Breakout stocks buy or sell: The Indian stock market benchmarks, the Sensex and Nifty 50, break their three-day losing streak on Wednesday, May 21, thanks to broad-based buying.
The Sensex gained 410 points, or 0.51%, to close at 81,596.63, while the Nifty 50 advanced 130 points, or 0.52%, finishing at 24,813.45. The BSE Midcap index climbed 0.90%, and the Smallcap index rose 0.51%.
The total market capitalisation of companies listed on the BSE increased to ₹441 lakh crore from ₹438 lakh crore in the previous session, resulting in a gain of approximately ₹3 lakh crore for investors in just one trading day.
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 showing ascending channel pattern.
Speaking on the outlook of Indian stock market, Bagadia said, “The benchmark index has crucial support placed at 24,500 levels. 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 — City Union Bank, LT Foods, Kajaria Ceramics, Sarla Performance Fibers, and Shiva Texyarn.
1] City Union Bank: Buy at ₹197.08, target ₹211, stop loss ₹190;
2] LT Foods: Buy at ₹398.15, target ₹426, stop loss ₹384;
3] Kajaria Ceramics: Buy at ₹1003.9, target ₹1075, stop loss ₹968;
4] Sarla Performance Fibers: Buy at ₹111.76, target ₹121, stop loss ₹107;
5] Shiva Texyarn: Buy at ₹228.26, target ₹244, stop loss ₹220.
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.
