Breakout stocks to buy or sell: Extending their winning streak for the fifth straight session, Indian stock market benchmarks — the Sensex and Nifty 50 — closed with modest gains on Wednesday, August 20. Positive sentiment was driven by proposed GST reforms, an S&P Global upgrade of India’s credit rating, and indications that the Russia-Ukraine conflict may be nearing resolution. However, gains were limited by concerns over the upcoming August 27 deadline for Trump’s secondary tariffs.
The Sensex climbed 213 points, or 0.26%, to close at 81,857.84, while the Nifty 50 gained 70 points, or 0.28%, to finish at 25,050.55. Meanwhile, the BSE Midcap and Smallcap indices advanced 0.39% and 0.30%, respectively.
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 continues to sustain above the 50-DEMA support of 24,820 and it has closed above 25,000.
Speaking on the outlook of Indian stock market, Bagadia said,” The benchmark index is facing hurdle in 25,250 to 25,300 range. On breaking above this resistance in a closing basis would ensure 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: Parag Milk Foods, Centum Electronics, Time Technoplast, Honasa Consumer, and Divgi TorqTransfer Systems.
1] Parag Milk Foods: Buy at ₹244, target ₹261, stop loss ₹235;
2] Centum Electronics: Buy at ₹2847, target ₹3060, stop loss ₹2750;
3] Time Technoplast: Buy at ₹483.5, target ₹520, stop loss ₹466;
4] Honasa Consumer: Buy at ₹297.45, target ₹320, stop loss ₹286;
5] Divgi TorqTransfer Systems: Buy at ₹680, target ₹730, stop loss ₹655.
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.
