Breakout stocks buy or sell: The Indian stock market recorded strong gains on Monday, August 11, driven by broad-based buying despite mixed signals from global markets.
The Sensex closed at 80,604.08, gaining 746 points, or 0.93 per cent, while the Nifty 50 advanced 222 points, or 0.91 per cent, to finish at 24,585.05.
Among broader indices, the BSE Midcap rose 0.79 per cent, and the Smallcap index ended 0.35 per cent higher.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has turned positive after the decent oil back in the Nifty 50 index from 24,350 levels.
Speaking on the outlook of Indian stock market, Bagadia said, “ The key benchmark index has ended close to 24,600 and the 50-stock index is facing hurdle at 24,650 range. For more improvement in Dalal Street mood, the Nifty index needs to break above 24,650 on a closing basis. 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: Godawari Power and Ispat Limited, Kalpataru Projects International Ltd, Nava, V Guard Industries, and Sapphire Foods India.
1] Godawari Power and Ispat Limited: Buy at ₹196.57, target ₹210, stop loss ₹189;
2] Kalpataru Projects International Ltd: Buy at ₹1237.8, target ₹1325, stop loss ₹1194;
3] Nava: Buy at ₹625.85, target ₹675, stop loss ₹600;
4] V Guard Industries: Buy at ₹362.85, target ₹388, stop loss ₹350;
5] Sapphire Foods India: Buy at ₹323.6, target ₹350, stop loss ₹312.
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.
