Breakout stocks to buy or sell: Indian equities fell sharply on Monday, December 8, as broad-based selling hit the amid mixed signals from global peers.
The dropped 610 points (0.71%) to close at 85,102.69, while the Nifty 50 declined 226 points (0.86%) to end at 25,960.55. The BSE Midcap and Smallcap indices saw even steeper losses, tumbling 1.73% and 2.20%, respectively.
Key reasons for the decline were the Indian rupee’s weakness, continued foreign fund outflows, investor caution ahead of the US Federal Reserve’s policy announcement, and rising Japanese bond yields.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market mood has been shaken as the index has erased the last two days’ gains and closed below 26990.
“The sentiment may turn bearish if the 50-stock index closes. 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,” said Bagadia.
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today – Latent View Analytics, Cantabil Retail India Limited, Gujarat Ambuja Exports, Venus Remedies, and Jindal Stainless.
1] Latent View Analytics: Buy at ₹497, target ₹535, stop loss ₹480;
2] Cantabil Retail India Limited: Buy at ₹268, target ₹288, stop loss ₹259;
3] Gujarat Ambuja Exports: Buy at ₹118.2, target ₹127, stop loss ₹114;
4] Venus Remedies: Buy at ₹762, target ₹820, stop loss ₹733;
5] Jindal Stainless: Buy at ₹766, target ₹820, stop loss ₹740.
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.