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Stocks to buy or sell: Sumeet Bagadia shares five breakout stocks suggestion

Submitted by admin on May 25th, 2024

The domestic stockmarket benchmark indices, Sensex and Nifty 50, were supposed to make a negative start during the trading session on Friday, amidst poor global cues.

If Gift Nifty trends are considered, the Indian benchmark indices were justifiably supposed to make a slow start. The Gift Nifty touched 23,008.00, which was nearly 42 points down the last closing of the Nifty features, and was trading at 22, 966.00.

The domestic benchmark indices, Sensex and Nifty 50, set new closing highs on Thursday as the banks stock started gaining. The budget deficit of the nation may be on the wane, as manifested through the record dividend that the RBI paid to the government.

The domestic equity indices touched a new high on Thursday as Nifty 50 went over 22, 900 at the time of closing.

The Nifty 50 touched 369.85 points when closing, which was 1.64% higher at 75,418.04 while the Sensex jumped 1.61% or 1,196.98 points to close at 22,967.65.

Sumeet Bagadia, the experienced Executive Director at Choice Broking with a stable track record, has recommended five breakout stocks worth a purchase. These five stocks are Cochin Shipyard Ltd, Mazagon Dock Shipbuilders Ltd, Olectra Greentech Ltd, Rail Vikas Nigam Ltd and Saregama India Ltd.

Breakout Socks: Purchase and Sale Price Suggestions on Friday (24.05.2024)

Cochin Shipyard Ltd: Buy at ₹1,890.25, target ₹2,000, stop loss ₹1,825;

Mazagon Dock Shipbuilders Ltd: Buy at ₹3,125.75, target ₹3,333, stop loss ₹3,020.

Olectra Greentech Ltd: Buy at ₹1,808.70, target ₹2,010, stop loss ₹1,710; and

Rail Vikas Nigam Ltd (RVNL): Buy at ₹372.25, target ₹399, stop loss ₹360;

Saregama India Ltd: Buy at ₹4, 66.35, target ₹49, stop loss ₹450;

Nifty 50 Outlook

According to Soni Patnaik, this market witnesses a 1, 000 rebound from 21,800 levels, with FIIs positioning themselves in a long:short ratio, a clear jump from 26% longs, Mr Patnaik is working as an Assistant Vice President, Equity Derivatives Research, JM Financial Services.

“Nifty 50 manages to cross crucial resistance of 22,800+ levels at the back of weekly expiry today and can head towards the 23,000 mark by the month end expiry from current levels. Aggressive put options writing can be seen from base of 22,500 PE to all the way till 22,800 PE forming strong support base at 22,600/22,700 levels now,” Patnaik said.