Stoks to buy today: After weak opening during morning deals, the Indian stock market witnessed sharp recovery on Monday. All frontline indices ended higher whereas the broad market indices witnessed sharp upswing from the intraday low. The mid-cap index finished 0.36 percent higher whereas the small-cap index recovered 800 points from the intraday low. In this recovery, some stocks broke the hurdle and gave technical breakout in this bounce back. A technical breakout refers to a situation when a stock's price moves above a resistance level, usually on high volume, signaling a potential upward trend. Sumeet Bagadia, Executive Director at Choice Broking listed out five breakout stocks that intraday traders may look at when the market opens on Tuesday. Those five breakout stocks are Alkem Laboratories, COLPAL, Havells India, D Link (India), and Shaily Engineering.
Stock market today
Providing his expert analysis on the outlook for the Indian stock market, Sumeet Bagadia stated, "The Indian stock market may continue to remain volatile as the India VIX Index has broken above the 19 hurdle and it may soon touch the 25 level in the near term. The volatile index may touch 28 and 30 mark once it breaches the 25 hurdle decisively."
Regarding the outlook for the Nifty 50 today, Bagadia emphasized, "The 50-stock index has crucial support at 21,750 to 21,800 levels and this support has proven to be steadfast in the recent fall. If the index sustains above the 22,000 level, then we can anticipate another 200 to 250 points rally. However, the bounce back would remain a relief rally until the Nifty 50 index breaches the 22,300 mark decisively."
Breakout stocks to buy today
Advising intraday traders to look at the breakout stocks during Tuesday deals, Sumeet Bagadia recommended five stocks to buy today. Here we lsit out full details regarding those breakout stocks:
1] Alkem Laboratories: Buy at ₹5210, target ₹5540, stop loss ₹5035;
2] COLPAL: Buy at ₹2859, target ₹3060, stop loss ₹2757;
3] Havells India: Buy at ₹1702.50, target ₹1800, stop loss ₹1650;
4] D Link (India): Buy at ₹387.50, target ₹411, stop loss ₹370; and
5] Shaily Engineering: Buy at ₹660.20, target ₹711, stop loss ₹635.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, and not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circ*mstances may vary.
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First Published:
14 May 2024, 09:02 AM IST
Business NewsMarketsStock MarketsStocks to buy: COLPAL to Havells — Sumeet Bagadia recommends 5 breakout stocks today — May 14
