Breakout stocks to buy or sell: Indian indices closed in the green on Wednesday, September 17, with Nifty regaining the 25,300 level. The Sensex advanced 313.02 points, or 0.38 per cent, to finish at 82,693.71, while the Nifty climbed 91.15 points, or 0.36 per cent, to end at 25,330.25.
Meanwhile, the Midcap index edged up 0.08 per cent, and the Smallcap index gained 0.68 per cent.
Investor sentiment strengthened as India and the US restarted trade discussions, with US Trade Representative for South Asia Brendan Lynch in New Delhi to explore a possible deal. Optimism was further lifted by expectations of a 25-basis-point rate cut by the US Federal Reserve on September 17, while a softer dollar and a stronger rupee gave additional momentum to the market rally.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has improved as the Nifty 50 index has given a fresh breakout above 25,300.
Speaking on the outlook of Indian stock market, Bagadia said, “ The 50-stock index may soon touch 25,700. The immediate support for the key benchmark index has now shifted to 25,100 levels. 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: India Pesticides, Welspun Enterprises, ideaForge Technology, Sansera Engineering, and Shivalik Bimetal Controls.
1] India Pesticides: Buy at ₹234, target ₹250, stop loss ₹225;
2] Welspun Enterprises: Buy at ₹546, target ₹585, stop loss ₹525;
3] ideaForge Technology: Buy at ₹535, target ₹575, stop loss ₹515;
4] Sansera Engineering: Buy at ₹1507, target ₹1630, stop loss ₹1455;
5] Shivalik Bimetal Controls: Buy at ₹545, target ₹585, stop loss ₹525.
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.
