Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy
Breakout stocks to buy or sell: After a subdued start, the Indian stock market registered a strong recovery on Wednesday. However, the frontline indices failed to recover the losses and ended lower. The Nifty 50 index finished 122 points lower at the 24,918 mark, the BSE Sensex corrected 398 points and closed at 81,523, whereas the Bank Nifty index ended 262 points lower at 51,010.
In the broad market, the Small-cap index crashed 0.57 per cent, while the Mid-cap index ended 0.52 per cent lower. Sumeet Bagadia, Executive Director at Choice Broking, believes that overall Indian stock market bias has turned cautious as the Nifty 50 index has once again slipped below the psychological 25,000 mark. The Choice Broking expert said that 24,800 to 24,750 supports the 50-stock index, and a decisive breach above 25,100 to 24,150 is expected to improve Dalal Street bias.
He advised a stock-specific approach till Nifty is in the 24,750 to 25,150 zone and suggested buying breakout stocks for intraday trading. Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Pioneer Embroideries, Emmbi Industries, Gokul Agro Resources, Ester Industries, and Sandesh. 1] Pioneer Embroideries: Buy at ₹60.91, target ₹64.50, stop loss ₹58.50; 2] Emmbi Industries: Buy at ₹148.76, target ₹157, stop loss ₹143; 3] Gokul Agro Resources: Buy at ₹302.30, target ₹320, stop loss ₹291; 4] Ester Industries: Buy at ₹168.10, target ₹177, stop loss ₹161; and 5] Sandesh: Buy at ₹1969.20, target ₹2085, stop loss ₹1896.
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