Top Breakout Stocks to Buy Today: Sumeet Bagadia Shares Five Winning Picks

The Indian stock market bounced back after last Friday’s losses, closing strong on Monday. The Nifty 50 index rose by 163 points to finish at 25,127, while the BSE Sensex climbed 591 points to reach 81,973. The Nifty Bank index also saw a gain, closing up 644 points at 51,816. Cash market volumes on the NSE increased by 11% from the previous session, totaling ₹0.91 lakh crore. However, the broader market indices performed slightly worse than the Nifty, with an advance-decline ratio of 0.97:1.

Sumeet Bagadia’s Recommendations:

Sumeet Bagadia, Executive Director at Choice Broking, noted that the Indian market outlook has improved with the Nifty 50 closing above the 25,100 mark. He mentioned that the index faces resistance at the 25,300 level, and a strong bullish trend could emerge if it breaks through that point on a closing basis. The Nifty Bank index’s recovery above 51,750 is a positive sign for leading banking stocks.

As the Q2 results for 2024 start rolling in, Bagadia emphasized a stock-specific approach, focusing on breakout stocks for intraday trading. He described the current market as sideways to positive, indicating that a clear trend (upward or downward) will depend on which side of the range (24,900 to 25,300) the index breaks.

Stocks to Buy Today:

Here are Sumeet Bagadia’s five recommended stocks to buy:

1. DMR: Buy at ₹203, target ₹222, stop loss at ₹195.
2. SecMark Consultancy: Buy at ₹123, target ₹131, stop loss at ₹118.
3. Delta Manufacturing: Buy at ₹107.26, target ₹115, stop loss at ₹103.
4. 63 Moons Technologies: Buy at ₹495, target ₹535, stop loss at ₹478.
5. Ganesh Housing Corp: Buy at ₹992, target ₹1,050, stop loss at ₹960.