Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — 24 July 2026

Buy or sell stocks: Indian benchmarks, the Sensex and the Nifty 50, declined for the fourth straight session on Thursday, July 23, as rising crude oil prices, fuelled by escalating tensions in the Middle East, continued to weigh on investor sentiment.

The Sensex shed 364 points, or 0.47%, to close at 76,391.39, while the Nifty 50 fell 127 points, or 0.53%, to settle at 23,869.60.

Nifty 50 opened at 23,904 and initially witnessed buying momentum, climbing to an intraday high of 23,990 during the early part of the session. However, profit booking emerged near the 23,990 zone, leading to sustained selling pressure throughout the morning. The index subsequently broke below the day's low and slipped to an intraday low of 23,807, where buying interest resurfaced and helped it recover part of the losses. Despite the late pullback, Nifty settled at 23,869.60, down 126.65 points (-0.53%), reflecting continued weakness in the broader market. Overall, the day's price action indicated that sellers remained in control, while buyers managed to defend the 23,800 region, preventing a sharper decline.

According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty formed a small-bodied Doji candle on the daily timeframe, signalling indecision after a volatile trading session.

“The index has now broken below the 20, 50, 100, and 200-day EMAs, highlighting deterioration in the overall technical structure and indicating that bears continue to dominate the trend. The RSI slipped to 45.36, reflecting weakening momentum, while India VIX rose 1.37% to 13.47, pointing to slightly elevated market volatility. Immediate support is placed at 23,700–23,750, whereas 23,950–24,000 is likely to act as the first resistance zone. Unless the index reclaims higher levels, it is expected to trade within the 23,700–24,000 range, with the overall bias remaining Sideways to Bearish,” said Bagadia.

Bank Nifty opened at 56,796 and attempted to extend its recovery during the opening hour, touching an intraday high of 56,930. However, the index failed to sustain above higher levels and remained confined within a narrow 15-minute consolidation range before witnessing a decisive breakdown. This triggered sharp intraday selling, dragging the index to a low of 56,374, where buying interest emerged around the 56,400 zone. The recovery from lower levels helped trim some losses, but the index eventually settled at 56,592, down 534.80 points (-0.94%). The overall intraday structure reflected persistent selling pressure, with buyers only stepping in near important support levels.

Bagadia noted that the index has formed a bearish candle with a long lower shadow, indicating that buyers attempted to absorb selling pressure near the day's lows.

“The index is currently taking support near its 200-day EMA on the daily chart, making this a crucial level for the short-term trend. Immediate support is placed at 56,100–56,200, while 56,900–57,000 remains the immediate resistance zone. A sustained move above the resistance area could improve near-term sentiment and encourage fresh buying interest, whereas a decisive breakdown below support may lead to further downside. Until a clear directional move emerges, Bank Nifty is expected to trade within the 56,100–57,000 range, with the overall bias remaining Sideways to Bearish,” he added.

Sumeet Bagadia recommends five breakout shares to buy on Friday, 24 July: Kabra Extrusion Technik, Ask Automotive, Pricol, Nuvama Wealth Management, and Manali Petrochemicals.

1] Kabra Extrusion Technik: Buy at ₹351, Target ₹375, Stop Loss ₹333

Kabra Extrusion is witnessing a strong momentum-driven rally, currently trading around ₹351 after delivering a decisive breakout above its previous 52-week high near ₹330. The recent up move has been accompanied by a noticeable rise in volumes, indicating strong institutional participation and sustained buying interest. Technically, the stock is trading comfortably above all its major moving av...