Breakout stocks to buy or sell: Indian stock market benchmarks, the Sensex and Nifty 50, halted their three-day winning streak on the back of profit booking and subdued global signals.
The Sensex closed 388 points, or 0.47 per cent, lower at 82,626.23, while the Nifty 50 declined 97 points, or 0.38 per cent, to finish at 25,327.05. Among broader indices, the BSE Midcap slipped 0.09 per cent, whereas the Smallcap index managed to edge up by 0.16 per cent.
Major index constituents including HDFC Bank, ICICI Bank, and Reliance Industries emerged as the biggest laggards weighing down the benchmark indices.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is positive as the Nifty 50 index closed above the 20-DEMA at 24,710.
Speaking on the outlook of Indian stock market, Bagadia said, “ The key benchmark index faces a hurdle at 25,000 after making an immediate base of 24,600. On breaking above 25,000 decisively, we can expect a fresh bull trend in the Indian secondary market. So, one should look at those stocks that look strong on the technical chart pattern.”
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today: Anant Raj, Tanla Platforms, Centum Electronics, Cartrade Tech, and PCBL Chemical.
1] Anant Raj: Buy at ₹640, target ₹690, stop loss ₹615;
2] Tanla Platforms: Buy at ₹753, target ₹810, stop loss ₹725;
3] Centum Electronics: Buy at ₹2832, target ₹3030, stop loss ₹2727;
4] Cartrade Tech: Buy at ₹2540, target ₹2730, stop loss ₹2450;
5] PCBL Chemical: Buy at ₹413, 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.
