Breakout stocks buy or sell: The Indian stock market ended in the red, influenced by rising tensions between India and Pakistan and subdued global cues ahead of the US Federal Reserve’s policy announcement, on Tuesday, May 6.
The Sensex dropped by 156 points, or 0.19%, to close at 80,641, while the Nifty 50 declined by 82 points, or 0.33%, finishing at 24,379.60.
Although the benchmarks closed with relatively modest declines, the mid-cap and small-cap segments experienced steeper losses. The BSE Midcap index fell by 2.16 percent, and the Smallcap index dropped by 2.33 percent.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is cautious to positive as the Nifty 50 index is trading in a tight 24,300 to 24,600 range.
Speaking on the outlook of Indian stock market, Bagadia said, “One can assume bullish or bearish sentiment on the breakage of either side of this range. Amid rising India-Pakistan tension 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.”
Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — Elecon Engineering Company, Mahamaya Steel Industries, Cholamandalam Financial Holdings, R R Kabel, and Alivus Life Sciences.
Stocks to buy today
1] Elecon Engineering Company: Buy at ₹593.6, target ₹636, stop loss ₹572;
2] Mahamaya Steel Industries: Buy at ₹276.05, target ₹296, stop loss ₹266;
3] Cholamandalam Financial Holdings: Buy at ₹1886, target ₹2018, stop loss ₹1820;
4] R R Kabel: Buy at ₹1213.5, target ₹1300, stop loss ₹1171;
5] Alivus Life Sciences: Buy at ₹1111, target ₹1188, stop loss ₹1072.
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.
