Stocks to buy or sell: RVNL, RCF to Alembic — Sumeet Bagadia recommends five breakout stocks today

Stocks to buy or sell: With no major significant cues in the morning session, the key benchmark indices of the Indian stock market started the week’s trading activity on a flat note. The Nifty 50 index dipped in the first half, testing levels below 24,250. However, during the second half, the bulls took charge, pushing the key benchmark indices higher and ending near the day’s high without significantly changing from the previous close.

According to Sumeet Bagadia, Executive Director at Choice Broking, the Indian stock market is trading flat after any significant trigger. However, the Choice Broking expert maintained that overall Dalal Street bias is positive until the Nifty 50 index trades above 24,000. He said that Nifty is facing resistance at the 24,400 to 24,500 range, and a decisive breach above 24,500 would trigger a fresh bull trend in the Indian stock market. Bagadia advised investors to maintain a stock-specific approach as Q1FY25 results are underway. He suggested that investors look at breakout stocks as some still look strong in the chart pattern.

Sumeet Bagadia’s stocks to buy today

On the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, Indian stock market sentiment is positive till the Nifty 50 index is above 24,000. However, Q1 results 2024 have also kickstarted, and hence, my suggestion to investors is to maintain a stock-specific approach till Jerome Powell’s testimony happens in the US Senate on Wednesday. Intraday traders can look at breakout stocks as some are still looking lucrative on chart pattern.”

Sumeet Bagadia’s stock recommendations for today

When asked about the breakout stocks to buy today, Sumeet Bagadia recommended buying RVNL, RCF, Eveready Industries, Alembic, and HPL.

1] RVNL: Buy at ₹566, target ₹599, stop loss ₹545;

2] RCF: Buy at ₹228.40, target ₹240, stop loss ₹220;

3] Eveready Industries: Buy at ₹403.65, target ₹425, stop loss ₹388;

4] Alembic: Buy at ₹130.65, target ₹137, stop loss ₹125; and

5] HPL: Buy at ₹487.65, target ₹510, stop loss ₹470.

Disclaimer: 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.

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