Stocks to buy and sell: With no major significant signals in the morning trade, the major benchmark indices of the Indian equity market started the week trading activity sideways. The Nifty 50 index fell in the early part of the day and tested the levels below 24,250. However, bulls took control in the second half of the day, pushing the major benchmark indices higher, ending near the day’s high, without any significant change from the previous day’s close.
According to Sumeet Bagadia, Executive Director, Choice Broking, the Indian equity market is trading sideways after a major catalyst. However, Choice Broking experts maintained that Dalal Street’s overall bias is positive until the Nifty 50 index trades above 24,000. He said the Nifty is facing resistance in the 24,400-24,500 range and a decisive break above 24,500 will trigger a new bullish trend in the Indian equity market. Bagadia advised investors to maintain a stock-specific approach as the earnings releases for Q1 FY25 are underway. He suggested investors to keep an eye on breakout stocks as some stocks still look solid on chart patterns.
Sumeet Bagadia’s Stocks to Buy Today
Commenting on the outlook for the Indian equity market today, Sumeet Bagadia said, “Overall, sentiment in the Indian equity market is positive till the Nifty 50 index crosses 24,000. However, Q1 2024 earnings are also in the cards and hence, my suggestion to investors is to maintain their approach on specific stocks till Jerome Powell’s testimony is heard before the US Senate on Wednesday. Intraday traders can keep an eye on breakout stocks as some of them still have profit potential on chart patterns.”
Sumeet Bagadia’s Stock Recommendations for the Day
When asked about breakout stocks to buy today, Sumeet Bagadia recommended buying RVNL, RCF, Eveready Industries, Alembic and HPL.
1]RVNL: Buy at ₹566, target ₹599, stop loss ₹545.
2]RCF: Buy at ₹228.40, target ₹240, stop loss ₹220.
3]Eveready Industries: Buy at ₹403.65, target ₹425, stop loss ₹388.
4]Alembic: Buy at Rs 130.65 with target of Rs 137 and stop loss of Rs 125.
5]HPL: Buy at ₹487.65, target ₹510, stop loss ₹470.
Disclaimer: The views and recommendations expressed above are those of the individual analyst or brokerage firm and not of Mint. We recommend checking with a certified professional before making any investment decisions.
