Breakout stocks to buy or sell: The Indian stock market fell for a second straight session on Tuesday, December 2, as investors booked profits at higher levels amid a weaker rupee and continued foreign fund outflows.
The BSE Sensex dropped 504 points (0.59%) to 85,138, while the Nifty 50 ended 144 points (0.55%) lower at 26,032. The total market capitalisation of BSE-listed firms shrank by ₹1.82 lakh crore to ₹472.59 lakh crore during the session.
Investor attention now turns to the Reserve Bank of India’s three-day monetary policy meeting, which begins tomorrow, with the decision due on December 5.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is cautious to positive until the Nifty 50 index is sustaining above 25,800.
“The key benchmark index is facing hurdle at 26,300. So, bullish or bearish trend can be assumed on the breakage of either side of the crucial range. Hence, 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,” said Bagadia.
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today – Birlasoft, STEL Holdings, Minda Corporation, Jamna Auto Industries, and Stylam Industries.
1] Birlasoft: Buy at ₹405, target ₹433, stop loss ₹388;
2] STEL Holdings: Buy at ₹534, target ₹575, stop loss ₹515;
3] Minda Corporation: Buy at ₹600, target ₹645, stop loss ₹580;
4] Jamna Auto Industries: Buy at ₹122, target ₹132, stop loss ₹118;
5] Stylam Industries: Buy at ₹2140, target ₹2300, stop loss ₹2065.
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.
