Breakout stocks: Following a pause in the global market gains on Tuesday with traders cautious ahead of the release of key European inflation and growth data, the frontline indices of the Indian stock market erased all the intraday gains in the last hour of trade and ended in the negative zone. The Nifty 50 index finished 38 points lower after climbing to a new peak of 22,783 whereas the BSE Sensex ended 188 points lower after inching close to its existing lifetime high of 75,124. The Bank Nifty index closed 27 points south after hitting a new high of 49,974 during Tuesday deals. Cash market volumes on the NSE rose to Rs.1.25 lakh crore. The broad market indices ended in the positive even as the advance-decline ratio fell to 0.83:1.
Breakout stocks for tomorrow
However, despite this sell-off trigger in the last hour of trade on Tuesday, some stocks remained strong on the technical chart pattern. Sumeet Bagadia, Executive Director at Choice Broking said that overall Indian stock market bias is still strong as the Nifty 50 index has made a strong base around 22,350 to 22,400 zone. The Choice Broking expert said that the current base for the 50-stock index is expected to remain sacrosanct and any dip toward this zone should be seen as a buying opportunity. On breakout stocks for today, Sumeet Bagaia said that five stocks gave a decisive breakout during Tuesday's session and those 5 shares are REC, Hitachi Energy, Gokaldas Exports, Neuland Laboratories, and Astral. Bagadia recommended buying these breakout stocks during Thursday session.
Breakout stocks to buy tomorrow
1] Hitachi Energy or Power India: Buy at ₹9500, target ₹10111, stop loss ₹9292;
2] REC: Buy at ₹507, target ₹535, stop loss ₹488;
3] Gokaldas Exports: Buy at ₹879, target ₹933, stop loss ₹844;
4] Neuland Laboratories: Buy at ₹7600, target ₹7999, stop loss ₹7333; and
5] Astral: Buy at ₹2118, target ₹2280, stop loss ₹2020.
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.
You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
MoreLess
Published: 01 May 2024, 07:54 AM IST
