Today is the last trading day of the week of August 2. The market performed very well yesterday, but this morning the market faced a decline. Sensex fell by 700 points at the opening of the market in the first session. However, some stocks may break out today. A number of companies have already released their quarterly results, and due to these results, investors are seeing enthusiasm. As a result, the stock prices of these companies may increase in the coming days. Earlier, the Nifty 50 gained 1,000 points in just 24 sessions to touch yesterday’s high of 25,000. On the other hand, Sensex rose 126 points yesterday. Today though, the market momentum is down.
Sumit Bagaria, executive director of Choice Broking Company, said that although the Nifty 50 has now touched a high of 25,000 points, the target of the frontline index will be between 24,250 and 24,550 points in the future. Because very soon some correction will come in the market. The index has touched 25,000 as almost all the stocks or indices in the market are at high valuations, so a slight decline may be seen in the future. Some stocks are expected to break out today. These are the stocks to watch. This breakout stock selection is mainly for intrad. The list includes a total of 5 stocks: Zomato, Adani Green Energy, Platinum Industries, Suryalakshmi Cotton Mills, and POCL Enterprises.
1) Zomato—to be bought for Rs 234, Target—Rs 255, Stopples—Rs 224.
2) Adani Green Energy: Buy at: 1902 Rs, Target: 2060 Rs, Stops: 1810 Rs.
3) Platinum Industries: Buy at: Rs 286, Target: Rs 309, Stops: Rs 274.
4) Suryalakshmi Cotton Mills: Buy at Rs 106.30, Target at Rs 111, Staples at Rs 102.
5) POCL Enterprise: Buy at: Rs 1460, Target: Rs 1525, Stops: Rs 1400.
