ₹ 322.65, target ₹ 345, stop loss ₹ 311; 3] DCX Systems: Buy at ₹ 393, stop loss ₹ 355; 4] Firstsource Solutions Limited or FSL: Buy at ₹ 394.50, target ₹ 422, stop loss ₹ 380; and 5] Transformers and Rectifiers (India): Buy at ₹ 1230, target ₹ 1300, stop loss ₹ 1186.
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..
