Stocks to buy or sell: Sumeet Bagadia recommends five breakout stocks

livemint.com:

Breakout stocks to buy or sell: Following weak global stock market trends on a tech-fuelled sell-off at Wall Street, the Indian stock market ended lower for the fifth straight session on Thursday. The Nifty 50 index ended almost flat at 24,416; the BSE Sensex lost 109 points and closed at 80,039, whereas the Bank Nifty index crashed 423 points and finished at 50,893. According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 index must remain above 24,150 to 24,200 zones to maintain the positive Indian stock market trend.

Although the Indian stock market has been falling for the last five straight sessions, the 50-stock index has remained above its crucial support, placing at the 24,200 mark, which is a good sign. The Choice Broking expert advised a stock-specific approach until the Nifty is in the 24,200 to 24,600 range. Bagaida said that looking at breakout stocks can be a good option as the Q1 results for the 2024 season are in full swing.

Speaking on the outlook of the Indian stock market, Sumeet Bagadia said, "The immediate major support for Nifty today is 24,150 to 24,200 while the crucial support for Nifty today is placed at 24,000. On the upper side, the 50-stock index faces a hurdle at the 24,600 mark. The Indian stock market bias will improve decisively once the 50-stock index breaches this hurdle." "As the Q1 results 2024 season is in full swing, a specific approach is advised till Nifty breaches either side of the range.