Breakout stocks to buy or sell: Wealth erosion for the Indian stock market investors continued for the seventh straight session on Thursday. The Nifty 50 index finished marginally lower at the 22,545 level, the BSE Sensex added 10 points and closed at 74,612, whereas the Bank Nifty index ended 135 points higher at 48,743. The broader market remains under significant selling pressure, consistently underperforming benchmark indices. For the fourth straight session, declining stocks outnumbered advancing ones, with the BSE advance-decline ratio reaching 0.32—the lowest since February 14. However, NBFCs and select banks received a boost after the Reserve Bank of India rolled back the increase in risk weights on bank loans to non-banking financial companies, sending shares of several NBFCs higher.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias is weak. If the Nifty 50 index breaches its current support at the 22,500 mark, it may try to test 22,300 to 22,250 levels. The Choice Broking expert said Dalal Street bias may improve once the frontline index breaks above 22,800 on a closing basis. He advised investors to look at those stocks that look strong on the technical chart.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, the Indian stock market sentiment is weak until the Nifty 50 index is below the 22,800 mark. The selling pressure may intensify once the Nifty 50 index breaks below the current support 22,500. The frontline index may test 22,300 to 22,250 levels after decisively breaking below the 22,500 mark. So, one should maintain a stock-specific approach and look at those stocks that look strong on the technical chart pattern. Breakout stocks can be a good option for those fishing out technical picks for intraday trading.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Shriram Finance, India Shelter Finance Corporation, Cholamandalam Financial Holdings, Narayana Hrudayalaya, and Redington.
Stocks to buy today
1] Shriram Finance: Buy at ₹606.80, target ₹650, stop loss ₹585;
2] India Shelter Finance Corporation: Buy at ₹721.05, target ₹765, stop loss ₹695;
3] Cholamandalam Financial Holdings: Buy at ₹1636.20, target ₹1760, stop loss ₹1580;
4] Narayana Hrudayalaya or NH: Buy at ₹1491, target ₹1580, stop loss ₹1440; and
5] Redington: Buy at ₹251, target ₹266, stop loss ₹242.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
