Breakout stocks buy or sell: Strong gains in major banking stocks such as HDFC Bank and ICICI Bank lifted the Indian market benchmarks — Sensex and Nifty 50 — on Monday, July 21, helping them snap a two-day losing streak despite mixed global signals.
The Sensex advanced by 443 points, or 0.54 per cent, to settle at 82,200.34, while the Nifty 50 gained 122 points, or 0.49 per cent, to close at 25,090.70. The BSE Midcap index also climbed 0.55 per cent, mirroring the benchmarks, whereas the BSE Smallcap index closed on a flat note.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market is indicating a trend reversal as the Nifty 50 index has bounced back strongly after inching close to 50-DEMA support of 24,900.
Speaking on the outlook of Indian stock market, Bagadia said, “ The key benchmark index is facing hurdle at 25,250. On breaking above this resistance on a closing basis, we can expect the 50-stock index to touch 25,500 and 25,700 soon. 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: Nelcast, Vintage Coffee and Beverages, Royal Orchid Hotels, Chemplast Sanmar, and KRBL.
1] Nelcast: Buy at ₹152.7, target ₹163, stop loss ₹147;
2] Vintage Coffee and Beverages: Buy at ₹146.55, target ₹157, stop loss ₹141;
3] Royal Orchid Hotels: Buy at ₹437.8, target ₹470, stop loss ₹422;
4] Chemplast Sanmar: Buy at ₹467.4, target ₹505, stop loss ₹350;
5] KRBL: Buy at ₹414, target ₹444, stop loss ₹399.
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.
