Stocks to buy or sell: Sumeet Bagadia recommends five breakout stocks
Stocks to buy or sell: Following weak global market cues after lacklustre earnings from US tech behemoths Tesla and Alphabet, the Indian stock market ended lower for the fourth straight session. The Nifty 50 index slipped 40 points and closed at the 24,438 mark, the BSE Sensex shed 280 points and closed at 80,148, while the Bank Nifty index finished 348 points at 51,429. According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 index has made a crucial support at 24,000, and the index is facing a hurdle at 24,800 to 24,850.
Bullish or bearish trends can assumed on the breakage of either side of the range. However, he said that the overall Indian stock market trend is positive, and one should avoid taking any short position in the stock market today. Bagadia suggested a stock-specific approach as the Q1 results for the 2024 season are in full swing.
Bagadia advised investors to look at breakout stocks for intraday trading. On the outlook of the Indian stock market today, Sumeet Bagadia said, "The overall Indian stock market trend is sideways to positive, and hence, one should avoid taking any short position during Thursday deals. The Nifty 50 index has a strong base at 24,000, while the 50-stock index faces hurdles at 24,800 to 24,850.
Hence, a stock-specific approach is advised for intraday trading as the Q1 results 2024 season is in full swing." Bagadia said that despite weakness in the Indian stock market, a good number of stocks gave fresh breakouts on Wednesday, and some are still looking positive on chart patterns. He advised investors to look at those breakout stocks for intraday trading. Regarding breakout stocks to buy today, Sumeet Bagadia recommended these five shares to buy today:
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