Breakout stocks buy or sell: The Indian stock market saw widespread buying activity on Thursday, June 5, which pushed the benchmark indices—the Sensex and Nifty 50—up by more than 1% during intraday trade.
However, both indices pared some of their gains by the close, ending the day with an increase of around half a percent, marking their second consecutive session of advances.
The Sensex opened at 81,196.08, up from its previous close of 80,998.25, and surged over 900 points to touch an intraday high of 81,911.13. Similarly, the Nifty 50 began the day at 24,691.20, compared to its last close of 24,620.20, and rose more than 1% to reach an intraday high of 24,899.85.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is positive as the Nifty 50 index is sustaining above 24,500.
Speaking on the outlook of Indian stock market, Bagadia said, “ The benchmark index is facing hurdle at 25,000. On breaking above 25,000, the 50-stock index may soon touch 25,400. So, one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart. Looking at breakout stocks can be a good option.”
Stocks to buy today
Sumeet Bagadia recommends five shares to buy today — J K Cement, JM Financial, Welspun Corp, Sobha, and JSW Infrastructure.
1] J K Cement: Buy at ₹5715, target ₹6300, stop loss ₹5440;
2] JM Financial: Buy at ₹141.62, target ₹158, stop loss ₹134;
3] Welspun Corp: Buy at ₹962.35, target ₹1070, stop loss ₹911;
4] Sobha: Buy at ₹1602.30, target ₹1775, stop loss ₹1520;
5] JSW Infrastructure: Buy at ₹307.10, target ₹338, stop loss ₹292.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
