Breakout stocks to buy or sell: The Indian stock market traded cautiously positive on Monday, with benchmark indices opening higher after the announcement of an interim framework for the India–US trade deal. Supportive cues from broader Asian markets also helped sustain the positive momentum through the session. However, despite the early uptick, participation remained selective, as investors refrained from aggressive positioning ahead of key global and domestic macro cues.
Sectoral action remained positive, with buying interest in PSU banks, consumer durables, realty, defence, pharma and auto stocks, while IT stocks showed mixed trends amid ongoing assessment of global technology developments. Overall, the market appears to be in a phase of gradual recovery and consolidation, with the near-term direction likely to be driven by global macro developments, currency movements and the sustainability of risk-on sentiment reflected in foreign fund flows.
Stock market today
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is positive as the Nifty 50 index is finding buying interest at lower levels despite pressure at elevated levels. He advised investors to look at those stocks that are looking strong on the technical chart.
Nifty 50 today
Speaking on the outlook of the Nifty 50 today, Sumeet Bagadia said, “The technical daily chart pattern of the Nifty 50 index is reflecting sustained buying interest at lower levels despite elevated intraday volatility. The immediate upside hurdle is at 26,000–26,050, while key downside support is at 25,700–25,750. From a momentum perspective, the daily RSI reading of 56.20 points to a neutral-to-positive trend, indicating underlying strength without any overbought signals.”
“On the derivatives front, significant put writing is observed at the 25,800 strike, along with strong call writing at the 26,000 strike, which defines a narrow near-term trading band. As long as the index holds above the 25,700 mark on a closing basis, a selective buy-on-decline approach remains valid, with a strict protective stop-loss placed at 25,500,” said Bagadia.
Bank Nifty today
On the outlook of the Bank Nifty today, Bagadia said, “The daily technical chart pattern of the Bank Nifty index is reflecting value buying at lower levels despite intraday selling pressure. Immediate resistance lies in the 60,900–61,000 zone, while the 60,300–60,400 support band remains critical to maintaining near-term stability in the index. On the daily charts, the RSI stands at 60.22, suggesting a strong bullish bias with healthy momentum and no signs of exhaustion.”
Bagadia said that as long as the index sustains above 60,400 on a closing basis, a selective buy-on-dips strategy may be considered, with a strict stop-loss placed at 60,150.
Stocks to buy today
Regarding shares to buy today, Sumeet Bagadia recommended buying these five breakout stocks for intraday trading: Indian Bank, Indus Towers, RICO Auto, Lumax AutoTech, and SJS.
1] Indian Bank: Buy at ₹902, Target ₹970, Stop Loss ₹875;
2] Indus Towers: Buy at ₹456, Target ₹488, Stop Loss ₹442;
3] RICO Auto: Buy at ₹133.55, Target ₹144, Stop Loss ₹129;
4] Lumax AutoTechnologies: Buy at ₹1537, Target ₹1660, Stop Loss ₹1470; and
5] SJS: Buy at ₹1823, Target ₹1980, Stop Loss ₹1740.
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.
