Breakout stocks buy or sell: Snapping a six-day winning run, benchmark indices Sensex and Nifty 50 fell by nearly 1 per cent each on Friday, August 22, dragged down by weak global signals.
The Sensex declined 694 points, or 0.85 per cent, to close at 81,306.85, while the Nifty 50 slipped 214 points, or 0.85 per cent, to settle at 24,870.10. The BSE Midcap and Smallcap indices also ended lower, down 0.23 per cent and 0.35 per cent, respectively.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that outlook for the Indian stock market has turned cautious as the Nifty 50 index ended close to 50-DEMA support placed at 24,820 levels.
Speaking on the outlook of Indian stock market, Bagadia said, “ The key benchmark index is facing resistance at 25,150. Bullish or bearish trend can be assumed on the breakage of either side of this range. On breaking above 25,200 levels on a closing basis may trigger a fresh bull trend on Dalal Street.”
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today: KRN Heat Exchanger and Refrigeration, Avantel, Shaily Engineering Plastics, Datamatics Global Services, and Fedbank Financial Services.
1] KRN Heat Exchanger and Refrigeration: Buy at ₹954, target ₹1020, stop loss ₹920;
2] Avantel: Buy at ₹149.7, target ₹160, stop loss ₹144;
3] Shaily Engineering Plastics: Buy at ₹2103.4, target ₹2280, stop loss ₹2050;
4] Datamatics Global Services: Buy at ₹980, target ₹1050, stop loss ₹945;
5] Fedbank Financial Services: Buy at ₹142, target ₹153.5, stop loss ₹137.5.
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.
