Breakout stocks buy or sell: The Indian stock market ended in red on Tuesday, July 22, weighed down by weak global cues, ending strong gains a day before. The benchmark indices closed flat with a slight negative bias. The Sensex dipped 14 points to end at 82,186.81, while the Nifty 50 fell 30 points, or 0.12%, to settle at 25,060.90.
Broader markets fared worse, with the BSE Midcap index declining by 0.62% and the Smallcap index slipping 0.17%.
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: Emcure Pharmaceuticals, Thomas Cook (India), Schneider Electric Infrastructure, Pennar Industries, and Shanthi Gears.
1] Emcure Pharmaceuticals: Buy at ₹1425.7, target ₹1520, stop loss ₹1380;
2] Thomas Cook (India): Buy at ₹185.9, target ₹199, stop loss ₹179;
3] Schneider Electric Infrastructure: Buy at ₹932.6, target ₹996, stop loss ₹900;
4] Pennar Industries: Buy at ₹251.7, target ₹270, stop loss ₹243;
5] Shanthi Gears: Buy at ₹560.55, target ₹600, stop loss ₹540.
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.
