Breakout stocks buy or sell: The Indian stock market saw widespread buying on Monday, August 4, allowing benchmark indices—the Sensex and Nifty 50—to break their two-day losing streak, supported by mostly positive global trends and a weaker US dollar.
The Sensex gained 419 points, or 0.52 per cent, closing at 81,018.72, while the Nifty 50 advanced 157 points, or 0.64 per cent, to finish at 24,722.75.
Mid and small-cap stocks outperformed the broader market, with the BSE Midcap index climbing 1.11 per cent and the Smallcap index rising 0.76 per cent.
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 has registered strong rebound from lower support range.
Speaking on the outlook of Indian stock market, Bagadia said, “ For further improvement in Dalal Street mood, the key benchmark index needs to break a ove 50-DEMA resistance placed at 24,900. 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: Indegene, Cupid, CCL Products (India), KIOCL, and Yatra Online Inc.
1] Indegene: Buy at ₹587.55, target ₹630, stop loss ₹566;
2] Cupid: Buy at ₹167.35, target ₹180, stop loss ₹161;
3] CCL Products (India): Buy at ₹162.97, target ₹176, stop loss ₹157;
4] KIOCL: Buy at ₹386.7, target ₹414, stop loss ₹373;
5] Yatra Online Inc: Buy at ₹101.97, target ₹110, stop loss ₹98.
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.
