Stocks to buy or sell: Following strong global market sentiments on overwhelming gains on Wall Street, the Indian stock market finished higher for the second straight session. However, the frontline Indian indices failed to sustain at higher levels and ended with marginal gains. According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 index faces resistance at 24,500. Any fresh rally can be expected only when the 50-stock index sustains above this hurdle on a closing basis. The Choice Broking expert maintained that the overall Indian stock market trend would remain bullish until Nifty trades above 23,900. As Q1 results 2024 are kickstarting, he advised investors to keep a specific approach. In this regard, he advised investors to look at breakout stocks that are still looking strong on the technical chart.
Today’s breakout stocks, as identified by Sumeet Bagadia of Choice Broking, hold significant potential. A good number of stocks have shown fresh breakouts on the technical chart, and some of them continue to exhibit strength in their chart pattern. Bagadia recommends these stocks for intraday trading, instilling a sense of hope in investors. When asked about breakout stocks to buy today, Bagadia suggested these five: MBL Infrastructure, AstraZeneca Pharma, Ge Power, Galaxy Surfactants, and NELCO.
Stocks to buy or sell: Following strong global market sentiments on overwhelming gains on Wall Street, the Indian stock market finished higher for the second straight session. However, the frontline Indian indices failed to sustain at higher levels and ended with marginal gains. According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 index faces resistance at 24,500. Any fresh rally can be expected only when the 50-stock index sustains above this hurdle on a closing basis. The Choice Broking expert maintained that the overall Indian stock market trend would remain bullish until Nifty trades above 23,900. As Q1 results 2024 are kickstarting, he advised investors to keep a specific approach. In this regard, he advised investors to look at breakout stocks that are still looking strong on the technical chart.
Today’s breakout stocks, as identified by Sumeet Bagadia of Choice Broking, hold significant potential. A good number of stocks have shown fresh breakouts on the technical chart, and some of them continue to exhibit strength in their chart pattern. Bagadia recommends these stocks for intraday trading, instilling a sense of hope in investors. When asked about breakout stocks to buy today, Bagadia suggested these five: MBL Infrastructure, AstraZeneca Pharma, Ge Power, Galaxy Surfactants, and NELCO.
Speaking on the triggers for the Indian stock market today, Sumeet Bagadia said, “The frontline indices of the Indian stock market are close to its resistance as Nifty today is facing hurdle at 24,500 while the BSE Sensex is facing hurdle at 80,700 mark. Apart from this, the Q1 results 2024 season is also beginning today, and the market is expecting a strong Q1FY25 results season after the strong Q1 business update by the market giants. So, my suggestion to the investors is to maintain a stock-specific approach. For intraday trading, they can look at breakout stocks today as many stocks have given fresh technical breakouts on Thursday, and some are still attractive from the valuation perspective.”
1] MBL Infrastructure: Buy at ₹79.64, target ₹83, stop loss ₹77;
2] AstraZeneca Pharma: Buy at ₹7128.85, target ₹7500, stop loss ₹6850;
3] Ge Power India: Buy at ₹462, target ₹485, stop loss ₹445;
4] Galaxy Surfactants: Buy at ₹3115, target ₹3250, stop loss ₹3000; and
5] NELCO: Buy at ₹883, target ₹925, stop loss ₹850.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
