Breakout stocks buy or sell: Indian stock market benchmarks, the Sensex and Nifty 50, ended higher on Tuesday, July 8, supported primarily by gains in major financial stocks.
The Sensex advanced by 270 points, or 0.32 per cent, to close at 83,712.51, while the Nifty 50 added 61 points, or 0.24 per cent, finishing at 25,522.50. However, mid and small-cap stocks lagged behind.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market mood has gradually improved in last couple of sessions.
Speaking on the outlook of Indian stock market, Bagadia said, “ The Nifty 50 index has made strong base at 25,300 to 25,250 levels, while the key benchmark index is facing hurdle at 25,550 to 25,600 levels. On breaking above this resistance, the 50-stock index may soon touch 25,700 and 26,200 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: Cartrade Tech, BF Utilities, Wonder Electricals, Valor Estate, and Schaeffler India.
1] Cartrade Tech: Buy at ₹1825, target ₹1930, stop loss ₹1740;
2] BF Utilities: Buy at ₹835, target ₹900, stop loss ₹810;
3] Wonder Electricals: Buy at ₹173.97, target ₹188, stop loss ₹168.5;
4] Valor Estate: Buy at ₹246.65, target ₹264, stop loss ₹237;
5] Schaeffler India: Buy at ₹4201.9, target ₹4500, stop loss ₹4050.
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.
