Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy

livemint.com:

Breakout stocks to buy or sell: Despite strong global market sentiments on the US Fed rate cut buzz, the Indian stock market remained flat on Wednesday. The Nifty 50 index finished marginally higher at 24,143, the BSE Sensex went up 149 points and closed at 79,105, whereas the Bank Nifty index went off 104 points and ended at 49,727. Cash market volumes on the NSE were 8.1 per cent lower than the previous session.

However, the broad market indices witnessed sharp selling, as the small-cap index fell around 0.57 per cent, whereas the mid-cap index slipped around 0.41 per cent. The advance-decline ratio remained below 1:1 but rose to 0.52:1. Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty is trading in a range of 23,900 to 24,400.

The 50-stock index has immediate support placed at 24,000, while the frontline index needs to sustain above 24,250 to improve the market bias. The Choice Broking expert said the overall trend was positive until the Nifty 50 index traded above 23,900. Sumeet Bagadia recommended a buy-on-dips strategy until the 50-stock index is above 23,900 and suggested a stock-specific approach as Wednesday's selling was broad-based in small-cap and mid-caps.

Bagadia said that breakout stocks could be a good bet for intraday trading on Friday when the market resumes after a one-day gap due to the stock market holiday falling on Thursday. Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: EPL, Aurum Proptech, Time Technoplast, Kriti Nutrients, and SHK. On the outlook for the Indian stock market today, Sumeet Bagadia said, “The Nifty 50 index is in the 23,900 to 24,400 range.