Stocks to buy or sell: Glaxo to Glenmark Pharma — Sumeet Bagadia recommends five breakout stocks today
Stocks to buy or sell: Following weakness in the global market, the Indian stock market concluded lower for the third consecutive session on Tuesday. All three frontline indices remained highly volatile throughout the Tuesday session and ended lower. However, the Nifty 50 index sustained above the crucial support range of 22,750 to 22,800.
After trading in the 19 to 23 range, the India VIX Index finally breached the upper range and ended at the 24.20 mark. So, the volatility is expected to further rise. While the Indian stock market had a range-bound session, some stocks witnessed a fresh breakout on the chart pattern.
A breakout stock refers to a stock that has broken through a resistance level, indicating a potential upward trend. According to Sumeet Bagadia, Executive Director at Choice Broking, many shares have given fresh technical breakouts on the chart pattern despite high volatility on Dalal Street. A chart pattern is a distinct formation on a stock chart that creates a trading signal, or a sign of future price movements.
The Choice Broking expert emphasized that some of them are still available at discounted price and one can look at those breakout stocks to day. This should make you feel informed and knowledgeable about the market trends.Also Read: Trade setup for stock market today: Five stocks to buy or sell on WednesdaySumeet Bagadia of Choice Broking reassured that the Nifty 50 index is nearing its crucial support of 22,750 to 22,800, and the initial hours of Wednesday's session will be crucial. If the 50 stock index slips below this support, then more downside can be possible in the frontline index.
Read more on livemint.com
