2 weeks Ago
Breakout stocks to buy or sell: On the first day of 2025, the Indian stock market witnessed a decent buying interest and finished green. The Nifty 50 index ended 98 points higher at the 23,742 mark, the BSE Sensex shot up 435 points and closed at 78,574, whereas the Nifty Bank index finished 235 points northward at 51,096. The broader markets showcased strength, with Nifty mid-cap 100 and small-cap 100 indices gaining 0.
4% and 1%, respectively. Sumeet Bagadia's breakout stock recommendations Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market bias has improved after the pullback in the Nifty 50 index from 23,500 support. The Choice Broking expert said the 50-stock index is facing a substantial hurdle at 23,850 and advised investors to wait for the frontline index to break decisively above the 200-DEMA hurdle.
Bagadia said that Nifty breaking above 23,850 on a closing basis would pump the conviction for a fresh rally on Dalal Street. Speaking on the outlook for the Indian stock market today , Sumeet Bagadia said, "Overall, the Indian stock market bias has improved after the Nifty 50 index rebound from 23,500 support. However, the 50-stock index is still below the 200-DEMA resistance of 23,850.
Hence, it's better to wait for the fresh breakout and keep one's holdings light till the 50-stock index gives a fresh breakout on a closing basis. On breaking above the 23,850 mark, a fresh bull trend can be expected with a conviction to touch the 24,500 and 24,800 mark in the near term." Unveiling intraday trading strategy for Thursday, Sumeet Bagadia said, "Until the Nifty 50 index breaks above 23,850 on a closing basis, one should maintain a stock-specific approach and look at technically strong shares.
Looking at breakout stocks for intraday trading can be a good bet in the current market." Regarding breakout stocks to buy today, Sumeet Bagadia advised buying these four shares: Jindal Worldwide, NDR Auto Components, Jost's Engineering, and Savita Oil Technologies. Stocks to buy today 1] Jindal Worldwide: Buy at ₹ 422.
50, target ₹ 450, stop loss ₹ 405; 2] NDR Auto Components: Buy at ₹ 747, target ₹ 805, stop loss ₹ 720; 3] Jost's Engineering: Buy at ₹ 618.90, target ₹ 655, stop loss ₹ 595; and 4] Savita Oil Technologies: Buy at ₹ 565.35, target ₹ 610, stop loss ₹ 545.
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..
