Breakout stocks to buy or sell: Ending a two-day winning streak, Indian benchmark indices — the and Nifty 50 — closed lower on Monday, December 15, amid mixed global cues. The Sensex slipped 54 points, or 0.06%, to settle at 85,213.36, while the Nifty 50 declined 20 points, or 0.08%, to 26,027.30.
In contrast, broader markets outperformed the benchmarks, with the BSE Midcap and Smallcap indices gaining 0.16% and 0.41%, respectively.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is still positive as the index bounced back after testing 25,900 levels.
“The key benchmark index may try to test it’s previous peak zone of 26,350. The secondary market would continue to remain an ideal buy on dip market until the 50-stock index remains above 50-DEMA support placed at 25,750. 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,” said Bagadia.
Stocks to buy today
Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today – Wheels India, Lumax Industries, Indian Metals and Ferro Alloys, SJS Enterprises, and LG Balakrishnan & Bros.
1] Wheels India: Buy at ₹890, target ₹960, stop loss ₹860;
2] Lumax Industries: Buy at ₹5631, target ₹6050, stop loss ₹5450;
3] Indian Metals and Ferro Alloys: Buy at ₹1449, target ₹1555, stop loss ₹1400;
4] SJS Enterprises: Buy at ₹1726, target ₹1850, stop loss ₹1666;
5] LG Balakrishnan & Bros: Buy at ₹1949, target ₹2100, stop loss ₹1880.
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.