Stocks to buy or sell: Despite weak global market sentiments on rising US-China tension, the Indian stock market ended higher in the fourth straight session on Thursday. The Nifty 50 index gained 187 points and finished at a record closing high of 24,800. The BSE Sensex finished 626 points northward at 81,343, while the Bank Nifty index ended 223 points up at 52,620. However, the broad market finished lower in the previous session. The small-cap index lost around 1.15 percent, whereas the mid-cap index nosedived around one percent.
According to Sumeet Bagadia, Executive Director at Choice Broking, the selective trend can be expected ahead of the Union Budget 2024 as Q1 results 2024 are in full swing. He said that Dalal Street majors like Reliance Industries, Wipro, One 97 Communications, Paytm, etc., will declare their Q1 results today. So, the market is expected to remain volatile but positive until the Nifty sustains above the 24,500 mark. Bagadia advised a stock-specific approach in the current market and suggested a buy-on-dips strategy until the 50-stock index exceeds 24,500.
Sumeet Bagadia's stock recommendations today
Advising a stock-specific approach in the current market scenario, Sumeet Bagadia said, “The Union Budget is fast approaching, and Q1 results 2024 is in full swing. Dalal Street heavyweights like Reliance Industries Ltd (RIL), Wipro, One 97 Communications or Paytm, Union Bank of India, BPCL, JKSW Steel, etc., will declare their Q1 results today. So, investors are expected to wait for some of these results during Friday's session. So, one should continue maintaining a buy-on-dips strategy till the Nifty 50 index is above 24,500.”
"For intraday trading, one can maintain a stock-specific approach and look at those stocks that gave a fresh breakout on Thursday. Some of them are still looking strong on chart patterns," said Bagadia.
When asked about breakout stocks for intraday trading, Bagadia recommended buying these five shares: Umang Dairies, Alphageo India, Quick Heal, Aditya Birla Money, and DCM.
Sumeet Bagadia's intraday stocks for today
1] Umang Dairies: Buy at ₹160.45, target ₹168, stop loss ₹154;
2] Alphageo India: Buy at ₹511.50, target ₹540, stop loss ₹495;
3] Quick Heal: Buy at ₹608.20, target ₹650, stop loss ₹495;
4] Aditya Birla Money: Buy at ₹183.30, target ₹194, stop loss ₹178; and
5] DCM: Buy at ₹99.90, target ₹105, stop loss ₹96.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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First Published:
19 Jul 2024, 07:27 AM IST
Business NewsMarketsStock MarketsStocks to buy or sell: Aditya Birla Money to DCM — Sumeet Bagadia recommends five breakout stocks today
