Stocks to buy or sell: The Indian stock market has been on a record-setting spree of late on solid support from retail investors amid a healthy macroeconomic outlook and the expectations of the start of a rate cut in the US.
The benchmark index, the Nifty 50, has been hovering near the 25,000 level, while the Sensex is getting closer to 82,000.
On Monday, July 29, the Sensex hit its fresh all-time high of 81,908.43, and the Nifty 50 made its fresh peak of 24,999.75. In the previous session on July 30, both benchmark indices witnessed a flattish close due to profit booking at higher levels.
All eyes are on the US Fed meet outcome due later today. While the market expects a status quo on policy rates, investors will look for hints on the future path of interest rates.
“Traders brace for the Federal Open Market Committee (FOMC) meeting concluding Wednesday with a policy statement from Fed Chair Jerome Powell. The Fed is expected to maintain interest rates unchanged. Yet, hints of rate cuts in September linger,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sumeet Bagadia’s stock recommendations for today
On being asked about the breakout stocks, Sumeet Bagadia, Executive Director at Choice Broking, recommends buying these five intraday stocks in the cash segment: PCBL, Paradeep Phosphates, Tracxn Technologies, Sportking India and Skipper Limited.
PCBL | Buy at ₹331.9 | Target price: ₹350 | Stop loss: ₹320
Paradeep Phosphates | Buy at ₹94.49 | Target price: ₹99 | Stop loss: ₹91
Tracxn Technologies | Buy at ₹102.48 | Target price: ₹108 | Stop loss: ₹99
Sportking India | Buy at ₹1,414.85 | Target price: ₹1,480 | Stop loss: ₹1,360
Skipper Limited | Buy at ₹402.75 | Target price: ₹425 | Stop loss: ₹388
Read all market-related news here
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.