Breakout stocks to buy today: Trent to Orchid Pharma — Sumeet Bagadia recommends five shares to buy today

Breakout stocks to buy today: The Indian stock market finished higher on Friday, following positive global market sentiment on cooling US recession fears. The Nifty 50 surged 247 points to 24,364, the BSE Sensex shot up 819 points to 79,705, and the Bank Nifty finished 325 points higher at 50,482. 

However, due to Hindenburg Research’s latest claim, Sumeet Bagadia, executive director at Choice Broking, has advised a stock-specific approach for intraday trading. Bagadia said some stocks that saw fresh breakouts last Friday were still looking positive on the technical chart and recommended them for intraday trading.

Sumeet Bagadia’s stock recommendations for today

On the outlook for the Indian stock market today, Sumeet Bagadis said the Nifty 50 managed to stay above the crucial 23,900 support level last week despite remaining range-bound. He noted that this signalled conviction for a further rise in upcoming sessions this week. Bagadia said the 50-stock index faces a hurdle in the 24,350 to 24,400 range, adding that the Nifty 50 could touch the 24,800 mark soon after breaching this level.

Regarding breakout stocks, Bagadia recommended these five stocks to buy today: MPS, Trent, STEL Holdings, Indo Amines, and Orchid Pharma.

Hindenburg Research back in the news

However, Bagadia said the market could be volatile on Monday after the latest allegations by Hindenburg Research, so choosing the right stock for intraday trading is be crucial. He said India’s VIX (volatility) Index is still above 15, and any further increase would be dangerous. He advised traders to keep an eye on VIX today as a move above 18 could trigger panic selling.

Shares to buy today

1] MPS: Buy at ₹2,196, target ₹2,302, stop loss ₹2,115

2] Trent: Buy at ₹6,275, target ₹6,600, stop loss ₹6,055

3] STEL Holdings: Buy at ₹492.30, target ₹515, stop loss ₹474

4] Indo Amines: Buy at ₹171, target ₹179, stop loss ₹164

5] Orchid Pharma: Buy at ₹1,567, target ₹1,640, target ₹1,510.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.