Breakout stocks to buy or sell: Indian benchmark indices — Sensex and Nifty — extended their losses for a second consecutive session on Friday, October 31. Nevertheless, both indices recorded their strongest monthly performance in seven months, last seen in March.
The Sensex declined 465.75 points, or 0.55 per cent, to close at 83,938.71, while the Nifty 50 slipped 155.75 points, or 0.60 per cent, to settle at 25,722. Weak global cues and profit-booking amid mixed corporate earnings weighed on sentiment. Over the month, the Sensex advanced 4.6 per cent, and the Nifty 50 rose 4.5 per cent.
In the broader market, the BSE Midcap index dropped 0.55 per cent, and the BSE Smallcap index fell 0.40 per cent.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market is trading range-bound as the Nifty 50 index is gripped in 25,700 to 26,100 range.
Speaking on the outlook of the Indian stock market, Bagadia said, “ A bullish or a bearish trend can be assumed on the breakage of either side of this 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: Bajaj Consumer Care, Tatva Chintan Pharma Chem, Allied Blenders and Distillers, Garuda Construction and Engineering, and Vishnu Chemicals.
1] Bajaj Consumer Care: Buy at ₹277, target ₹299, stop loss ₹266;
2] Tatva Chintan Pharma Chem: Buy at ₹1422, target ₹1535, stop loss ₹1375;
3] Allied Blenders and Distillers: Buy at ₹662, target ₹715, stop loss ₹638;
4] Garuda Construction and Engineering: Buy at ₹216, target ₹232, stop loss ₹210;
5] Vishnu Chemicals: Buy at ₹515, target ₹555, stop loss ₹499.
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.
