Breakout stocks buy or sell: Indian stock market benchmarks — the Sensex and Nifty — resumed their downward trajectory on Tuesday, August 5, following a brief pause in the previous session. This marks the third decline in the last four trading days for both indices.
The BSE Sensex ended the day 308 points lower, slipping 0.38 per cent to close at 80,710. On the other hand, the NSE Nifty 50 dropped 73 points, or 0.30 per cent, to finish at 24,649.
While broader markets also witnessed a decline, they fared better than the benchmark indices. The BSE Midcap index edged down by 0.14 per cent, and the BSE Smallcap index dipped 0.27 per cent.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that despite sell-off on the previous session, the Indian stock market sentiment continues to remain cautious to positive as the Nifty 50 index is sustaining above 24,500 support.
Speaking on the outlook of Indian stock market, Bagadia said, “ On the upper side, the 50-stock index is facing hurdle at 50- DEMA levels, which is placed around 24,900. So, in short, the key benchmark index is in a tight 24,500 to 24,950 range. 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: Kamat Hotels (India), Igarashi Motors India, Sterlite Technologies, Yatharth Hospital & Trauma Cre Srvcs, and UNO Minda.
1] Kamat Hotels (India): Buy at ₹261.85, target ₹280, stop loss ₹252;
2] Igarashi Motors India: Buy at ₹635, target ₹680, stop loss ₹612;
3] Sterlite Technologies: Buy at ₹126.21, target ₹135, stop loss ₹121;
4] Yatharth Hospital & Trauma Cre Srvcs: Buy at ₹684.9, target ₹731, stop loss ₹660;
5] UNO Minda: Buy at ₹1103.1, target ₹1185, stop loss ₹1065.
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.
