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

livemint.com:

Breakout stocks to buy or sell: Following a rally in the US stock market, the Indian stock market ended higher for the tenth straight session on Wednesday. The Nifty 50 index climbed to a new peak of 25,129.60, finished 34 points, and closed at 25,052. The BSE Sensex added 73 points and closed at 81,785, whereas the Bank Nifty index ended 134 points lower at 51,143.

The Nifty Small-cap 100 and the Micro-cap 250 indices also hit fresh all-time highs but gave away most of today's gains and closed near the day's lows. Among sectors, Nifty IT, pharma and healthcare gained the most, while Nifty Media, FMCG and PSU Bank were major losers. Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market bias is positive as the Nifty 50 index has sustained above the 25,000 mark.

The Choice Broking expert said that the 50-stock index is set to touch 25,550 to 25,6in the near term, whereas crucial support for the frontline index is placed at 24,900 to 24,850. He suggested a stock-specific approach and urged investors to look at breakout stocks for intraday trading. Regarding breakout stocks today, Sumeet Bagadia recommended buying these five shares: Niraj Cement, Bhageria Industries, Gulshan Polyols, Aarey Drugs, and Vaishali Pharma.

On the outlook for the Indian stock market today, Sumeet Bagdia said, “Nifty today is expected to face major hurdles at 25,550 to 25,600, whereas the 50-stock index is expected to face immediate hurdles at 25,350. On the lower side, the frontline index has crucial support placed at 24,850 to 24,900. The overall trend on Dalal Street is expected to remain positive as Nifty has managed to sustain above the 25,000 mark." 1] Niraj Cement: Buy at ₹52.90, target ₹55.90, stop loss ₹51;