Breakout stocks to buy or sell: The Indian benchmark indices retreated further from the record highs reached earlier this week, marking a fourth consecutive day of decline on Wednesday, December 3.
Despite spending most of the session subdued, a late bout of buying failed to lift the markets into positive territory. The Sensex slipped 31 points, or 0.04%, to close at 85,107, while the Nifty 50 ended 46 points, or 0.18%, lower at 25,986.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment has turned cautious as the Nifty 50 index came close to 25,900 during the Wednesday session.
“However, the crucial support placed at 25,800 to 25,750 band is still sustained. If the support remains sacrosanct, then the 50-stock index may bounce back and try to regain 26,000 and 26,300 levels. On breaking below 25,750, the key index may try to test 25,500 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,” said Bagadia.
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today – Astec LifeSciences Limited, Kiri Industries, Doms Industries, Anupam Rasayan India, and Cartrade Tech.
1] Astec LifeSciences Limited: Buy at ₹849, target ₹915, stop loss ₹820;
2] Kiri Industries: Buy at ₹610, target ₹655, stop loss ₹588;
3] Doms Industries: Buy at ₹2609, target ₹2800, stop loss ₹2525;
4] Anupam Rasayan India: Buy at ₹1253, target ₹1350, stop loss ₹1212;
5] Cartrade Tech: Buy at ₹3095, target ₹3333, stop loss ₹2977.
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.
