Breakout stocks to buy or sell: Following muted global market sentiments, the Indian stock market ended lower and continued to protect the intraday losses on Monday. The Nifty 50 index lost 119 points and closed at the 24,649 mark, the BSE Sensex shed 433 points and ended at 81,699, while the Nifty 50 index went off 85 points and finished at 53,498. NSE cash market volumes were lower by 12% compared to Friday, the lowest since 26 November. The Nifty Mid-cap and the Nifty Small-cap indices outperformed the key benchmark indices as they rose by 0.77% and 0.64%, respectively.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that overall Indian stock market bias is positive as the Nifty 50 index is sustaining above 24,500. The Choice Broking expert said that much will depend upon the kind of opening on Monday and predicted strong upside movement if the 50-stock index regains the psychological 24,700 mark. He advised day traders to maintain a stock-specific approach and suggested looking at breakout stocks for intraday trading.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “Overall, the Indian stock market bias is positive until the Nifty 50 index is sustaining above 24,500. Much will depend upon the kind of opening on Tuesday, as the frontline index regaining a 24,700 peak would mean bulls outsmarting bears. So, one should maintain a stock-specific approach and look at stocks that look strong in the chart pattern. Breakout stocks can be a good bet for those who believe in stock-specific trade for intraday trading.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: 360 One Wam, VA Tech Wabag, Prestige Estates Projects, Man Infraconstruction, and PCBL Chemical.
Stocks to buy today
1] 360 One Wam: Buy at ₹1239.95, target ₹1300, stop loss ₹1195;
2] Va Tech Wabag: Buy at ₹1890, target ₹2020, stop loss ₹1825;
3] Prestige Estates Projects: Buy at ₹1825, target ₹1910, stop loss ₹1760;
4] Man Infraconstruction: Buy at ₹244, target ₹260, stop loss ₹235; and
5] PCBL Chemical: Buy at ₹488, target ₹515, stop loss ₹470.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
