Indian Stock Market Bounces Back! Sumeet Bagadia Recommends 5 Breakout Stocks to Buy Today
After three days of losses, the Indian stock market showed some recovery on Friday. The Nifty 50 index closed 104 points higher at 24,854, while the BSE Sensex gained 218 points, finishing at 81,224. The Bank Nifty index saw a big jump of 805 points, closing at 52,094. Compared to the previous day, trading volumes on the NSE were up by 4.2%. However, smaller market indices did not perform as well as the Nifty 50, with more stocks declining than advancing, reflected in an advance-decline ratio of 0.90:1.
Sumeet Bagadia’s Stock Recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Friday’s rise could offer some short-term relief unless the Nifty 50 index breaks through the key 25,000 level. He highlighted that the market’s overall trend remains weak, and there is still a chance the Nifty could drop back to its recent lows. In light of this, he suggests focusing on specific stocks, particularly those showing strong technical potential during the ongoing Q2 results season for 2024.
Bagadia said, “The market will remain weak as long as the Nifty 50 index stays below 25,000. We might see an improvement if the index closes above 25,050, but a real bullish trend will only be confirmed if it breaks past 25,300. Therefore, with Q2 results in full swing, it’s best to adopt a stock-specific strategy and look for breakout opportunities.”
Top 5 Breakout Stocks to Buy Today
Here are the five stocks Sumeet Bagadia recommends buying today:
- Sil Investments
- Buy at ₹730
- Target: ₹785
- Stop Loss: ₹705
- Agro Phos (India)
- Buy at ₹48.61
- Target: ₹52
- Stop Loss: ₹47
- Radhika Jeweltech
- Buy at ₹135.75
- Target: ₹145
- Stop Loss: ₹131
- Pennar Industries
- Buy at ₹207.73
- Target: ₹222
- Stop Loss: ₹199
- Vishnu Prakash R Punglia
- Buy at ₹312.90
- Target: ₹333
- Stop Loss: ₹302
Bagadia advises investors to carefully watch these stocks and consider adding them to their portfolios based on technical strength and market conditions.
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