Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today

Breakout stocks to buy or sell: The Indian stock market ended higher for the fifth straight session on Wednesday. Extending the bounceback from the close of 200-DEMA for the fifth day in a row, the Nifty 50 index finished 229 points higher at 24,696. The BSE Sensex finished 809 points north at 81,765, while the Nifty Bank index ended 341 points higher at 53,608. The frontline indices outperformed the broad market indices. The Small-cap index went up 0.16 per cent, while the Mid-cap index went up 0.27 per cent.

Sumeet Bagadia's breakout stock recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes that the overall positive bias of the Indian stock market is intact as the Nifty 50 index has finished above the 24,550 to 24,600 mark. The Choice Broking expert said the 50-stock index is looking set to touch the 24,800 mark. Bagadia said that on breaking above 24,800, the frontline index may climb to 25m200 levels. He suggested a stock-specific approach, focusing on breakout stocks for intraday trading as the market may wait for the final outcome of the RBI policy meeting.

Speaking on the outlook of the Indian stock market today, Sumeet Bagadia said, "Overall, the Indian stock market bias is positive, and the Nifty 50 index is looking set on the technical chart to reach 24,800 levels after closing above 24,550 to 24,600 hurdles. However, the Indian stock market investors are expected to remain in wait and watch situation ahead of the RBI policy outcome during Friday's session. So, one should maintain a stock-specific approach and look at breakout stocks for intraday trading."

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: Jain Irrigation, Texmaco Infrastructure, Himadri Speciality Chemical, Greaves Cotton, and Tainwala Chemicals.

Stocks to buy today

1] Jain Irrigation: Buy at ₹75.35, target ₹81, stop loss ₹72.71;

2] Texmaco Infrastructure: Buy at ₹144.44, target ₹155, stop loss ₹139;

3] Himadri Speciality Chemical or HSCL: Buy at ₹570.95, target ₹611, stop loss ₹551;

4] Greaves Cotton: Buy at ₹198.59, target ₹213, stop loss ₹191; and

5] Tainwala Chemicals: Buy at ₹312, target ₹335, stop loss ₹300.

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.