Breakout stocks to buy or sell: Indian stock market benchmarks — the Sensex and Nifty 50 — closed lower on Monday, September 29, marking their seventh straight day of losses. Over this period, both indices have shed more than 3 per cent each.
The Sensex declined 62 points, or 0.08 per cent, to finish at 80,364.94, while the Nifty 50 slipped 20 points, or 0.08 per cent, to end at 24,634.90.
Among broader markets, the BSE Midcap index gained 0.34 per cent, whereas the Smallcap index edged down 0.17 per cent.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is cautious as the Nifty 50 index has slipped below the crucial support placed at 24,800 and finding fresh support at 24,500 to 24,450 levels.
Speaking on the outlook of Indian stock market, Bagadia said, “ On the upper side, the key benchmark index is facing hurdle at 24,900 levels. So, one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart of. Looking at breakout stocks can be a good option.”
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today: Kilburn Engineering, Vishal Mega Mart, Bharat Seats, Sundaram Finance Holdings, and Baazar Style Retail.
1] Kilburn Engineering: Buy at ₹580, target ₹625, stop loss ₹560;
2] Vishal Mega Mart: Buy at ₹148.5, target ₹160, stop loss ₹143;
3] Bharat Seats: Buy at ₹179.7, target ₹194, stop loss ₹173;
4] Sundaram Finance Holdings: Buy at ₹634, target ₹680, stop loss ₹613;
5] Baazar Style Retail: Buy at ₹370, target ₹400, stop loss ₹355.
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.
