Breakout stocks to buy or sell: The Sensex and Nifty 50, key stock market indices, fell for the second straight day on Tuesday, December 9, driven by subdued global sentiment ahead of the US Federal Reserve’s upcoming policy decision.
The Sensex dropped by 436 points (0.51%) to close at 84,666.28, and the Nifty 50 declined by 121 points (0.47%) to finish at 25,839.65. In contrast, the mid-cap and small-cap sectors recovered from earlier losses and outperformed the major indices, with the BSE Midcap index rising 0.60% and the Smallcap index increasing by 1.27%.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment has improved as the Nifty 50 index bounced back after touching it’s 50-DEMA support placed around 25,730 levels.
“However, the 50-stock index would need to sustain above 26,000 to strengthen bull’s conviction. 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,” said Bagadia.
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today – Sharda Cropchem, Sandhar Technologies, Indo Borax and Chemicals, Jamna Auto Industries, and Ashapura Minechem.
1] Sharda Cropchem: Buy at ₹908, target ₹970, stop loss ₹870;
2] Sandhar Technologies: Buy at ₹560, target ₹600, stop loss ₹540;
3] Indo Borax and Chemicals: Buy at ₹260, target ₹280, stop loss ₹250;
4] Jamna Auto Industries: Buy at ₹122.5, target ₹132, stop loss ₹118;
5] Ashapura Minechem: Buy at ₹715, target ₹765, stop loss ₹688.
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.
