Breakout stocks buy or sell: The Indian stock market closed with sharp declines on Thursday, May 22, as escalating geopolitical tensions, worries about U.S. debt, and high valuations in domestic stocks prompted investors to pull back from riskier assets.
The Sensex dropped by 645 points, or 0.79%, ending at 80,951.99, while the Nifty 50 slipped 204 points, or 0.82%, to settle at 24,609.70. The BSE Midcap index declined by 0.33%, whereas the BSE Smallcap index managed a modest gain of 0.17%.
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 still above the crucial support placed at 24,500.
Speaking on the outlook of Indian stock market, Bagadia said, “ On breaking below 24,500 levels, the benchmark index may try to test 24,000 levels. 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.”
1] Shilpa Medicare: Buy at ₹735.60, target ₹787, stop loss ₹709;
2] Surya Roshni: Buy at ₹311.20, target ₹333, stop loss ₹300;
3] Finolex Industries: Buy at ₹195.74, target ₹210, stop loss ₹188;
4] Clean Science and Technology: Buy at ₹1328.90, target ₹1422, stop loss ₹1282;
5] Mahindra Lifespace Developers: Buy at ₹366.05, target ₹392, stop loss ₹353.
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.
