Breakout stocks to buy or sell: Indian equity benchmarks Sensex and Nifty 50 ended the session on a flat note but with a negative undertone on Thursday, December 18, amid the absence of fresh market cues.
The Sensex slipped 78 points, or 0.09%, to end at 84,481.81, while the Nifty 50 edged down just 3 points, or 0.01%, to settle at 25,815.55. The BSE Midcap index posted marginal gains of 0.05%, whereas the Smallcap index declined 0.28%.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is cautious as the Nifty 50 index pared its gains after bouncing back after testing its 50-DEMA support placed at 25,750.
“The key benchmark index has closed around 25,800 and is facing a hurdle at 26,000 on the upper side. A positive trend can be expected only when the 50-stock index closes above 26,000 on a closing basis. If the index breaches below 25,750 decisively, the index may try to test the 25,450 to 25,350 band. So, one should maintain a 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,” said Bagadia.
Stocks to buy today
Sumeet Bagadia recommends five shares to buy today – Pricol, Sansera Engineering, Blue Star, Jindal Stainless, and Automotive Axles.
1] Pricol: Buy at ₹670, target ₹720, stop loss ₹645;
2] Sansera Engineering: Buy at ₹1704, target ₹1830, stop loss ₹1640;
3] Blue Star: Buy at ₹1854, target ₹2000, stop loss ₹1788;
4] Jindal Stainless: Buy at ₹798, target ₹855, stop loss ₹770;
5] Automotive Axles: Buy at ₹1843, target ₹1980, stop loss ₹1777.
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.
