Breakout stocks to buy or sell: The Sensex and Nifty 50 extended their gains for a third straight session on Thursday, September 18, supported by mixed global signals after the US Federal Reserve trimmed its benchmark interest rate by 25 basis points as expected and indicated the possibility of two additional cuts this year.
The Sensex advanced 320 points, or 0.39 per cent, to close at 83,013.96, while the Nifty 50 gained 93 points, or 0.37 per cent, to finish at 25,423.60. Among broader markets, the BSE Midcap index edged up 0.36 per cent, while the Smallcap index ended unchanged.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is positive as the Nifty 50 index is sustaining above 25,400.
Speaking on the outlook of Indian stock market, Bagadia said, “ The key benchmark index is facing hurdle at 25,550. On breaking above this level on a closing basis, we can expect the 50-stock index to soon touch 25,800 levels. 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: Zen Technologies Limited, Usha Martin, Hariom Pipe Industries, Hyundai Motor Co, and HFCL.
1] Zen Technologies Limited: Buy at ₹1621.30, target ₹1735, stop loss ₹1564;
2] Usha Martin: Buy at ₹415.85, target ₹450, stop loss ₹400;
3] Hariom Pipe Industries: Buy at ₹540.5, target ₹578, stop loss ₹520;
4] Hyundai Motor Co: Buy at ₹2720.8, target ₹2911, stop loss ₹2625;
5] HFCL: Buy at ₹77.64, target ₹83.07, stop loss ₹75.
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.
