Breakout stocks to buy or sell: Sumeet Bagadia recommends 5 shares to buy today
Breakout stocks to buy or sell: Following weak global market cues, the Indian stock market fell flat on Monday. The Nifty 50 index lost 21 points and closed at 24,347.00, the BSE Sensex went off 56 points and closed at 79,648, whereas the Bank Nifty index gained 94 points and finished at 50,578. Cash market volumes on the NSE were about 9% higher than the previous session.
The small-cap index ended well in the positive territory even as the advance-decline ratio moderated to 0.90:1. Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market has been trading range-bound for the last few sessions. Bagadia said the Nifty 50 index has sustained above the 24,000 mark but still needs to breach the hurdle placed at 24,350 to 24,400 zones.
Bagadia said that a bullish or bearish trend on Dalal Street can be assumed only after the breakage of either side of the Nifty 50 range. He suggested investors maintain a buy-on-dips strategy following a stock-specific approach. Sumeet Bagadia advised breakout stocks for intraday trading, as some still look positive on the technical chart.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended five shares to buy today: Rail Vikas Nigam Limited (RVNL), Stove Kraft, INOX Green, EIH Associated Hotels, and Dilip Buildcon Limited (DBL). On the outlook for the Indian stock market, Sumeet Bagadia said, "The crucial support of the Nifty 50 index placed at 23,900 has remained sacrosanct, and the 50-stock index has been sustaining above 24,000 mark with ease. However, the frontline index cannot decisively breach 24,400, which means the trend on the Indian stock market is sideways to positive.
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