Breakout stocks buy or sell: The Indian stock market closed sharply lower on Friday, July 11, as escalating tensions from the US-led trade war and a disappointing start to the Q1 earnings season weighed heavily on investor sentiment.
The Sensex dropped 690 points, or 0.83 per cent, to close at 82,500.47, while the Nifty 50 fell 205 points, or 0.81 per cent, ending at 25,149.85.
Among broader indices, the BSE Midcap index slipped 0.65 per cent, and the Smallcap index declined by 0.70 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 the crucial support levels of 25,250 on a closing basis.
Speaking on the outlook of Indian stock market, Bagadia said, “ The next crucial support for the key benchmark index is placed at 24,900. 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: Asahi India Glass, Syrma SGS Technology, Rallis India, NTPC Green Energy, and SBFC Finance.
1] Asahi India Glass: Buy at ₹851.70, target ₹920, stop loss ₹820;
2] Syrma SGS Technology: Buy at ₹678.45, target ₹732, stop loss ₹654;
3] Rallis India: Buy at ₹343.55, target ₹367, stop loss ₹331;
4] NTPC Green Energy: Buy at ₹112.18, target ₹120, stop loss ₹108;
5] SBFC Finance: Buy at ₹119.02, target ₹128, stop loss ₹114.
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.
