Breakout stocks buy or sell: The Indian stock market posted solid gains on Monday, August 18, driven by a mix of supportive domestic and global cues.
The Sensex surged more than 1,100 points during the day before settling 676 points, or 0.84 per cent, higher at 81,273.75. The Nifty 50 ended at 24,876.95, up 246 points, or 1 per cent. Meanwhile, the BSE Midcap index advanced 1 per cent, and the Smallcap index gained 1.39 per cent.
Prime Minister Narendra Modi’s announcement on GST reforms served as a major trigger lifting market sentiment, while hopes of relief from US tariffs, S&P Global’s upgrade of India’s credit rating, and optimism about a potential resolution to the Russia-Ukraine conflict further strengthened the bullish momentum.
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 closed above 50-DEMA resistance placed at 24,815 levels.
Speaking on the outlook of Indian stock market, Bagadia said, “A decisive breakout above 25,100 would injection a fresh bull trend on Dalal Street. 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: Garuda Construction and Engineering, Fiem Industries, Kamat Hotels (India), NESCO and SRM Contractors.
1] Garuda Construction and Engineering: Buy at ₹188.36, target ₹202, stop loss ₹182;
2] Fiem Industries: Buy at ₹1984, target ₹2121, stop loss ₹1915;
3] Kamat Hotels (India): Buy at ₹287.45, target ₹307, stop loss ₹277;
4] NESCO: Buy at ₹1437, target ₹1535, stop loss ₹1385;
5] SRM Contractors: Buy at ₹494, target ₹530, stop loss ₹477.
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.
