Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy
Breakout stocks to buy or sell: Following strong global market sentiments on the US Fed rate cut buzz, the Indian stock market finished on a higher note on Monday. The Nifty 50 index regained the psychological 25,000 peak and ended at 25,010. The BSE Sensex surged 611 points and closed at 81,698, while the Bank Nifty index finished 214 points higher at 51,148.
Cash market volumes on the NSE continued to fall, down 5.6% compared to the previous day. Broad market indices rose less than the Nifty even as the advance-decline ratio remained positive at 1.07:1. Sumeet Bagadia, Executive Director at Choice Broking, believes that the overall trend for the Indian stock market is positive as the Nifty 50 index has closed over the 25,000 hurdles.
The Choice Broking expert said crucial support for the 50-stock index is now placed at 24,800 to 24,750, whereas the frontline index faces a hurdle at 24,550 to 24,600. Bagadia said the Indian stock market is on a bull trend, and the majority of the Indian index is in over-bought condition. So, a stock-specific approach focusing on the breakout stocks would be suitable for intraday trading.
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: NDR Auto, Precision Wires, Kamdhenu, Quickheal, and AGS Transact Technologies. On the outlook for the Indian stock market today, Sumeet Bagadia said, “The Nifty 50 index has crucial support placed at 24,800 to 24,750 whereas it is facing hurdle in 25,550 to 25,600 range. The frontline index closing above the psychological 25,000 mark has improved Dalal Street, and we expect the US Fed rate buzz to fuel the 50-stock index towards its upper bottleneck.
Read more on livemint.com
