The Indian stock market is trading in a range with an upward bias and the benchmark Nifty50 seems to be consolidating near the 23,550 zone. For the last five consecutive days, the Nifty has been trading in the range of 23,400 to 23,700 and the index has formed an inside candle on the daily chart, indicating a sideways trend.
Domestic equity indices on Thursday closed with gains amid volatility, with the Nifty settling above the 23,550 level. The Sensex closed 141.34 points higher at 77,478.93, while the Nifty 50 closed 51.00 points or 0.22% higher at 23,567.00.
Amid heavy volatility on Thursday, some stocks gave a new breakout. This means that these stock prices moved above a significant resistance level on the chart pattern. Sumeet Bagadia, Executive Director, Choice Broking, believes that some breakout stocks still look attractive for intraday trading. He advised day traders to take a look at those breakout stocks today.
Also read: Share market today: Trade setup for Nifty50, five stocks to buy or sell on Friday – June 21
stock market today
According to analysts at Choice Broking, if the Nifty closes above 23,700 levels, it can rise towards 23,800 and 24,000 levels. Conversely, the immediate support levels for the Nifty index are at 23,400 and 23,300.
Sumeet Bagaria's Stock Recommendations
Sumeet Bagadia advises day traders to keep an eye on five breakout stocks to buy today. These breakout stocks to buy include Ashoka Buildcon, NOCIL, Mahindra Holidays & Resorts India, Quick Heal Technologies and Kaveri Seed Company.
Also read: Chandan Taparia recommends three stocks to buy today
1]Ashoka Buildcon: Buy 243.82; Target: 260; Stop Loss: 235
2]Nosil: Buy 308.9; Target: 325; Stop Loss: 299
3]Mahindra Holidays & Resorts India: Buy 474.85; Target: 505; Stop Loss: 460
4]Accelerated Healing Technologies: Buy 543.4; Target: 575; Stop Loss: 530
5]Cauvery Seed Company: Buy 1,015.15; Target: 1,070; Stop Loss: 980
Disclaimer: The views and recommendations expressed above are those of individual analysts or broking companies and not that of Mint. We advise investors to check with certified experts before making any investment decisions.
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