Breakout stocks buy or sell: Continuing their downward trend for a third straight session, India’s key stock indices — the Sensex and Nifty 50 — ended Tuesday, May 20, with sharp declines of more than 1% each, weighed down by mixed global signals and increasing worries about high market valuations.
The Sensex ended the session down by 873 points, or 1.06%, at 81,186.44, while the Nifty 50 declined by 262 points, or 1.05%, to close at 24,683.90.
The decline was widespread, with the BSE Midcap index falling by 1.65% and the Smallcap index ending down 0.96%.
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 is trading above 24,500.
Speaking on the outlook of Indian stock market, Bagadia said, “ On breaching below 24,500, the 50-stock index would find next crucial support around 200-DEMA of 24,050. 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 — Honasa Consumer, eClerx Services, Thomas Cook (India), D P Wires, and BLS E-Services.
1] Honasa Consumer: Buy at ₹272.25, target ₹292, stop loss ₹262;
2] eClerx Services: Buy at ₹3363.20, target ₹3600, stop loss ₹3245;
3] Thomas Cook (India): Buy at ₹155.75, target ₹167, stop loss ₹150;
4] D P Wires: Buy at ₹267.40, target ₹287, stop loss ₹258;
5] BLS E-Services: Buy at ₹215.36, target ₹230, stop loss ₹207.
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.
