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.
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.
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The bigger the increase, the better. A 50% increase over average is good, but 100%, or double the average volume, is even better. If the price breaks out on lower-than-average volume, this means that few people are interested in buying the stock above the breakout point.
Positive breakout stocks are those that experience a significant upward movement in their price, breaking through resistance or trading range, often with increased trading volume. These stocks are sought after by traders and investors for potential gains.
In large part, supply and demand dictate the per-share price of a stock. If demand for a limited number of shares outpaces the supply, then the stock price normally rises. And if the supply is greater than demand, the stock price typically falls.
Real breakouts often feature a quick retest before further advancement. Lower timeframes also indicate early signs of price reversal. Candle closures confirm authenticity. Assess the market environment; bearish settings raise false breakout odds, while bull markets support successful breakouts.
The opening period (9:30 a.m. to 10:30 a.m.Eastern Time) is often one of the best hours of the day for day trading, offering the biggest moves in the shortest amount of time. A lot of professional day traders stop trading around 11:30 a.m. because that is when volatility and volume tend to taper off.
First, there are ascending triangles, which are usually signs of a bullish continuation. This pattern is characterized by a flat resistance level and an ascending trendline. In most cases, the financial asset usually forms a bullish breakout when the two lines near their confluence level.
Observe daily chart for additional patterns. A descending channel should be traded mostly for breakouts, otherwise avoid them. Volume at the breakout should be more than the volume of previous candles.
Technical chart patterns like head and shoulders, triangles, and flags that are nearing completion and indicate higher price moves are also typical breakout targets. A price breakout generally occurs when price action makes a last swing to confirm the pattern.
15 minutes breakout stocks are stocks that experience significant price movement within a 15-minute trading window, often surpassing resistance levels. Traders use this short-term timeframe to identify quick profits or align positions with emerging trends, capitalizing on short-term price movements and volatility.
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