Breakout stocks to buy or sell: Indian stock market benchmarks – Sensex and Nifty 50 – on Tuesday closed flat in the previous session due to profit booking in select blue chip stocks. During the session, Sensex and Nifty 50 touched their fresh peaks of 85,163.23 and 26,011.55. Eventually, Sensex closed 15 points lower at 84,914.04, while Nifty 50 closed 1 point higher at 25,940.40. The BSE midcap index rose 0.21 per cent, but the smallcap index declined 0.04 per cent.
Investors are booking profits at record highs, while sentiment remains largely positive after the Fed cut rates by 50 basis points and hinted at further rate cuts in the next policy meetings. However, concerns remain over the market's premium valuations, and experts believe that a round of profit booking may be seen in the coming days.
Nifty50 may open on a negative note on Wednesday, as indicated by GIFT Nifty, which was trading at 25,925 levels, around 20 points down from the previous close of Nifty futures.
Sumeet Bagaria shares to buy today
Sumeet Bagadia, Executive Director, Choice Broking, believes that any dip in the market is a buying opportunity provided the index is above 25,800. He points out that Nifty50 has found immediate support at 25,800 level and is poised to touch 26,300 and 26,500 respectively.
“The crucial support for Nifty50 is at 25,550 to 25,500. Hence, if the frontline index sustains above 25,800, any dip in the Indian stock market should be viewed as a buying opportunity. Following a stock-specific approach for intraday trading can be a good option, with special focus on breakout stocks,” Bagaria said.
Bagaria recommends these five breakout stocks to buy today: SH Kelkar & Co, AstraZeneca Pharma India, Arvind Smartspaces, Vaswani Industries and GC Ventures in the cash segment.
stocks to buy today
1. SH Kelkar & Co | BUY 300.4 | Target Price: 320 | Stop Loss: 290
2. AstraZeneca Pharma India | BUY 7,878.25 | Target Price: 8,333 | Stop Loss: 7,600
3. Arvind SmartSpaces | Buy 866 | Target Price: 915 | Stop Loss: 835
4. Vaswani Industries | Buy Now 55.68 | Target Price: 59 | Stop Loss: 54
5. GC Ventures | BUY 449.05 | Target Price: 477 | Stop Loss: 433
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Disclaimer: The views and recommendations expressed above are those of individual analysts, experts and brokerage firms and not of Mint. We advise investors to seek advice from certified experts before making any investment decisions.