Breakout stocks buy or sell: The Indian stock market witnessed healthy buying across sectors, with key indices ending on a positive note in line with upbeat global trends, on Wednesday, August 13.
The Sensex gained 304 points, or 0.38 per cent, to close at 80,539.91, while the Nifty 50 advanced 132 points, or 0.54 per cent, to settle at 24,619.35. Mid- and small-cap stocks outperformed the benchmarks, with the BSE Midcap rising 0.56 per cent and the BSE Smallcap climbing 0.58 per cent.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market is trading in a broader range of 24,300 to 24,650.
Speaking on the outlook of Indian stock market, Bagadia said, “ Bullish or bearish trend can be assumed on the breakage of either side of this 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: Gujarat Apollo Industries, Vimta Labs, Skipper Ltd (India), Indian Metals and Ferro Alloys, and Shilpa Medicare.
1] Gujarat Apollo Industries: Buy at ₹465.5, target ₹501, stop loss ₹449;
2] Vimta Labs: Buy at ₹660.4, target ₹705, stop loss ₹635;
3] Skipper Ltd (India): Buy at ₹542.6, target ₹585, stop loss ₹525;
4] Indian Metals and Ferro Alloys: Buy at ₹797.05, target ₹855, stop loss ₹770;
5] Shilpa Medicare: Buy at ₹906.2, target ₹975, stop loss ₹875.
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.
