Stocks to buy or sell: Following strong global market sentiments on the US Fed rate cut buzz, the Indian stock market ended higher on Wednesday. Strong buying was witnessed across segments; all three frontline indices touched a new lifetime high. According to Sumeet Bagadia, Executive Director at Choice Broking, members of the US Fed officials have talked dovishly about the US Fed rates, and the equity market is expected to continue the uptrend. However, the Choice Broking expert cautioned investors to remain vigilant about the continuous rise across segments and advised them to maintain stock-specific trade.
Breakout stocks today
Bagadia said that a good number of stocks gave fresh breakouts during the Wednesday session and are still looking positive on the technical chart. He suggested investors look at those breakout stocks today for intraday trading. When asked about the breakout stocks to buy, Sumeet Bagadia recommended buying these five breakout stocks today: STC India, Shivalik Rasayan, Castrol India, Izmo, and HUDCO.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “The US Fed members have talked dovish about the US Fed rate, and hence, the market is expecting a further upside in the equity and some other assets. Looking at the Indian stock market, the Nifty 50 index has climbed to a new peak above 24,300, and the 50-stock index is all set to touch the 24,500 and 24,800 marks in the near term. We may see some sharp upside movement in the Bank Nifty index ass frontline bank stocks like HDFC Bank, Axis Bank, ICICI Bank, and some PSU banks are looking positive on the technical chart pattern.”
Breakout stocks to buy today
1] STC India: Buy at ₹181.20, target ₹191, stop loss ₹175;
2] Shivalik Rasayan: Buy at ₹756.50, target ₹800, stop loss ₹730;
3] Castrol India: Buy at ₹243.17, target ₹255, stop loss ₹233;
4] Izmo: Buy at ₹390, target ₹410, stop loss ₹375; and
5] HUDCO: Buy at ₹302, target ₹315, stop loss ₹290.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.