Breakout stocks buy or sell: Indian equities ended in the red on Wednesday as investors continued profit-booking in financial stocks after a recent rally, with selling pressure extending to public sector banks.
Despite hopes of a possible US-India trade agreement, market sentiment remained subdued. The Nifty 50 fell 0.38% to close at 25,443, while the Sensex declined by 287 points to end at 83,409. Broader market indices also slipped, with the Nifty Midcap 100 easing 0.14% and the Nifty Smallcap 100 losing 0.41%.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is positive but the Nifty 50 index is facing hurdle at 25,650 to 25,700 zone.
Speaking on the outlook of Indian stock market, Bagadia said, “ On breaking this hurdle on a closing basis, we can expect the 50-stock index to touch 26,200 soon. On the lower side, Nifty today has immediate support at 25,500, whereas it has crucial support at 25,250 to 25,200 range. 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 breakout stocks to buy today: Subros, Tatva Chintan Pharma Chem, Sharda Cropchem, Pocl Enterprises, and LT Foods.
1] Subros: Buy at ₹1003.1, target ₹1075, stop loss ₹965;
2] Tatva Chintan Pharma Chem: Buy at ₹997.4, target ₹1070, stop loss ₹960;
3] Sharda Cropchem: Buy at ₹844.8, target ₹905, stop loss ₹815;
4] Pocl Enterprises: Buy at ₹897.85, target ₹965, stop loss ₹865;
5] LT Foods: Buy at ₹494.75, target ₹530, stop loss ₹477.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
