Breakout stocks buy or sell: Indian stock market indices — the Sensex and Nifty 50 — continued their losing streak on Thursday, July 24, witnessing sharp declines during intraday trading.
The Sensex plunged 679 points, or 0.82 per cent, to hit an intraday low of 82,047, while the Nifty slipped 0.80 per cent to touch a low of 25,018.70.
By the end of the session, the Sensex had recovered slightly but still closed 542 points, or 0.66 per cent, lower at 82,184.17. Meanwhile, the Nifty 50 settled at 25,062.10, down 158 points, or 0.63 per cent.
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 is sustaining above 50-DEMA support of 24,900.
Speaking on the outlook of Indian stock market, Bagadia said, “ The key benchmark index is facing resistance at 25,250. So, bullish or bearish trend can be assumed on the breakage of either side of the range. 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: Vijaya Diagnostic Centre, Krishana Phoschem, Globus Spirits, Rainbow Children’s Medicare, and IPCA Laboratories.
1] Vijaya Diagnostic Centre: Buy at ₹1098, target ₹1175, stop loss ₹1060;
2] Krishana Phoschem: Buy at ₹525, target ₹560, stop loss ₹506;
3] Globus Spirits Ltd: Buy at ₹1199.85, target ₹1280, stop loss ₹1160;
4] Rainbow Children’s Medicare: Buy at ₹1623.9, target ₹1730, stop loss ₹1570;
5] IPCA Laboratories: Buy at ₹1540.8, target ₹1640, stop loss ₹1486.
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.
