Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy
Breaking stocks to buy or sell: Despite mixed trends in the Asian stock markets and a retreat in the European stock market from the record high, the Indian stock market extended its uptrend for the 13th straight session. The Nifty 50 index finished 37 points higher at the 25,273 mark, the BSE Sensex went up 194 points and closed at 82,559, while the Bank Nifty index ended 71 points upward at 51,422. Cash market volumes on the NSE were low at ₹1.11 lakh crore.
The broad market indices ended minorly in the negative even as the advance-decline ratio dipped to 0.98:1. Sumeet Bagadia, Executive Director at Choice Broking, believes the overall Indian stock market trend is positive. The Choice Broking expert said the Nifty 50 index is set to touch 25,550 to 25,600 in the near term as it has made strong support at 24,900.
Bagadia said one should maintain a buy-on-dips strategy until the 50-stock index is sustained above the psychological 25,000 mark. He said Bank Nifty may trade sideways in the 51,000 to 52,000 range. A bullish or bearish trend on Bank Nifty can be assumed on the breakage of either side of the range.
"The Nifty 50 index has made a strong base at 24,900, and the 50-stock index is set to touch 25,550 to 25,600 in the near term. The overall trend on Dalal Street may remain positive till the frontline index sustains above the 25,000 mark," said Sumeet Bagadia. He advised investors to maintain a stock-specific approach and look at breakout stocks for intraday trading.
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