Breakout stocks to buy or sell: The Indian stock market extended its losing streak for a fifth straight session on Friday, July 24, as rising crude oil prices amid the US-Iran conflict continued to dampen investor sentiment.
The Sensex ended the day 332 points, or 0.43%, lower at 76,059.77, while the Nifty 50 declined 102 points, or 0.43%, to settle at 23,767.45. Broader markets also remained under pressure, with the Nifty Midcap 100 index slipping 0.10% and the Nifty Smallcap 100 index falling 0.32%.
Stock market today
Nifty 50
Nifty 50 opened at 23,666 with a significant gap-down, following weak market sentiment at the opening bell. The index slipped further to an intraday low of 23,606 before finding strong buying interest around the 23,650 zone, which coincided with the unfilled gap created on 15th June. This support triggered a sharp recovery, allowing the benchmark to erase a major portion of the early losses and climb to an intraday high of 23,823. Although profit booking emerged near higher levels, the index managed to close at 23,767, down 102 points (-0.43%), indicating that buyers were active at lower levels. Overall, the day’s price action reflected resilience after an early sell-off, with the market successfully defending an important support area despite the prevailing cautious sentiment.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty formed a bullish recovery candle with a long lower shadow, indicating strong buying interest near lower levels after the early decline.
“The successful rebound from the gap support reinforces the importance of the 23,600–23,650 zone in the near term. However, the index continues to trade below its key moving averages, suggesting that the broader trend remains under pressure. The RSI slipped to 42.87, reflecting weak momentum, while India VIX rose 4.12% to 14.03, signalling higher market volatility. Immediate support is placed at 23,500–23,550, whereas 23,950–24,000 remains the immediate resistance zone. Until a decisive breakout occurs, Nifty is expected to trade within the 23,500–24,000 range, with the overall bias remaining Sideways,” said Bagadia.
Bank Nifty
Bank Nifty opened at 56,169 on a weak note and extended its decline during the initial part of the session, touching an intraday low of 56,023. However, the index witnessed strong buying interest near the 56,000 mark, which acted as a major demand zone and completely changed the intraday trend. Supported by sustained buying in heavyweight banking stocks, Bank Nifty staged a sharp recovery and rallied to an intraday high of 56,831 before settling at 56,693, gaining 101 points (+0.18%). The strong rebound from lower levels highlighted the market’s ability to absorb selling pressure and reflected improving sentiment within the banking space. Overall, the day’s price action suggested that buyers regained control after defending a crucial support level.
Bagadia noted that the index has formed a strong bullish recovery candle, indicating that demand continues to emerge near key support zones.
“The index successfully defended the 56,000 level and, more importantly, taken support at 50 EMA in Weekly timeframe, reinforcing the positive medium-term trend despite ongoing short-term volatility. This recovery keeps the broader market structure constructive as long as the support zone remains intact. Immediate support is placed at 56,000–56,100, while 57,300–57,400 is expected to act as the immediate resistance area. A sustained move above this resistance could strengthen bullish momentum, whereas a break below support may invite fresh selling pressure. Until then, Bank Nifty is likely to trade within the 56,000–57,400 range, with the overall bias remaining Sideways,” he said.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Monday, 27 July: Silver Touch Technologies, PVR INOX, Knowledge Marine & Engineering Works, TTK Healthcare, and Asahi Songwon Colors.
1] Silver Touch Technologies: Buy at ₹200, Target ₹215, Stop Loss ₹190
Silver Touch Technologies is trading around 200, demonstrates a strong technical base-building pattern on its daily chart, turning up sharply off its 20-day exponential moving average to resume its primary markup phase. The stock continues to preserve an exceptionally solid structural framework, remaining safely positioned above its ascending 20, 50, 100, and 200-day exponential moving averages to reinforce persistent institutional support. Supported by this clean consolidation breakout, the asset appears technically well-aligned to push forward toward an upside target of 215. To safeguard the position against sudden market fluctuations or short-term mean reversions, a strict risk-management stop loss must be maintained at 190.
2] PVR INOX: Buy at ₹1064, Target ₹1150, Stop Loss ₹1003
PVR INOX is currently trading at 1064, the has staged a strong bullish expansion with a sharp surge in trading volume, comfortably driving price action above all key moving averages to signal a potential trend reversal; the stock exhibits strong accumulation near the base with a decisive breakout candle piercing past immediate overhead resistance, establishing a firm support foundation around the 1000–1003 zone; the underlying volume build-up confirms institutional interest and expanding upside momentum, clearing a path toward higher structural targets; based on this setup, the trade can be structured with a Stop Loss at 1003 and a Target of 1150, offering a highly favourable risk-reward ratio as long as the support zone holds.
3] Knowledge Marine & Engineering Works: Buy at ₹2430, Target ₹2626, Stop Loss ₹2310
Knowledge Marine & Engineering Works is currently trading at 2430, resumed its primary uptrend following a brief pullback to key short-term moving average support on the daily chart, sustaining a clean pattern of higher highs and higher lows; the technical structure highlights a strong rebound from the 2310 base, keeping prices firmly positioned above all key moving averages to maintain its overall structural strength; the price action reflects a healthy accumulation pattern near current levels, laying the groundwork for a push back toward recent highs and beyond; based on this ongoing bullish setup, a trade can be structured with a Stop Loss at 2310 for a Target of 2626, maintaining a solid risk-to-reward ratio as long as the support zone holds.
4] TTK Healthcare: Buy at ₹1047, Target ₹1125, Stop Loss ₹986
TTK Healthcare is currently trading at 1047, has confirmed a strong trend reversal after forming a solid base near lower levels and decisively breaking out above all key moving averages on the daily chart; the price action highlights a strong bullish expansion followed by a healthy post-breakout consolidation, establishing firm dynamic support around the 986–990 zone; the stock is steadily resuming its upward trajectory as buyers defend this key level, confirming sustained buying momentum and positive trend alignment; based on this technical setup, a trade can be structured with a Stop Loss at 986 and a Target of 1125, offering a highly favourable risk-reward ratio for trend continuation as long as support holds.
5] Asahi Songwon Colors: Buy at ₹333, Target ₹355, Stop Loss ₹317
Asahi Songwon Colors is trading around 333, the stock has triggered a massive momentum breakout after completing a long base formation, decisively clearing all major moving averages on the daily chart with a sharp vertical surge; the price action highlights strong institutional buying interest backed by a significant volume spike, propelling the stock out of its multi-month consolidation and establishing a dynamic support base near the 317–320 zone; the overall structure shows a complete trend reversal with strong bullish candles driving prices toward higher levels; based on this high-momentum breakout, a tactical long trade can be structured with a Stop Loss at 317 for a Target of 355, offering a favorable risk-reward ratio as the bullish momentum accelerates.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
