Stocks to buy or sell: Route Mobile to Indo Amines — Sumeet Bagadia recommends buying five breakout stocks today
Stocks to buy or sell: Despite weakness in the global markets, the Indian stock market continues to scale northward on Thursday. The Nifty 50 index ended 175 points higher at the 20,044 mark after climbing to a new peak of 24,087.
The BSE Sensex finished 568 points higher at 79,243 after hitting a new record high of 79,396. However, the Nifty Bank index lost its early morning gains and ended 59 points lower at 52,811 after touching a new lifetime high of 53,180.
The broad markets underperformed the Nifty 50 index even as the advance-decline ratio fell sharply to 0.48:1.According to Sumeet Bagadia, Executive Director at Choice Broking, the Indian stock market is expected to trade range-bound today as investors may wait for the US inflation data. The Choice Broking expert expressed confidence that the Nifty 50 index has sustained above the 24,000 mark, making the first-hour trade on Friday crucial.
If the 50-stock index remains above the 23,900 mark, it is likely that the frontline index will touch the 23,400 to 23,500 mark soon, providing a stable trading environment for investors.Unveiling the intraday trading strategy for Friday, Sumeet Bagadia advised investors to focus on the breakout stocks that are still positive on the chart pattern. He underlined the significance of these stocks, as many have given fresh breakouts on the chart pattern in the recent stock market rally, and some are still looking strong on the technical chart.
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