Amid ongoing market volatility, the Nifty 50 index managed to break a four-week losing streak with a slight gain last week. However, October saw the steepest decline since the COVID-19 crash in 2020, driven by factors like high foreign outflows, weak Q2 earnings, and global tensions.
Sumeet Bagadia, Executive Director at Choice Broking, suggests a cautious approach for the Indian stock market, advising traders to focus on specific breakout stocks for intraday trading. He notes that the Nifty 50 index could drop further if it falls below 24,000, potentially heading toward the 23,400 level. A positive bias could return if the index breaks above 24,500.
Here are Bagadia’s top five breakout stock picks for today:
- Poly Medicure
- Buy at: ₹3,151
- Target: ₹3,370
- Stop loss: ₹3,040
- KJMC Corporate Advisors
- Buy at: ₹105.15
- Target: ₹114
- Stop loss: ₹101
- BASF India
- Buy at: ₹8,314
- Target: ₹8,900
- Stop loss: ₹8,000
- DCW
- Buy at: ₹107.20
- Target: ₹113
- Stop loss: ₹103
- TTL
- Buy at: ₹160.35
- Target: ₹172
- Stop loss: ₹155
Bagadia emphasizes that intraday traders should focus on these stocks as they show strong breakout potential.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
