Breakout stocks buy or sell: Indian stock market benchmarks—the Sensex and the Nifty 50—closed lower on Tuesday, June 17, as investors booked profits in major stocks like HDFC Bank, Reliance Industries, and Bajaj Finance, amid subdued global sentiment. The Sensex dropped 213 points, or 0.26%, to settle at 81,583.30, while the Nifty 50 slipped 93 points, or 0.37%, to close at 24,853.40.
Broader markets witnessed sharper declines, with the BSE Midcap index losing 0.56% and the Smallcap index falling 0.67%.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is cautious to positive as the Nifty 50 index is trading in 24,500 to 25,200 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 — Intellect Design Arena, Navin Fluorine International Limited, Maan Aluminium, Nelcast and Steel Strips Wheels.
1] Intellect Design Arena: Buy at ₹1227.9, target ₹1313, stop loss ₹1184;
2] Navin Fluorine International Limited: Buy at ₹4703.4, target ₹5033, stop loss ₹4538;
3] Maan Aluminium: Buy at ₹131.48, target ₹141, stop loss ₹126;
4] Nelcast: Buy at ₹145.76, target ₹156, stop loss ₹140;
5] Steel Strips Wheels: Buy at ₹258.15, target ₹280, stop loss ₹249.
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.
