Breakout stocks to buy or sell: After a six-day winning streak, profit booking at higher levels, concerns over a potential trade deal, and a surge in crude oil prices dragged Indian benchmark indices — and Nifty — lower on Friday. Banking stocks were the biggest laggards, with HDFC Bank accounting for nearly half of the decline.
The ended the session 344.52 points, or 0.41 per cent, down at 84,211.88, while the Nifty 50 slipped 96 points, or 0.37 per cent, to close at 25,795.15.
Broader markets also finished in negative territory but fared better than the benchmarks — the BSE Midcap index declined 0.25 per cent, and the BSE Smallcap index dipped 0.19 per cent.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the sentiment is cautiously positive as the Nifty 50 index is sustaining above the crucial support placed at 25,500.
Speaking on the outlook of the Indian stock market, Bagadia said, “The 50-stock index may try to test this crucial support before bouncing back. On a possible looking rebound, the key benchmark index tries to retest 26,300 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.”
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today: Garware Hi-Tech Films, Cholamandalam Financial Holdings, CreditAccess Grameen, Senores Pharmaceuticals, and Bhageria Industries.
1] Garware Hi-Tech Films: Buy at ₹3714, target ₹3980, stop loss ₹3570;
2] Cholamandalam Financial Holdings: Buy at ₹2012, target ₹2160, stop loss ₹1945;
3] CreditAccess Grameen: Buy at ₹1422, target ₹1520, stop loss ₹1370;
4] Senores Pharmaceuticals: Buy at ₹768, target ₹825, stop loss ₹744;
5] Bhageria Industries: Buy at ₹236, target ₹253, stop loss ₹227.
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.