Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 7 January 2025

Breakout stocks to buy or sell: Extending the bearish trend for the second straight session, the Indian stock market ended lower on Monday. The Nifty 50 index registered the most significant loss since 3 October 2024 in percentage terms and finished 375 points lower at 23,629. The BSE Sensex crashed 1,222 points and closed at 78,000, while the Nifty Bank index ended 1,028 points lower at 49,960. After losing over 2 per cent on Monday, the Nifty Bank Index closed at the lowest level since 14th August 2024. The mid-cap and the small-cap Indices underperformed the Nifty, where the Nifty Mid-cap and small-cap 100 Indices fell by 2.70% and 3.20%, respectively, against the 1.62% fall in the Nifty. Declining shares outnumbered the advancing shares, where the advance-decline ratio stood at 0.19 at BSE, the lowest since 22 October 2024.

Sumeet Bagadia's breakout stock recommendations

Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market bias has weakened after Monday's sharp selling. The Nifty 50 index has slipped into the 23,600 zone with a significant bearish candle formation on the daily chart. The Choice Broking expert said the 50-stock index falling in this channel after the breakdown at 200-DEMA of 23,850 has turned the tide in favour of bears, and the frontline index may try to test the 23,300 level. He said the Q3 results 2024-25 season are about to begin, and maintaining a stock-specific approach would be prudent.

Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, "The Indian stock market trend has turned weak after sharp selling on Monday. The Nifty 50 index has closed near the 23,600 mark, and it may try to test 23,300 levels if its current support placed at 23,500 is breached. The Q3 results for the 2024-25 season are beginning this week, with IT giant TCS showcasing its third-quarter numbers on Thursday; maintaining a stock-specific approach would be a good option for day trading. Looking at breakout stocks can be a good bet for intraday trading."

Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: PNGS Gargi Fashion Jewellery, PTC Industries, JTL Industries, NDR Auto Components, and Vijaya Diagnostic Centre.

Breakout stocks to buy today

1] PNGS Gargi Fashion Jewellery: Buy at ₹1372.20, target ₹1470, stop loss ₹1320;

2] PTC Industries: Buy at ₹15500, target ₹17000, stop loss ₹15000;

3] JTL Industries: Buy at ₹104.25, target ₹111, stop loss ₹100;

4] NDR Auto Components: Buy at ₹795, target ₹850, stop loss ₹770; and

5] Vijaya Diagnostic Centre: Buy at ₹1126.30, target ₹1212, stop loss ₹1085.

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 making any investment decisions.