Stocks to Buy or Sell: Ponni Sugars to Mazda — Sumeet Bagadia Recommends Five Breakout Stocks Today

Despite strong global markets, the Indian stock market traded sideways and ended flat on Thursday. The Nifty 50 index closed slightly lower at 24,315, while the BSE Sensex dropped 24 points to finish at 79,897. The Bank Nifty index gained 81 points, closing at 52,270. After three straight sessions of gains, the India VIX Index fell over 3 percent to end at 14.

Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is consolidating in the 24,000 to 24,500 range, with immediate support at 24,100 to 24,150. He stated that the Nifty 50 index faces resistance at 24,450 to 24,500.

Bagadia mentioned that the Nifty 50 index might reach the 24,800 to 24,900 range if it breaks above the immediate resistance. For intraday trading ahead of the Union Budget 2024, he suggested a stock-specific approach.

Sumeet Bagadia’s Stock Recommendations Today

Bagadia shared his outlook for the Indian stock market, saying, “The Nifty 50 index has been consolidating between 24,000 and 24,500 for the past five to six sessions. It may break above 24,500 on Friday as US inflation has dropped to 3 percent, boosting hopes of a possible US Fed rate cut. If Nifty decisively breaks 24,500, it could reach the 24,800 to 24,900 range soon.”

Ahead of the Union Budget 2024, Bagadia advised, “With Q1 results and pre-budget buzz, investors should focus on specific stocks and continue buying on dips, as the 24,000 support level for Nifty 50 is likely to hold until the budget is presented.”

Sumeet Bagadia’s Intraday Stocks for Today

Bagadia recommended these five breakout stocks for intraday trading:

1. Artemis Medicare Services: Buy at ₹218.30, target ₹230, stop loss ₹210
2. Mazda: Buy at ₹1611, target ₹1700, stop loss ₹1555
3. Refex Industries: Buy at ₹243, target ₹255, stop loss ₹234
4. SeQuent: Buy at ₹139.65, target ₹146, stop loss ₹133.5
5. Ponni Sugars: Buy at ₹569, target ₹599, stop loss ₹545