Breakout stocks to buy or sell: The Indian stock market saw strong buying momentum on Friday, October 10, with benchmark indices Sensex and Nifty 50 extending their gains for the second consecutive session despite mixed global trends.
The Sensex rose 329 points, or 0.40 per cent, to close at 82,500.82, while the Nifty 50 added 104 points, or 0.41 per cent, to settle at 25,285.35. The rally was broad-based, as the BSE Midcap index advanced 0.36 per cent and the Smallcap index gained 0.59 per cent.
The overall market capitalisation of BSE-listed companies climbed to nearly ₹462 lakh crore, up from ₹460 lakh crore in the previous session, resulting in a one-day addition of about ₹2 lakh crore to investors’ wealth.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is positive as the Nifty 50 index has broken above 25,300 hurdle on a closing basis.
Speaking on the outlook of Indian stock market, Bagadia said, “ The 50- stock index is set to touch 25,800 in the near term, provided it decisively breaks above the immediate hurdle placed at 25,550. 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: Manorama Industries, Asahi India Glass, Bajaj Consumer Care, Borosil Renewables, and Le Travenues Technology.
1] Manorama Industries: Buy at ₹1505, target ₹1620, stop loss ₹1450;
2] Asahi India Glass: Buy at ₹897, target ₹965, stop loss ₹870;
3] Bajaj Consumer Care: Buy at ₹264, target ₹280, stop loss ₹253;
4] Borosil Renewables: Buy at ₹642, target ₹690, stop loss ₹622;
5] Le Travenues Technology: Buy at ₹318, target ₹340, stop loss ₹306.
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.
