Breakout stocks buy or sell: Indian stock market benchmarks, the Sensex and Nifty 50, slipped into negative territory due to profit booking in the final hours of trading, influenced by weak global cues.
The Sensex declined 207 points, or 0.26%, to close at 80,157.88, while the Nifty 50 settled 45 points, or 0.18%, lower at 24,579.60. In contrast, the BSE Midcap and Smallcap indices outperformed, gaining 0.27% and 0.64%, respectively.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is cautious to positive as the Nifty 50 index failed to capitalise on the positive opening and closed around 24,600 after the profit booking triggered at 50-DEMA resistance placed at 24,800 levels.
Speaking on the outlook of Indian stock market, Bagadia said, “Bulls may remain positive as the key benchmark index is above 24,400 support. The Indian market sentiment may turn weak once it breaks below 24,400 support. 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: Rail Vikas Nigam, Phoenix Mills, One 97 Communications, National Aluminium Co, and Torrent Power.
1] Rail Vikas Nigam: Buy at ₹331.85, target ₹355, stop loss ₹320;
2] Phoenix Mills: Buy at ₹1565, target ₹1675, stop loss ₹1515;
3] One 97 Communications: Buy at ₹1257, target ₹1350, stop loss ₹1212;
4] National Aluminium Co: Buy at ₹200, target ₹215, stop loss ₹193;
5] Torrent Power: Buy at ₹1304, target ₹1400, stop loss ₹1260.
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.
