Breakout stocks buy or sell: The Indian stock market bounced back on Wednesday, June 4, breaking a three-day losing streak, with the recovery driven mainly by key heavyweight stocks such as HDFC Bank, Reliance Industries, Bharti Airtel, and Infosys.
The Nifty 50 rose by 70 points (0.3%) to close at 24,610, while the Sensex ended the day 260 points higher (0.32%) at 80,998. Broader market indices outperformed the main benchmarks, with the Nifty Midcap 100 and Nifty Smallcap 100 gaining 0.70% and 0.80%, respectively.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is cautious to positive as the Nifty 50 index is sustaining above 24,500.
Speaking on the outlook of Indian stock market, Bagadia said, “ On breaching this support the market bias may turn weak and the key benchmark index may try to test 24,150 to 24,200 levels. On the upper side, the 50-stock index is facing hurdle at 24,800. So, one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart. Looking at breakout stocks can be a good option.”
Stocks to buy today
Sumeet Bagadia recommends five shares to buy today — Heritage Foods, Rico Auto Industries, Mawana Sugars, Indo Amines, and Hindware Home Innovation.
1] Heritage Foods: Buy at ₹446.1, target ₹477, stop loss ₹430;
2] Rico Auto Industries: Buy at ₹81.91, target ₹88, stop loss ₹79;
3] Mawana Sugars: Buy at ₹105.74, target ₹113, stop loss ₹102;
4] Indo Amines: Buy at ₹158.31, target ₹170, stop loss ₹152;
5] Hindware Home Innovation: Buy at ₹281.1, target ₹301, stop loss ₹271.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
