Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today 23 March 2026

By Admin

23 Mar, 2026

The Indian stock market continues to remain volatile, largely driven by escalating tensions in the Middle East. Despite the uncertainty, Sumeet Bagadia of Choice Broking has identified five breakout stocks that traders may consider buying today. These recommendations come as benchmark indices showed resilience even after intraday volatility.

Stock Market Today: Volatility with Positive Close 📊

Despite giving up a large portion of their intraday gains, the benchmark indices   Nifty 50 and BSE Sensex   ended higher on Friday.

• Nifty 50 rose 112 points to close at 23,114

• Nifty Bank gained 325 points to settle at 74,532

• Bank Nifty index ended slightly lower at 53,427

The session highlighted strong volatility, with both buyers and sellers actively participating in the market.

Nifty 50 Outlook 🔍

The Nifty 50 opened with a gap-up of 114 points, touching an intraday high of 23,345.15 before slipping to 23,067.60. It eventually closed at 23,114.5, gaining 112.35 points (0.49%).

According to Bagadia:

• Immediate resistance: 23,250–23,300

• Strong support: 22,950–23,000

• RSI: 31.84 (near oversold)

Strong put writing at 23,000 and call writing at 23,300 suggest that the index may remain range-bound, prompting traders to adopt a cautious approach.

Bank Nifty Outlook 🏦

The banking index opened flat at 53,548 and moved to an intraday high of 54,382.45 before facing selling pressure.

Key technical levels:

• Resistance: 53,700–53,800

• Support: 53,000–53,100

• RSI: 28.71 (oversold)

Bagadia advises traders to avoid aggressive positioning until a decisive breakout above resistance.

Five Breakout Stocks to Buy Today 🚀

1. Laurus Labs

• Buy at: ₹987.20

• Target: ₹1060

• Stop Loss: ₹945

The stock is consolidating near support and forming higher highs and higher lows, indicating sustained bullish momentum. Accumulation near support suggests a potential bounce.

2. Bank of India

• Buy at: ₹150.49

• Target: ₹162

• Stop Loss: ₹144

The stock has broken out of a broader range and is trading above 20, 50, 100, and 200-week EMAs, indicating strong bullish alignment. RSI above 50 supports continued upward momentum.

3. APL Apollo Tubes

• Buy at: ₹1973.10

• Target: ₹2130

• Stop Loss: ₹1885

The stock has confirmed a rounding bottom breakout and is trading above key weekly moving averages, reinforcing a strong bullish structure.

4. Delhivery

• Buy at: ₹422.85

• Target: ₹450

• Stop Loss: ₹405

The stock is moving within a symmetrical triangle pattern and supported by the 200-day EMA, indicating strong buying interest and a bullish bias.

5. Steel Authority of India

• Buy at: ₹155.52

• Target: ₹170

• Stop Loss: ₹148.50

The stock has broken out of short-term consolidation and is trading above all key moving averages. RSI above 50 signals continued strength.

Trading Strategy for Today 💡

• Market likely to remain range-bound

• Avoid aggressive trades near resistance

• Focus on breakout stocks with defined stop losses

• Maintain strict risk management

Disclaimer ⚠️

This content is for educational purposes only. The views and recommendations mentioned above are those of individual analysts or broking companies. Investors should consult certified financial advisors before making any investment decisions.