Breakout stocks to consider: In light of recent movements in the global financial arena, the Indian stock market experienced a downturn on Friday. The Nifty 50 index saw a reduction of 34 points, finishing at the 24,964 mark. Simultaneously, the BSE Sensex dropped by 230 points, settling at 81,381, with the Nifty Bank index declining by 358 points, closing at 51,172. Furthermore, cash market volumes on the NSE diminished by 13%, a decline from the previous session’s Rs.0.82 lakh crore. Notably, while broad market indices concluded approximately half a percent higher, the advance-decline ratio stood at 1.06:1, reflecting a cautious sentiment in the market.
Market Overview and Trend Analysis
Sumeet Bagadia, Executive Director at Choice Broking, shares insights into the current market dynamics, emphasizing the cautious bias prevailing in the Indian stock markets. According to Bagadia, the Nifty 50 is currently trading within a tight range of 24,900 to 25,300. A decisive breakout beyond either end of this range could signal significant market movements, potentially resulting in a 200-point shift in either direction. With Q2 results 2024 on the horizon, a stock-specific approach for day trading is advised, allowing traders to capitalize on potential fluctuations.
Top Breakout Stocks to Buy Today
In his latest recommendations, Sumeet Bagadia has identified several promising breakout stocks for investors to consider today. These include five stocks that show potential for intraday trading:
- Sudarshan Chemical
- Usha Martin
- Hitech Corporation
- Neuland Laboratories
- Bigbloc Construction
Detailed Recommendations
1] Sudarshan Chemical
Buy at: ₹1201, Target: ₹1290, Stop Loss: ₹1160;
2] Usha Martin
Buy at: ₹422, Target: ₹450, Stop Loss: ₹408;
3] Hitech Corporation
Buy at: ₹320.50, Target: ₹340, Stop Loss: ₹309;
4] Neuland Laboratories
Buy at: ₹14247.65, Target: ₹15000, Stop Loss: ₹13700;
5] Bigbloc Construction
Buy at: ₹125.20, Target: ₹134, Stop Loss: ₹121;
Disclaimer: The insights and recommendations offered in this article are based on the analysis of individual experts and do not reflect the views of Mint. It is advisable for investors to seek guidance from certified financial experts before making any investment decisions.
