Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today | Stock Market News

Breakout stocks to buy or sell: Following weakness in the global markets due to US President Donald Trump’s policy worries, the Indian stock market ended lower for the seventh straight session. The Nifty 50 index corrected 70 points to 23,462, marking the longest losing streak since eight sessions to Feb 28, 2023. The BSE Sensex shed 206 points and ended at 77,374. However, the Nifty Bank index continued to attract buying interest. The Nifty Bank index finished 168 points higher at 50,348.

Cash market volumes on the NSE continue to remain low. The Small-cap index fell more than the Nifty 50 index as retail investors stayed on the edge after continuous weakness in that space. Metal stocks saw some buying, led by aluminium stocks, post-Chinese action on duties and subsidies over the weekend. IT, Oil and gas, and healthcare stocks came under selling pressure as the government’s action to cut the sale of concessional APM gas to CGD players hit their stock prices hard. Despite the rupee’s weakness, weakness in Nasdaq impacted the IT sector.

Sumeet Bagadia’s stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, believes that overall Indian stock market bias is weak as the Nifty 50 index oscillates around 200-DEMA. The Choice Broking expert said that the banking segment is showcasing some resilience in the current stock market crash, but global triggers like US President Donald Trump’s policy worries, rising US dollar rates, and Chinese action on duties and subsidies over the weekend have put doubt into the investors’ minds. Now, they are waiting for the cue from the European Central Bank on rate cuts. Bagadia advised investors to maintain a stock-specific approach and look at breakout stocks for intraday trading.

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, Indian stock market bias is weak. The Nifty 50 index has been oscillating around the 200-DEMA, and the 50-stock index has been trying to test 23,250 to 23,200 levels. Breaching below this mark may intensify the selling. Hence, one should maintain strict stop loss while taking any fresh position. The market mood may improve once the Nifty 50 index exceeds the 23,700 mark. So, maintaining a stock-specific approach and looking at stocks that look strong on the technical chart is advisable. One can look at breakout stocks for intraday trading.”

Regarding breakout stocks for intraday trading, Sumeet Bagadia recommended these five stocks to buy today: Camlin Fine Sciences, DCAL, Deep Industries, Jindal Drilling, and Avalon Technologies.

Shares to buy today

1] Camlin Fine Sciences: Buy at ₹121.37, target ₹128, stop loss ₹117;

2] DCAL: Buy at ₹227.46, target ₹242, stop loss ₹218;

3] Deep Industries: Buy at ₹505.75, target ₹540, stop loss ₹488;

4] Jindal Drilling: Buy at ₹755, target ₹800, stop loss ₹728;

5] Avalon Technologies: Buy at ₹831.40, target ₹888, stop loss ₹799.

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 taking any investment decisions.