Breakout stocks to buy or sell: The benchmark indices, and Sensex, ended higher on Monday, reversing early losses with a strong rebound led by metal and banking stocks.
Buying momentum in Tata Steel, Hindalco, and JSW Steel, along with gains in PSU banks and private lenders like Kotak Mahindra Bank and Axis Bank, fueled the recovery.
The advanced about 223 points, or 0.28 per cent, to close above 81,200, while the Nifty 50 added nearly 57 points, or 0.23 per cent, to finish around 24,894.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that sentiment is cautious despite a decent pullback rally on Friday.
Speaking on the outlook of Indian stock market, Bagadia said, “ It would continue to remain a relief rally until the index decisively breaks above the 50-day EMA resistance, placed at 24,900. On the lower side, the 50-stock index is forming a strong base at 24,500. A bullish or bearish trend can be assumed on the breakage of either side of this range. So, one should look at those stocks that are looking strong on the technical chart.”
Stocks to buy today
Sumeet Bagadia five breakout stocks to buy today: Remsons Industries, Manorama Industries, Zota Health Care, India Nippon Electricals, and Prostarm Info Systems.
1] Remsons Industries: Buy at ₹128.9, target ₹139, stop loss ₹125;
2] Manorama Industries: Buy at ₹1500, target ₹1616, stop loss ₹1444;
3] Zota Health Care: Buy at ₹1520, target ₹1630, stop loss ₹1460;
4] India Nippon Electricals: Buy at ₹1046, target ₹1120, stop loss ₹1010;
5] Prostarm Info Systems: Buy at ₹205.93, target ₹222, stop loss ₹199.
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.