Breakout stocks buy or sell: The Indian stock market paused briefly on Friday, May 16, after reaching a seven-month high, as weak global cues and a significant slump in domestic tech stocks weighed on investor sentiment.
The Nifty 50 dipped 42 points, or 0.17%, to close slightly above the 25,000 mark at 25,019, while the Sensex fell by 200 points, or 0.24%, ending at 82,330. Despite the day’s losses, both indices still posted strong weekly gains of over 4%.
Broader markets performed even better, with the Nifty Midcap 100 rising 7.21% during the week and the Nifty Smallcap 100 jumping by an impressive 9%.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is positive as the Nifty 50 index has made strong base around 25,000.
Speaking on the outlook of Indian stock market, Bagadia said, “ The index is set to touch 25,400 and 25,800 soon. 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 — Devyani International, Gujarat Mineral Development Corpn, Dreamfolks Services, Ircon International, and UCAL.
1] Devyani International: Buy at ₹186.89, target ₹200, stop loss ₹180;
2] Gujarat Mineral Development Corpn: Buy at ₹354.60, target ₹380, stop loss ₹342;
3] Dreamfolks Services: Buy at ₹282.55, target ₹302, stop loss ₹272;
4] Ircon International: Buy at ₹188.88, target ₹203, stop loss ₹182.26;
5] UCAL: Buy at ₹166.58, target ₹175, stop loss ₹160.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
