Breakout stocks buy or sell: The benchmark indices, Sensex and Nifty 50, declined for a second straight session on Wednesday, May 29, due to weak global signals.
The Sensex dropped 239 points, or 0.29%, to settle at 81,312.32, while the Nifty 50 slipped 74 points, or 0.30%, closing at 24,752.45.
Meanwhile, the BSE Midcap index also finished in the red, down 0.22%, but the Small-cap index moved against the trend, gaining 0.50%.
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. 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 shares to buy today — Pearl Global Industries, Sharda Cropchem, Bhagiradha Chemicals and Industries, PPAP Automotive, and Deepak Frtlsrs and Ptrchmcls Corp.
1] Pearl Global Industries: Buy at ₹1422, target ₹1515, stop loss ₹1370;
2] Sharda Cropchem: Buy at ₹730, target ₹775, stop loss ₹703;
3] Bhagiradha Chemicals and Industries: Buy at ₹327.8, target ₹350, stop loss ₹315;
4] PPAP Automotive: Buy at ₹224.27, target ₹239, stop loss ₹216;
5] Deepak Frtlsrs and Ptrchmcls Corp: Buy at ₹1444.7, target ₹1550, stop loss ₹1400.
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.
