Election Stocks to Buy: Sumeet Bagadia Recommends Five Breakout Stocks Today as Indian Stock Market Soars
Boosted by strong global cues, better-than-expected Indian GDP numbers, and exit polls predicting a third term for Narendra Modi’s government, the Indian stock market saw a significant rally on Monday. The Nifty 50 index had its best session in over three years, ending 733 points higher and hitting a new high of 23,338. The BSE Sensex also soared, gaining over 2500 points to reach a record high of 76,738. Meanwhile, the Bank Nifty index surged around 2000 points to a new lifetime high of 51,133, just before the Lok Sabha Election results.
Breakout Stocks Today
Looking ahead, the Nifty 50 index shows promising signs of further growth, potentially reaching levels around 23,500 to 23,800. For intraday traders, immediate support for Nifty is at approximately 23,000 to 23,100, indicating a positive outlook.
Sumeet Bagadia noted that the India VIX Index has dropped from recent highs to around 19, reflecting increased investor confidence following exit polls. If the actual election results align with the exit polls, the VIX could drop further, potentially reaching 15.
Bagadia highlighted that many stocks have shown fresh breakouts on the technical charts, indicating positive momentum. He recommended five breakout stocks for intraday trading:
Stocks to Buy Today
- GIPCL: Buy at ₹209, target ₹220, stop loss ₹202.
- GAIL: Buy at ₹231, target ₹244, stop loss ₹223.
- Ashapura Minechem: Buy at ₹383.50, target ₹405, stop loss ₹370.
- CONCOR: Buy at ₹1174.25, target ₹1230, stop loss ₹1130.
- NCC: Buy at ₹313, target ₹330, stop loss ₹302.
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