Breakout Stocks to Buy: Matrimony to Morepen Lab — Sumeet Bagadia Recommends Five Shares to Buy Today

After a strong performance on Friday, the Indian stock market showed a quieter, more range-bound movement on Monday. The Nifty 50 index gained 31 points, closing at 24,572, while the BSE Sensex dipped slightly to 80,424. The Bank Nifty index fell by 148 points, ending at 50,368. However, broader market indices performed better, with the Small-cap index rising by 1.33% and the Mid-cap index increasing by 0.53%.

Sumeet Bagadia’s Stock Picks for Today

Sumeet Bagadia, Executive Director at Choice Broking, maintains a positive outlook on the Indian stock market as long as the Nifty 50 index stays above the 24,400 mark. He believes the index could soon reach 24,800 to 24,900 if this key support level holds in the coming sessions. If the 24,400 support level is breached, the next critical support would be around 23,900.

Top Stocks to Buy Today

Bagadia has recommended five breakout stocks to consider today:

1. Matrimony: Buy at ₹726.60 with a target of ₹755 and a stop loss at ₹694.
2. Caplin Point: Buy at ₹1,846 with a target of ₹1,930 and a stop loss at ₹1,775.
3. Morepen Laboratories: Buy at ₹70 with a target of ₹73.50 and a stop loss at ₹67.50.
4. POCL Enterprises: Buy at ₹1,725.70 with a target of ₹1,800 and a stop loss at ₹1,650.
5. Oriental Aromatics (OAL): Buy at ₹553.75 with a target of ₹580 and a stop loss at ₹533.

Market Outlook

Bagadia suggests a “buy-on-dips” strategy as long as the Nifty 50 index remains above the 24,400 mark. If this support level is broken, the next support to watch would be around 23,900. However, if the index holds above 24,400, it could soon climb to 24,800 to 24,900.