Breakout stocks buy or sell: Indian benchmark indices closed lower on Thursday, May 8, as rising tensions between India and Pakistan dampened investor confidence. The Indian stock market began the day on a strong note but experienced a steep decline in the final hour of trading after the Indian government announced that its armed forces had struck air defense radars and systems at various sites in Pakistan.
The Nifty 50 ended the session down 0.51%, slipping below the 24,300 level to finish at 24,273, while the Sensex declined by 411 points, or 0.51%, closing at 80,334.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is cautiously positive as the Nifty 50 index is trading above 200-DEMA support placed at 24,050.
Speaking on the outlook of Indian stock market, Bagadia said, “ One should maintain stock-specific approach and look into bottom fishing opportunity on every dip untill this support remains sacrosanct. Amid escalating tension in India-Pakistan conflict, one should look at those stocks that are looking strong on the technical chart. Breakout stocks can be a good option.”
Stocks to buy today
Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — Kirloskar Brothers, Bharti Hexacom, Dharmaj Crop Guard, Orient Bell, and Intellect Design Arena.
1] Kirloskar Brothers: Buy at ₹1840, target ₹1970, stop loss ₹1775;
2] Bharti Hexacom: Buy at ₹1730, target ₹1852, stop loss ₹1669;
3] Dharmaj Crop Guard: Buy at ₹237.50, target ₹254, stop loss ₹229;
4] Orient Bell: Buy at ₹273.5, target ₹293, stop loss ₹263;
5] Intellect Design Arena: Buy at ₹842.80, target ₹902, stop loss ₹813.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
