Breakout stocks to buy or sell Today
The Indian stock market extended the bull trend for the fifth straight session on Thursday. The Nifty 50 index decisively conquered the psychological 25,000 peak. The 50-stock index took just 24 sessions to scale the last 1,000 points. The BSE Sensex finished 126 points higher at 81,867, while the Bank Nifty index ended 50 points higher at 51,603. According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 index has conquered the 25K peak in just 24 sessions despite the high valuations of most Indian indices and stocks. He said the frontline index now looks towards 24,250 and 24,500 as fresh targets. Predicting intermittent correction in the Indian stock market, Bagadia advised a stock-specific approach and suggested breakout stocks for intraday trading. Stocks to buy today.
Sumeet Bagadia stated of the Indian stock market today, “The Nifty 50 index has finally and decisively overcome the psychological 25K peak.” The critical support level for the 50-stock index is currently at 24,800, while the immediate support level is at 24,900. Nifty faces an immediate barrier on the upper side between 24,200 and 24,250, and a significant barrier between 24,450 and 24,500. It is anticipated that the Indian market would remain sideways to positively.
A sporadic pullback is eagerly anticipated since most equities are overbought and trading at higher valuations. Thus, for intraday trading, one should stick to a stock-specific strategy and consider breakout stocks. On the technical chart, a few stocks that had shown a new breakout on Thursday continue to appear strong.
Regarding Stocks for Trading
The following five stocks for intraday trading:
POCL Enterprises, Adani Green Energy, Platinum Industries, Zomato, and Surya Lakshmi Cotton Mills.
stock recommendations for today:
1. Zomato: Purchase at ₹234, aim for ₹255, and halt loss at ₹224;
2. Adani Green Energy should be bought at ₹1902, goal ₹2060, stop loss ₹1810;
3. Platinum Industries, should be bought at ₹286, target ₹309, stop loss ₹274;
4. Surya Lakshmi Cotton Mills, should be bought at ₹106.30, target ₹111, stop loss ₹102;
5.POCL Enterprises, should be bought at ₳1460, target ₳1525, stop loss ₹1400.