Breakout stocks to buy: Sumeet Bagadia recommends five shares to buy today
Breakout stocks to buy today: Following strong global market sentiments, the Indian stock market ended higher on Friday as ease in the US recession fear renewed the US Fed rate cut buzz. The Nifty 50 index finished 396 points north at the 24,540 mark, the BSE Sensex shot up 1,330 points and closed at 80,436, while the Bank Nifty index gained 788 points and ended at 50,515. In the broad market, the BSE Small-cap index skyrocketed 1.70 per cent, whereas the Mid-cap index shot up 1.80 per cent during Friday deals.
All sectors ended in green, with IT and realty being the top gainers with over 2 per cent intraday gains. Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market trend is bullish. On Friday, the Nifty formed a bull candle and decisively breached the 24,450 hurdle.
The Choice Broking expert said that the 50-stock index is now heading for the near-term targets of 24,800 and 25,000. However, the Choice Broking expert noted that a stock-specific approach is still advised and suggested breakout stocks for intraday trading on Raksha Bandhan 2024. Sumeet Bagadia recommended five breakout stocks to buy today: Anant Raj, Gravita India, Jindal Poly Films, Suprajit Engineering, and Kitex Garments.
On the outlook for the Nifty today, Sumeet Bagadia said, "The Indian stock market bias has improved as the Nifty 50 index has decisively breached the 24,400 to 24,450 hurdle. Now, the 50-stock index is set to touch ₹24,850 to 24,900 mark in the near term." The Choice Broking expert added, “The US Fed rate cut buzz is expected to fuel the global markets, including Dalal Street. However, higher valuations of the Indian indices make stock selection a little tricky.
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