Breakout stocks buy or sell: Indian benchmark indices, Sensex and Nifty 50, edged higher on Thursday, tracking strength in global markets. The upside, however, remained capped as investors stayed cautious ahead of the upcoming Russia-U.S. talks on the Ukraine crisis, which kept overall sentiment muted in the holiday-shortened week.
By the close of trade on August 14, the Sensex gained 57.75 points, or 0.07 per cent, to settle at 80,597.66, while the Nifty inched up 11.95 points, or 0.05 per cent, to finish at 24,631.30, holding above the 24,600 mark.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has improved after the relief rallies in two successive sessions on Thursday and Friday last week.
Speaking on the outlook of Indian stock market, Bagadia said, “ The Nifty 50 index is facing resistance at 24,650. On breaking above this level on a closing basis, we can another 100 points rally in the 50-stock index. The key benchmark index is in a tight range of 24,300 to 24,650, while the broader range is 24,000 to 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 breakout stocks to buy today: Le Travenues Technology, Sterlite Technologies, Tourism Finance Corporation of India, Aptus Value Housing Finance India, and Commercial Syn Bags.
1] Le Travenues Technology: Buy at ₹268.6, target ₹288, stop loss ₹259;
2] Sterlite Technologies: Buy at ₹134.79, target ₹144, stop loss ₹130;
3] Tourism Finance Corporation of India: Buy at ₹309.1, target ₹331, stop loss ₹298;
4] Aptus Value Housing Finance India: Buy at ₹356, target ₹381, stop loss ₹343;
5] Commercial Syn Bags: Buy at ₹141.52, target ₹152, stop loss ₹136.
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.
