Stocks to buy or sell: HAL to NCC — Sumeet Bagadia recommends five breakout stocks today — May 17 | Stock Market News (2024)

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Stock market today Breakout stocks to buy today

Stocks to buy or sell: Following a pause on Wednesday, the bulls once again took charge in the Indian stock market on Thursday. The Nifty 50 index gained 203 points and the BSE Sensex surged by 676 points. The Bank Nifty index also ended on a high note, up by 289 points. Cash market volumes on the NSE reached ₹1.17 lakh crore, the highest since May 03. The small-cap index outperformed the frontline indices, and the advance-decline ratio remained positive at 1.32:1. In this stock market rally, some stocks gave a decisive breakout on the chart pattern. Sumeet Bagadia, a seasoned Executive Director at Choice Broking with a proven track record, has provided his expert recommendations on five breakout stocks to buy today — Hindustan Aeronautics Ltd (HAL), Oberoi Realty, Titagarh Wagon, Blue Star, and NCC.

Stock market today

On the outlook for the Indian stock market today, Sumeet Bagadia said, "The India VIX today is in the 19 to 22 range. The volatility index of the Indian stock market has retraced from the recent 52-week high that is favouring bulls's sentiments on Dalal Street. If the India VIX Index breaches below 19, then we can expect some more stability in the Indian stock market and some fresh buying sentiments. However, if the index breaches above 22, we can expect more volatility in the Indian stock market."

Sumeet Bagadia of Choice Broking reiterated that the Nifty today has crucial support placed at 22,200 to 22,250 and the 50-stock index is facing resistance at 22,550 to 22,600 range. The direction of the market trend can be assumed on the breakage of either side of the range. However, he advised a 'buy-on-dips' strategy, underlining the overall positive market trend, which should instil confidence in the investors and traders.

Breakout stocks to buy today

1] HAL: Buy at ₹4603.70, target ₹4850, stop loss ₹4444;

2] Oberoi Realty: Buy at ₹1711, target ₹1818, stop loss ₹1650;

3] Titagarh: Buy at ₹1212.50, target ₹1277, stop loss ₹1175;

4] Blue Star: Buy at ₹1569.75, target ₹1650, stop loss ₹1510; and

5] NCC: Buy at ₹273.55, target ₹288, stop loss ₹263.

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