Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 30 December 2024

Breakout stocks to buy or sell: The Indian stock market continued to trade sideways throughout the week as the Nifty 50 index failed to break above the 200-DEMA hurdle, which was placed at 23,850. The 50-stock index closed 82 points north at 23,832 on Friday; the BSE Sensex finished 259 points up at 78,732, while the Bank Nifty index ended 162 points higher at 51,333 on the last trade session of the truncated week.

Subdued movement continues in the Mid-cap and Small-cap indices, whereas the Nifty Mid-cap 100 Index fell by 0.26% while the Nifty Small-cap Index gained 0.15%. Declining shares outnumbered the advancing shares for the eighth day on the trot, where the advance-decline ratio stood at 0.96 on BSE. Amongst the sectoral indices, Nifty Pharma, Auto, and Healthcare gained the most, while Nifty Metal, PSU Banks, and OIL/GAS were significant losers.

Sumeet Bagadia’s breakout stock recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes that the overall Indian stock market sentiment is range-bound as the Nifty 50 index has failed to break above the 200-DEMA hurdle, which was placed at 23,850. The Choice Broking expert said the 50-stock index has made immediate support at 23,500, whereas the crucial support for the frontline index is at 23,250. He noted that the current range of the Nifty 50 index is 23,200 to 23,850, and a bullish or bearish trend can be assumed on the breakage of either side of the range. Bagadia suggested investors look at those stocks that look strong on the technical chart.

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, India’s stock market bias is sideways to positive as the Nifty 50 index has failed to break above the 200-DEMA hurdle, which places at the the23,850 mark. The 50-stock index has immediate support placed at 23,500 and crucial support at 23,250. So, the frontline index of Dalal Street is trading in a broader range of 23,250 to 23,850 range. A bullish or bearish trend can be assumed on the breakage of either side of this range. So, one should look at stocks that look strong on the technical chart. Looking at breakout stocks for intraday trading can be a good option.”

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: DCX Systems, Manaksia Coated Metals, Camlin Fine Sciences, Sikko Industries, and Le Travenues Technology (IXIGO).

Stocks to buy today

1] DCX Systems: Buy at ₹355.60, target ₹380, stop loss ₹343;

2] Manaksia Coated Metals: Buy at ₹112, target ₹120, stop loss ₹108;

3] Camlin Fine Sciences: Buy at ₹132.25, target ₹142, stop loss ₹127;

4] Sikko Industries: Buy at ₹107.84, target ₹115, stop loss ₹104; and

5] IXIGO: Buy at ₹177.85, target ₹190, stop loss ₹171.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.