- The stock market concluded lower for the third consecutive session on Tuesday.
- Despite high volatility, some stocks witnessed a fresh breakout on the chart pattern.
- According to Sumeet Bagadia, many shares have given fresh technical breakouts despite high volatility.
Discover the latest breakout stocks and market trends to make informed investment decisions.
Breakout Stocks Today
Sumeet Bagadia of Choice Broking reassured that the Nifty 50 index is nearing its crucial support of 22,750 to 22,800, and the initial hours of Wednesday’s session will be crucial. If the Nifty 50 stock index slips below this support, then more downside can be possible in the frontline index. He acknowledged that volatility on Dalal Street is expected to escalate further as the India VIX Index has breached its upper range of 23, and it may soon touch the 26 and 28 mark. However, Bagadia emphasized that the rising India VIX Index shouldn’t be a cause for concern as volatility ahead of the Lok Sabha Election 2024 results is widely anticipated. He pointed out that the India VIX today is in the 23 to 25 range, and the volatility index may provide more upside movement once it crosses the hurdle placed at the 25 mark. This should help alleviate any anxiety about the market volatility.
Recommended Breakout Stocks
Bagadia strongly advised traders and investors to concentrate on stocks that demonstrate positive fundamentals and technicals. He specifically recommended buying five breakout stocks today — Shree Digvijay Cement, STEL Holdings, Glenmark Pharma, GLAXO, and ZF Commercial Vehicle. These stocks have shown robust performance in recent sessions and are expected to sustain their upward trend based on their financial health and market conditions.
Breakout Stocks to Buy Today
1] Shree Digvijay Cement: Buy at ₹110.25, target ₹116, stop loss ₹106;
2] STEL Holdings: Buy at ₹384, target ₹405, stop loss ₹370;
3] Glenmark Pharma: Buy at ₹1160, target ₹1275, stop loss ₹1095;
4] GLAXO: Buy at ₹2480.50, target ₹2635, stop loss ₹2390; and
5] ZF Commercial Vehicle: Buy at ₹17162.30, target ₹18222, stop loss ₹16500.
Conclusion
In conclusion, despite the current market volatility, there are promising breakout stocks that investors can consider. By focusing on stocks with strong fundamentals and technicals, such as Shree Digvijay Cement, STEL Holdings, Glenmark Pharma, GLAXO, and ZF Commercial Vehicle, traders can navigate the market effectively. Staying informed and making strategic investment decisions will be crucial in the coming sessions.
