Breakout stocks to buy or sell: The saw strong, broad-based buying on Monday despite weak global trends. Positive Q2 earnings and the anticipation of an India-US trade deal boosted investor sentiment.
The domestic market is experiencing upbeat momentum, driven by stronger-than-expected Q2 earnings and India’s favorable economic growth outlook.
Marking its sixth straight day of gains, the ended at 84,950.95, up 388 points (0.46%), while the closed 103 points higher (0.40%) at 26,013.45.
The BSE Midcap index gained 0.66%, and the Smallcap index advanced 0.61%.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is positive as the index has inched close to 26,000.
“The index looks set to touch 26,277. On breaking above this previous peak, the 50-stock index may set a fresh bull trend tone on Dalal Street. So, one should maintain a 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,” Bagadia said.
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today – Garware Hi-Tech Films, Aditya Infotech, Azad Engineering, Allied Blenders and Distillers, and PDS.
1] Garware Hi-Tech Films: Buy at ₹3950, target ₹4222, stop loss ₹3800;
2] Aditya Infotech: Buy at ₹1674, target ₹1800, stop loss ₹1616;
3] Azad Engineering: Buy at ₹1674, target ₹1800, stop loss ₹2530;
4] Allied Blenders and Distillers: Buy at ₹670, target ₹720, stop loss ₹645;
5] PDS: Buy at ₹401.8, target ₹430, stop loss ₹385.
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.