Top 5 Breakout Stocks to Buy Today
The Indian stock market is witnessing a cautious yet optimistic phase as benchmark indices, the Sensex and Nifty 50, closed higher recently. On February 25, the Sensex gained 50 points, closing at 82,276.07, while the Nifty 50 rose by 58 points to settle at 25,482.50. This upward movement was supported by positive global cues, but analysts are advising caution amidst potential profit booking.
According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 index is currently facing resistance near its previous highs and the 50-day EMA. He highlights the immediate support levels between 25,300 and 25,350, where buying interest is evident. A sustained movement above 25,600 is crucial to revive bullish sentiment, while a dip below 25,300 could lead to increased selling pressure.
For the Bank Nifty, Bagadia notes that it is trading in a sideways pattern, indicating a consolidation phase near the 61,000 mark. Support is identified at 60,700-60,800, with resistance around 61,300-61,400. A decisive breakout above 61,550 could push the index to new highs, while weakness below 60,600 may trigger selling.
Bagadia recommends five breakout stocks for investors looking to buy: Vedanta, Laurus Labs, Aurobindo Pharma, Mangalam Cement, and Bank of Maharashtra. Each of these stocks has shown strong bullish trends, making them attractive investment opportunities.
