Breakout stocks buy or sell: A sharp wave of selling swept through the Indian stock market, pulling the benchmark indices down by around 1 per cent each, on Friday, August 8.
The Sensex tumbled 765 points, or 0.95 per cent, to settle at 79,857.79, while the Nifty 50 slipped 233 points, or 0.95 per cent, ending at 24,363.30.
Among the broader markets, the BSE Midcap index fell 1.56 per cent, and the Smallcap index declined 1.03 per cent.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has turned weak as the Nifty 50 index has slipped below 24,500 decisively and the 50-stock index has now made its base around its 200-DEMA support at 24,000.
Speaking on the outlook of Indian stock market, Bagadia said, “ On the upper side 24,550 is expected to work as immediate hurdle. 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: Sanghvi Movers, Gujarat State Fertilizers & Chemicls, Nuvoco Vistas Corporation, Yatharth Hospital & Trauma Cre Srvcs, and Fortis Healthcare.
1] Sanghvi Movers: Buy at ₹307.1, target ₹330, stop loss ₹297;
2] Gujarat State Fertilizers & Chemicls: Buy at ₹213.2, target ₹229, stop loss ₹206;
3] Nuvoco Vistas Corporation: Buy at ₹440.05, target ₹470, stop loss ₹425;
4] Yatharth Hospital & Trauma Cre Srvcs: Buy at ₹706.1, target ₹760, stop loss ₹680;
5] Fortis Healthcare: Buy at ₹897.35, target ₹960, stop loss ₹865.
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.
