- After a weak opening, the Indian stock market witnessed a sharp recovery on Monday, with some stocks breaking the hurdle and giving a technical breakout.
- Sumeet Bagadia, Executive Director at Choice Broking, listed five breakout stocks for intraday traders to consider on Tuesday: Alkem Laboratories, COLPAL, Havells India, D Link (India), and Shaily Engineering.
- The Indian stock market may continue to remain volatile as the India VIX Index has broken above the 19 hurdle and may soon touch the 25 level in the near term.
Discover the five breakout stocks to consider in the volatile Indian stock market, as recommended by Sumeet Bagadia, Executive Director at Choice Broking.
Stock Market Today
Providing his expert analysis on the outlook for the Indian stock market, Sumeet Bagadia stated, “The Indian stock market may continue to remain volatile as the India VIX Index has broken above the 19 hurdle and it may soon touch the 25 level in the near term. The volatile index may touch 28 and 30 mark once it breaches the 25 hurdle decisively.”
Nifty 50 Outlook
Regarding the outlook for the Nifty 50 today, Bagadia emphasized, “The 50-stock index has crucial support at 21,750 to 21,800 levels and this support has proven to be steadfast in the recent fall. If the index sustains above the 22,000 level, then we can anticipate another 200 to 250 points rally. However, the bounce back would remain a relief rally until the Nifty 50 index breaches the 22,300 mark decisively.”
Breakout Stocks to Buy Today
Advising intraday traders to look at the breakout stocks during Tuesday deals, Sumeet Bagadia recommended five stocks to buy today. Here we list out full details regarding those breakout stocks:
- Alkem Laboratories: Buy at ₹5210, target ₹5540, stop loss ₹5035;
- COLPAL: Buy at ₹2859, target ₹3060, stop loss ₹2757;
- Havells India: Buy at ₹1702.50, target ₹1800, stop loss ₹1650;
- D Link (India): Buy at ₹387.50, target ₹411, stop loss ₹370; and
- Shaily Engineering: Buy at ₹660.20, target ₹711, stop loss ₹635.
Conclusion
While the Indian stock market may continue to remain volatile, there are opportunities for intraday traders in the form of breakout stocks. The five stocks recommended by Sumeet Bagadia offer potential for gains, but as always, investors are advised to consult with certified experts before making any investment decisions.
