Breakout stocks buy or sell: Benchmark indices Sensex and Nifty continued their downward trend for the fourth consecutive session on Monday, weighed down by selling pressure in IT stocks and continued foreign fund outflows.
The BSE Sensex declined by 247.01 points, or 0.30%, closing at 82,253.46. It had slipped as much as 490.09 points, or 0.59%, to touch an intraday low of 82,010.38 before trimming some losses by the end of the session.
Meanwhile, the NSE Nifty ended 67.55 points, or 0.27%, lower at 25,082.30.
Since July 9, the Sensex has lost around 1,460 points, or 1.75%, while the Nifty has shed approximately 440 points, or 1.73%, over the four-session losing streak.
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 further down towards its 50-DEMA support of 24,900.
Speaking on the outlook of Indian stock market, Bagadia said, “ On breaching below this crucial support, the key benchmark index may try to touch 24,650 levels. 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: CEAT, V I P Industries, Blue Jet Healthcare, HEG, and Venus Remedies.
1] CEAT: Buy at ₹3910, target ₹4200, stop loss ₹3750;
2] V I P Industries: Buy at ₹480.95, target ₹515, stop loss ₹465;
3] Blue Jet Healthcare: Buy at ₹953.75, target ₹1020, stop loss ₹920;
4] HEG: Buy at ₹531.45, target ₹565, stop loss ₹515;
5] Venus Remedies: Buy at ₹477.8, target ₹510, stop loss ₹460.
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.