Stocks to buy or sell: Dilip Buildcon to Honda Power — Sumeet Bagadia recommends five breakout stocks today

Stocks to buy or sell: When it comes to stocks to buy or sell, the Indian stock market has shown resilience despite weak global cues. The Nifty 50 index closed higher for the third consecutive session, and the BSE Sensex also saw gains. In this market rally, several Indian stocks have presented fresh breakouts on the technical chart. Sumeet Bagadia, Executive Director at Choice Broking, points out that some of these breakout stocks are still available at attractive valuations. This insight can empower day traders to make informed decisions about their intraday trading.

Stock market today

On the outlook for the Nifty 50 index, Sumeet Bagadia said, "Nifty today has immediate support placed at 23,200 to 23,250 zone, but the 50-stock index faces resistance in the 23,400 to 23,450 range. By breaching this resistance, the 50-stock index may trigger a fresh bull run on Dalal Street. However, overall, Indian stock market sentiment is expected to remain bullish until Nifty trades above the 23,000 mark."

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Despite the potential influence of global cues, Sumeet Bagadia remains confident in the Indian stock market's bullish sentiment. He anticipates a significant rally once the Nifty 50 index overcomes the 23,400 to 23,450 hurdle. This reassurance can help traders maintain a stock-specific approach and consider breakout stocks for intraday trading.

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Breakout stocks to buy today

When it comes to the breakout stocks that hold potential for today, Sumeet Bagadia is optimistic about these picks — Dilip Buildcon, Honda Power, GRSE, KIOCL, and ELGI Equipments. These stocks, if traded wisely, could present exciting opportunities for profitable trades.

1] GRSE: Buy at ₹1535, target ₹1615, stop loss ₹1680;

2] Honda Power: Buy at ₹3125, target ₹3300, stop loss ₹3015;

3] KIOCL: Buy at ₹477, target ₹505, stop loss ₹460;

4] ELGI Equipments: Buy at ₹658, target ₹699, stop loss ₹635; and

5] Dilip Cuildcon: Buy at ₹498, target ₹525, stop loss ₹480.

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.