Breakout stocks todaySpeaking on the outlook for the Indian stock market, Sumeet Bagadia of Choice Broking said, "The Nifty 50 index has decisively breached 22,750 support, which has hit the Indian stock market sentiments.
The Indian stock market mood has turned weak, and more downside can be expected when the market opens on Thursday.
On breaching this resistance on a closing basis, we can expect more volatility in the Indian stock market as the index may touch the 28 mark soon," said Bagadia.
Sumeet Bagadia, the expert at Choice Broking, has advised investors to look at these five breakout stocks today: Mazagon Dock, Grindwell, Bajaj Auto, Sumitomo Chemical, and Paras Defence.
Breakout stocks to buy today1] Mazagon Dock: Buy at ₹3357.35, target ₹3535, stop loss ₹3250;2] Grindwell: Buy at ₹2590.55, target ₹2750, stop loss ₹2500;3] Bajaj Auto: Buy at ₹9070, target ₹9450, stop loss ₹8850;4] Sumitomo Chemical: Buy at ₹489.55, target ₹515, stop loss ₹473; and5] Paras Defence: Buy at ₹945.60, target ₹1000, stop loss ₹910.
Stocks to buy or sell: Amid the rising India VIX Index, a measure of market volatility, during the Lok Sabha Election 2024 and weak global market sentiments due to heightened tension in the Middle East, the Indian stock market fell for the fourth straight session on Wednesday. The Nifty 50 index breached the crucial 22,750 support and ended close to the 22,700 mark, whereas the India VIX Index , which indicates the market's expectation of volatility over the next 30 days, ended above 24. According to Sumeet Bagadia, Executive Director at Choice Broking, some stocks showed fresh breakouts in chart patterns despite selling pressure at the frontline and other significant indices of Dalal Street. The Choice Broking expert said that some breakout stocks still look positive on chart patterns and can be considered for intraday trading.
Breakout stocks today
Speaking on the outlook for the Indian stock market, Sumeet Bagadia of Choice Broking said, "The Nifty 50 index has decisively breached 22,750 support, which has hit the Indian stock market sentiments. The Indian stock market mood has turned weak, and more downside can be expected when the market opens on Thursday. Now the 50-stock index has support placed at 22,500, and one should look at the levels as the market is expected to trade more volatile as Friday will be the last session ahead of the Lok Sabha exit polls."
"The India VIX Index has breached the immediate hurdle placed at 23, and the volatility index is now facing the hurdle at 25. On breaching this resistance on a closing basis, we can expect more volatility in the Indian stock market as the index may touch the 28 mark soon," said Bagadia.
Sumeet Bagadia, the expert at Choice Broking, has advised investors to look at these five breakout stocks today: Mazagon Dock, Grindwell, Bajaj Auto, Sumitomo Chemical, and Paras Defence. These stocks, which are both technically and fundamentally strong, hold significant potential for profitable trading.
Breakout stocks to buy today
1] Mazagon Dock: Buy at ₹3357.35, target ₹3535, stop loss ₹3250;
2] Grindwell: Buy at ₹2590.55, target ₹2750, stop loss ₹2500;
3] Bajaj Auto: Buy at ₹9070, target ₹9450, stop loss ₹8850;
4] Sumitomo Chemical: Buy at ₹489.55, target ₹515, stop loss ₹473; and
5] Paras Defence: Buy at ₹945.60, target ₹1000, stop loss ₹910.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
Milestone Alert! Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!
