Breakout stocks buy or sell: The Indian stock market extended its losing streak for the third straight session on Monday, July 28, closing in the red amid continued pressure from heavy FPI outflows, disappointing corporate earnings, and ongoing uncertainty surrounding India-US trade discussions.
The Sensex ended the day 572 points, or 0.70%, lower at 80,891.02, while the Nifty 50 declined by 156 points, or 0.63%, to settle at 24,680.90.
Meanwhile, the broader markets also witnessed a downturn, with the BSE Midcap index slipping 0.73% and the Smallcap index dropping 1.31%.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market mood has further weakened as the Nifty 50 index has slipped below 24,700 levels.
Speaking on the outlook of Indian stock market, Bagadia said, “ The key benchmark index has crucial support placed at 24,500 and it is facing resistance at 24,900. 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.”
1] Jagsonpal Pharmaceuticals: Buy at ₹287.8, target ₹308, stop loss ₹277;
2] Sterlite Technologies: Buy at ₹126.2, target ₹135, stop loss ₹122;
3] Cartrade Tech: Buy at ₹2066.9, target ₹2200, stop loss ₹1980;
4] Vijaya Diagnostic Centre: Buy at ₹1141.35, target ₹1222, stop loss ₹1100;
5] Advait Energy Transitions: Buy at ₹2316, target ₹2500, stop loss ₹2222.
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.
