Breakout stocks buy or sell: Indian stock market indices, Sensex and Nifty 50, closed slightly lower on Thursday, June 19, amid fragile investor sentiment due to rising tensions between Israel and Iran.
The Sensex declined by 83 points, or 0.10 per cent, to close at 81,361.87, while the Nifty 50 slipped 19 points, or 0.08 per cent, ending the session at 24,793.25. Meanwhile, mid-cap and small-cap stocks witnessed significant declines.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that despite uncertainty caused by the Israel-Iran war, the Indian stock market sentiment continues to remain cautious as the Nifty 50 index once again bounced back after coming close to 24,750 to 24,800 levels.
Speaking on the outlook of Indian stock market, Bagadia said, “ The benchmark index has made crucial support at 24,500, while the 50-stock index has crucial resistance ar 25,200. Bullish or bearish trend could be assumed on the breakage of either side of these two important 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 shares to buy today — Swiggy, Aban Offshore Ltd Fully Paid Ord. Shrs, GRM Overseas, Gallantt Ispat, and Sumitomo Chemical India.
1] Swiggy: Buy at ₹374.15, target ₹401, stop loss ₹361;
2] Aban Offshore Ltd Fully Paid Ord. Shrs: Buy at ₹59.29, target ₹64, stop loss ₹57.21;
3] GRM Overseas: Buy at ₹372.25, target ₹400, stop loss ₹359;
4] Gallantt Ispat: Buy at ₹470.60, target ₹504, stop loss ₹454;
5] Sumitomo Chemical India: Buy at ₹502.25, target ₹537, stop loss ₹484.
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.
