Breakout stocks to buy or sell: The Indian stock market is expected to open on a tepid note Wednesday, following weak cues from global markets. The trends on Gift Nifty also signal a muted opening for the benchmark indices, Sensex and Nifty 50.
On Tuesday, the equity market saw a short-covering rally and the Nifty 50 ended above 24,800 level. The Sensex gained 446.93 points, or 0.55%, to close at 81,337.95, while the Nifty 50 settled 140.20 points, or 0.57%, higher at 24,821.10.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market mood has improved as the Nifty 50 index witnessed sharp rebound after inching close to its crucial support levels in 24,600 to 24,500 range.
“Nifty 50 index has ended around 24,800 and it would need to close above 24,900 to improve the bias. Till then, one should maintain a 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,” Bagadia said.
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today: Le Travenues Technology, Vimta Labs, Belrise Industries, Stallion India Fluorochemicals and Rallis India shares.
1] Le Travenues Technology: Buy at 231.36; Target Price ₹250; Stop Loss ₹223
2] Vimta Labs: Buy at ₹729.85; Target Price ₹760; Stop Loss ₹685
3] Belrise Industries: Buy at ₹131.79; Target Price ₹142; Stop Loss ₹127
4] Stallion India: Buy at ₹121.90; Target Price: ₹131; Stop Loss ₹117
5] Rallis India: Buy at ₹380.20; Target Price ₹410; Stop Loss ₹366
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
