Breakout stocks to buy or sell: Indian stock markets closed with gains on Monday, following strong sentiment in the global market after talks of interest rate cuts by the US Fed. The Nifty 50 index retested the psychological 25,000 peak and closed at 25,010. The BSE Sensex closed 611 points higher at 81,698, while the Bank Nifty index closed 214 points higher at 51,148. Cash market volumes on the NSE continued to decline, down 5.6% from the previous day. Broader market indices rose less than the Nifty, while the advance-decline ratio remained positive at 1.07:1.
Sumeet Bagadia's stock recommendations today
Sumeet Bagadia, Executive Director, Choice Broking believes that the overall trend for the Indian stock market is positive as the Nifty 50 index has crossed the 25,000 barrier. The Choice Broking expert said that the crucial support for the 50-stock index is now at 24,800 to 24,750, while the frontline index is facing a hurdle at 24,550 to 24,600. Bagadia said that the Indian stock market is on a bullish trend, and the majority of Indian indexes are in an over-bought condition. Therefore, a stock-specific approach focusing on breakout stocks would be suitable for intraday trading.
With regard to breakout stocks to buy today, Sumeet Bagadia recommends buying these five stocks: NDR Auto, Precision Wires, Kamdhenu, Quickheal and AGS Transact Technologies.
stock market today
Sumit Bagadia on Indian stock market scenario today said, “The Nifty 50 index has found crucial support at 24,800 to 24,750, while it faces hurdles in the 25,550 to 25,600 range. The frontline index closing above the psychological 25,000 mark has led to a correction in Dalal Street, and we expect the US Fed rate talks to push the 50-stock index towards its upper hurdle. On moving decisively above 25,600, the Nifty could touch the 25,850 to 25,900 range.”
stocks to buy today
1]NDR Auto: Buy 1639, target 1740, stop loss 1572;
2]Precise Wire: Buy 193.40, target 204, stop loss 186;
3]Kamadhenu: Buy 551.75, target 585, stop loss 533;
4]QuickHeal: Buy 700, target 737, stop loss 677; and
5]AGS Transact Technologies: Buy 106, target 111, stop loss 102.
Disclaimer: The views and recommendations expressed above are those of the individual analysts or broking companies and not of Mint. We advise investors to seek advice from certified experts before making any investment decisions.