Breakout stocks to buy or sell: The Indian stock market indices closed higher after two consecutive sessions of losses due to positive global cues and the diminishing fear of investors over the new Chinese virus. The Nifty 50 index closed 0.39 per cent higher at 23,707.90 points, compared to 23,616.05 points at the previous market close.
The BSE Sensex closed 0.30 per cent higher at 78,199.11 points compared to 77,964.99 points at the previous stock market close.
Sumeet Bagadia’s breakout stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, believes the domestic stock market’s bias remains cautious despite the Nifty 50 index sustaining above the 23,500 mark. He also advised traders to maintain a stock-specific approach and look at technically strong stocks.
On the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall Indian stock market bias is cautious despite the Nifty 50 index sustaining above 23,500 support. The 50- stock index needs to give successive breakouts at 200-DEMA of 23,850 and 50-DEMA of 24,200 to establish a bull trend in Dalal Street. Until then, day traders are advised to maintain stock-specific approach and look at technically strong stocks. Looking at breakout stocks for intraday trading can be a good option for intradaytrading.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying Indraprastha Medical Corp. Ltd., Vishal Mega Mart Ltd., Sky Gold Ltd., Minda Corporation Ltd., and KFin Technologies Ltd.
Shares to buy today
1. Indraprastha Medical Corp. Ltd. (INDRAMEDCO): Buy at ₹565.8; Target at ₹605; Stop Loss at ₹545.
2. Vishal Mega Mart Ltd. (VMM): Buy at ₹113.58; Target at ₹120; Stop Loss at ₹109.
3. Sky Gold Ltd. (SKYGOLD): Buy at ₹389.65; Target at ₹420; Stop Loss at ₹380.
4. Minda Corporation Ltd. (MINDACORP): Buy at ₹530.5; Target at ₹570; Stop Loss at ₹510.
5. KFin Technologies Ltd. (KFINTECH): Buy at ₹1,475.25; Target at ₹1,590; Stop Loss at ₹1,425.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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