Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy
Breakout stocks to buy or sell: The Indian stock market extended the bull trend for the fifth straight session on Thursday. The Nifty 50 index decisively conquered the psychological 25,000 peak. The 50-stock index took just 24 sessions to scale the last 1,000 points.
The BSE Sensex finished 126 points higher at 81,867, while the Bank Nifty index ended 50 points higher at 51,603. According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 index has conquered the 25K peak in just 24 sessions despite the high valuations of most Indian indices and stocks. He said the frontline index now looks towards 24,250 and 24,500 as fresh targets.
Predicting intermittent correction in the Indian stock market, Bagadia advised a stock-specific approach and suggested breakout stocks for intraday trading. Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "The Nifty 50 index has finally conquered the psychological 25K peak decisively. The 50-stock index now has crucial support placed at the 24,800 mark, whereas it has immediate support placed at the 24,900 mark.
On the upper side, Nifty today has an immediate hurdle at 24,200 to 24,250, with a crucial hurdle at the 24,450 to 24,500 range. The Indian market is expected to continue sideways to positive." As most stocks are trading at higher valuations and are overbought, an intermittent correction is widely awaited. So, one should maintain a stock-specific approach and look at breakout stocks for intraday trading.
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