Breakout stocks to buy or sell: Amber Enterprises to BF Utilities — Sumeet Bagadia recommends five shares to buy today

The Indian stock market experienced a significant crash on Thursday, with domestic benchmark indices Sensex and Nifty 50 marking the worst intraday fall in two months. This downturn occurred due to rising tensions between Iran and Israel, which caused investors to shift away from riskier assets like stocks. The Nifty 50 index dropped by 546 points, closing at 25,250, while the BSE Sensex plunged by 1,769 points, finishing at 82,497. Similarly, the Nifty Bank index saw a decline of 1,077 points, closing at 51,845. Overall, the market capitalisation of all listed companies dropped by more than ₹10 lakh crore.

Sumeet Bagadia’s stock recommendations today

According to Sumeet Bagadia, Executive Director at Choice Broking, Indian stock market investors should approach trading with caution as the Nifty 50 index has fallen below the critical 25,300 mark. Bagadia noted that the index could drop further, nearing the 25,000 mark, as the technical chart pattern shows a bearish trend in the market. He emphasized a stock-specific approach, advising investors to focus on breakout stocks for trading opportunities.

Bagadia explained, “The Indian stock market trend has weakened after the Nifty 50 index slipped below 25,300. The near-term support for the 50-stock index is currently placed at 25,000, and if the index approaches this mark, we might witness a pullback. However, those who adopt a stock-specific strategy may consider breakout stocks for intraday trading.”

Breakout stocks to buy today

Bagadia recommended five breakout stocks for investors to consider buying today:

1. Malu Paper Mills:
   • Buy at ₹53.50
   • Target ₹57
   • Stop loss ₹51.60
2. Anup Engineering:
   • Buy at ₹2607.35
   • Target ₹2777
   • Stop loss ₹2515
3. Kapston Services:
   • Buy at ₹245
   • Target ₹263
   • Stop loss ₹236
4. BF Utilities:
   • Buy at ₹989
   • Target ₹1050
   • Stop loss ₹960
5. Amber Enterprises:
   • Buy at ₹5163.85
   • Target ₹5500
   • Stop loss ₹4980

In conclusion, Sumeet Bagadia suggests that while the overall market trend appears weak, there are still opportunities for gains by focusing on specific stocks that are showing strong breakout potential. Investors should adopt a cautious yet targeted approach to navigate the current market conditions.