Breakout Stocks to Buy or Sell: Expert Sumeet Bagadia Recommends 5 Stocks to Buy Today

The Indian stock market closed lower for the third day in a row on Wednesday, mainly due to weak global market trends. The Nifty 50 index dropped by 36 points to close at 24,435, while the BSE Sensex fell 138 points to end at 80,081. The Nifty Bank index also dipped slightly to finish at 51,239. However, the broader market showed some strength, with more stocks rising than falling.

Sumeet Bagadia’s Stock Picks for Today

Sumeet Bagadia, Executive Director at Choice Broking, said the Indian stock market trend is currently negative, as the Nifty 50 closed below the key level of 24,500. According to him, the index has important support at 23,900 and resistance around 24,650 to 24,700. Bagadia also mentioned that the Bank Nifty is holding above 50,900 but needs to break through 51,800 to shift to a more positive outlook. He advised traders to adopt a stock-specific approach, especially focusing on breakout stocks for intraday trades.

Market Outlook

Bagadia stated, “Overall, the market is weak since the Nifty 50 index is below 24,500. The index has support at 23,900 and faces resistance between 24,650 and 24,700. If the index closes above 24,700, market sentiment could improve. Focusing on individual strong stocks could be a good strategy for intraday trading.”

Stocks to Buy Today

Sumeet Bagadia recommended buying the following five stocks for today:

1. Deepak Fertilisers: Buy at ₹1,098.80, target ₹1,175, stop loss ₹1,060.
2. Dynamic Cables: Buy at ₹640.50, target ₹680, stop loss ₹615.
3. Phoenix Township: Buy at ₹178.95, target ₹190, stop loss ₹171.
4. Amber Enterprises: Buy at ₹6,408, target ₹6,950, stop loss ₹6,166.
5. Firstsource Solutions (FSL): Buy at ₹350.90, target ₹375, stop loss ₹338.

These stocks are considered strong technically, making them good choices for day traders looking for potential breakout opportunities.