Breakout stocks buy or sell: The Sensex and Nifty 50 closed nearly flat on Wednesday, July 16, amid mixed signals from global markets.
The Sensex rose by 64 points, or 0.08 per cent, to finish at 82,634.48, while the Nifty 50 inched up 16 points, or 0.06 per cent, to settle at 25,212.05.
The BSE Midcap index closed 0.10 per cent higher, largely mirroring the performance of the benchmark indices. In contrast, the BSE Smallcap index registered a relatively stronger gain of 0.28 per cent.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has improved as the Nifty 50 index has sustained above the crucial 50-DEMA support of 24,900.
Speaking on the outlook of Indian stock market, Bagadia said, “ The key benchmark index is expected to touch 25,500 and 25,700 if the 50-stock index sustains above 25,000. 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: Hariom Pipe Industries, Mahindra EPC Irrigation, Kirloskar Pneumatic Company, Shoppers Stop, and Sportking India.
1] Hariom Pipe Industries: Buy at ₹481.95, target ₹515, stop loss ₹465;
2] Mahindra EPC Irrigation: Buy at ₹153.5, target ₹163, stop loss ₹148;
3] Kirloskar Pneumatic Company: Buy at ₹1508, target ₹1616, stop loss ₹1450;
4] Shoppers Stop: Buy at ₹576.2, target ₹615, stop loss ₹555;
5] Sportking India: Buy at ₹130.16, target ₹140, stop loss ₹125.
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.
