Breakout stocks to buy or sell: The Indian stock market crashed on Thursday on heightened geopolitical uncertainty due to the heightened tension in the Russia-Ukraine war on the monthly F&O expiry day. The Nifty 50 index finished 318 points or 1.31 per cent lower at the 23,956 mark, the BSE Sensex crashed 1,069 points or 1.33 per cent and ended at 79,164 while the Nifty Bank index corrected 323 points and closed at 51,978. The Nifty Mid-cap 100 and Small-cap 100 Indices bucked the trend, gaining by 0.05 per cent each. Advancing shares outnumbered the declining shares, where the advance-decline ratio stood at 1.31 on the BSE.
Sumeet Bagadia breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the overall trend of the Indian stock market has weakened as the Nifty 50 index has slipped below the 24,000 mark. The Choice Broking expert said that rising tension in the Russia-Ujraine war fueled uncertainty among investors, intensifying selling on Dalal Street. Bagadia said the 50-stock index might touch 23,500 if it breaks the current support placed at the 23,800 mark. He suggested maintaining a stock-specific approach and recommended buying breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “The outlook for the Indian stock market has turned weak as the Nifty 50 index has broken below the crucial 24,000 mark. The 50-stock index has now immediate support placed at 23,800, and the frontline index may go down to the 23,500 mark on breaching below this immediate support. This intensified selling was caused by the rising tension in the Russia-Ukraine war that is expected to persist in the next few sessions. So, maintaining a stock-specific approach with a special focus on breakout stocks is suggested for intraday trading.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Karur Vysya Bank, Aster DM Healthcare, GRSE, SJVN, and Bharat Dynamics.
Stocks to buy today
1] Karur Vysya Bank: Buy at ₹238.38, target ₹255, stop loss ₹230;
2] Aster DM Healthcare: Buy at ₹488.70, target ₹523, stop loss ₹471;
3] GRSE: Buy at ₹1721.35, target ₹1842, stop loss ₹1661;
4] SJVN: Buy at ₹117.96, target ₹126, stop loss ₹114; and
5] Bharat Dynamics: Buy at RS 1170, target ₹1252, stop loss ₹1119.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
