Breakout Stocks to Buy or Sell: Following positive global market sentiments following the US Federal Reserve rate cut by 50 basis points, Indian Stock Market closed higher on Thursday. 50 ingenious The BSE Sensex index rose 38 points to close at 25,415. The BSE Sensex closed 236 points higher at 83,184, while the Bank Nifty index ended 287 points higher at 53,037. The cash market volumes on the NSE were 17.4% higher than the previous session. Broad market indices ended in the negative even as the advance-declining ratio fell to 0.38:1.
Sumeet Bagadia Stocks to Buy Today
Sumeet Bagadia, CEO of Choice Broking, believes that the Indian stock market has turned cautious. The Nifty 50 index is trading between 25,150 and 25,600. The Choice Broking expert said that one could assume an uptrend or a downtrend in case of a breakout of either side of the range. Bagadia said that one should maintain a specific approach for each stock and considering breakout stocks for intraday trading can be a good move.
Regarding the breakup stocks to buy todaySumeet Bagadia recommended buying these five stocks: Neogen Chemicals, Rossell India, Spencer’s Retail, Pearl Polymers and KPR Mill.
Commenting on the outlook for the Indian stock market today, Sumeet Bagadia said, “The Indian stock market is trading within a range despite the US Federal Reserve declaring a 50 basis point interest rate cut. The Nifty 50 index is facing a hurdle in the range of 25,550 to 25,600. On the downside, it is finding support at the 25,150 mark. One can assume either an uptrend or a downtrend on breakout of either side of the range. However, following a stock-specific approach and watching for breakout stocks can be a good strategy for intraday trading.”
Stocks to buy today
1]Neogen Chemicals: Buy in ₹2183.15, target ₹2300, stop loss ₹2100;
2]Rossell India: Buy in ₹621.65, target ₹660, stop loss ₹600;
3]Spencer Retail: Buy in ₹107.18, target ₹113, stop loss ₹103;
4]Pearlescent polymers: Buy in ₹45.18, target ₹48, stop loss ₹43.50;
5]Mill Mortgage: Buy in ₹935, target ₹990, stop loss ₹900.
Disclaimer: The opinions and recommendations offered in this analysis are those of individual analysts or brokerage firms, not those of Mint. We strongly recommend that investors consult with certified experts before making any investment decisions as market conditions can change quickly and individual circumstances may vary.
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