Breakout stocks buy or sell: Both Indian indices – Sensex and Nifty – ended Tuesday’s session in significant losses on heavy profit booking in large caps and selective buying in mid-cap and small-cap shares.
The Sensex closed with a decline of 625 points, or 0.76%, ending the day at 81,551.63, while the Nifty 50 slipped 175 points, or 0.70%, to settle at 24,826.20. In contrast, mid-cap and small-cap stocks outperformed the broader market. The BSE Midcap index edged up by 0.18%, and the Smallcap index gained 0.19%.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the undertone for the Indian stock market is positive but the Nifty 50 index is facing hurdle at 25,000 levels.
Speaking on the outlook of Indian stock market, Bagadia said, “ On breaching above this resistance, we can expect the benchmark index to touch 25,400 soon. On the lower side, the index has made strong support at 24,500 levels.”
Stocks to buy today
Sumeet Bagadia recommends five shares to buy today — Hindware Home Innovation, Enviro Infra Engineers, Minda Corporation, ELGI Equipments, and Man Industries (India).
1] Hindware Home Innovation: Buy at ₹253, target ₹271, stop loss ₹244;
2] Enviro Infra Engineers: Buy at ₹252.35, target ₹270, stop loss ₹243;
3] Minda Corporation: Buy at ₹550.55, target ₹590, stop loss ₹530;
4] ELGI Equipments: Buy at ₹497.80, target ₹533, stop loss ₹480;
5] Man Industries (India): Buy at ₹367.35, target ₹393, stop loss ₹354.
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.
