Breakout stocks to buy or sell: The key benchmark indices of the Indian stock market extended their upward momentum for the seventh consecutive session on Thursday, September 11, with the Nifty 50 breaching the psychological 25,000 mark, and the Sensex advancing over 100 points, amid favourable global cues and renewed trade optimism. Bullish sentiment was underpinned by expectations of a dovish pivot by the US Federal Reserve, with investors pricing in a potential rate cut at next week’s policy meeting. Additionally, renewed optimism surrounding the possible revival of India-US trade negotiations further buoyed market confidence.
At the close, the Sensex settled at 81,548.73, up 123.58 points or 0.15%, while the Nifty 50 ended at 25,005.50, rising 32.40 points or 0.13%, sustaining its positive trajectory. Sectorally, performance was mixed. The Nifty Media index outperformed, rallying 1.02%, followed by Nifty Energy (+0.88%) and Nifty PSU Bank (+0.74%), indicating broad-based buying across high-beta sectors. Infrastructure and metals also saw moderate traction, gaining 0.55% and 0.34%, respectively.
Stock market today
Sumeet Bagadia, Executive Director at Choice Broking, believes the positive bias of the Indian stock market is still intact as the Nifty 50 index has closed above 25,000. Now, it would be important for the 50-stock index to sustain above the 25,000 mark when Dalal Street resumes trading activity on Friday. The Choice Broking expert said the key benchmark index may try to touch the 25,200 to 25,250 range, if it exceeds the psychological 25,000 mark in the early morning deals on Friday.
Speaking on the outlook of the Indian stock market today, Sumeet Bagadia said, “The Indian stock market sentiment is positive as the Nifty 50 index finally closed above 25,000, recording slowly but steady gains in the last few sessions. The Nifty 50 movement in the early morning on Friday would be important as the index sustaining above 25,00 levels would mean a fresh trend, and the index may try to touch its immediate hurdle placed at 25,200 to 25,250. On the lower side, 24,800 is expected to act as immediate support for the 50-stock index. So, one should maintain a stock-specific approach and look at those stocks that look strong on the technical chart pattern. Looking at breakout stocks in the current market scenario can be a good option for intraday trading.”
Sumeet Bagadia’s breakout stock recommendations
Regarding stocks to buy today, Sumeet Bagadia of Choice Broking recommended buying these five breakout stocks: Fedbank Financial Services, Gokul Agro Resources, Pondy Oxides and Chemicals, India Nippon Electricals, and Sanathan Textiles.
1] Fedbank Financial Services: Buy at ₹151.80, Target ₹162, Stop Loss ₹146;
2] Gokul Agro Resources: Buy at ₹360, Target ₹386, Stop Loss ₹347;
3] Pondy Oxides and Chemicals: Buy at ₹1284, Target ₹1385, Stop Loss ₹1243;
4] India Nippon Electricals: Buy at ₹940, Target ₹1006, Stop Loss ₹910; and
5] Sanathan Textiles: Buy at ₹515, Target ₹555, Stop Loss ₹498.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
