Breakout stocks buy or sell: Benchmark indices, the Sensex and the Nifty 50, saw sharp declines on Tuesday, May 13, following a strong rally of nearly 4 percent the previous day triggered by eased tensions between India and Pakistan.
The Sensex dropped by 1,282 points, or 1.55%, closing at 81,148.22, while the Nifty 50 fell 346 points, or 1.39%, to end the day at 24,578.35. The BSE Midcap and Smallcap indices closed with gains, rising by 0.17 percent and 0.99 percent respectively, outperforming the benchmark indices.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is cautious to positive as the Nifty 50 index is trading in 24,450 to 24,900 range.
Speaking on the outlook of Indian stock market, Bagadia said, “ Bullish or bearish trend can be assumed on the breakage of either side of the range. 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 shares to buy today — Centum Electronics, TD Power Systems, Allied Blenders and Distillers, Fiem Industries, and Lumax Industries.
1] Centum Electronics: Buy at ₹2016, target ₹2160, stop loss ₹1950;
2] TD Power Systems: Buy at ₹464.8, target ₹500, stop loss ₹448;
3] Allied Blenders and Distillers: Buy at ₹380.9, target ₹410, stop loss ₹365;
4] Fiem Industries: Buy at ₹1592.5, target ₹1700, stop loss ₹1540;
5] Lumax Industries: Buy at ₹2577.4, target ₹2750, stop loss ₹2480.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
