Breakout stocks to buy or sell: Indian indices – Sensex and Nifty – continued its downward trajectory for the sixth consecutive trading session on Wednesday, February 12. Sensex settled at 76,171.08, down by 123 points or 0.16 per cent. Meanwhile, the Nifty 50 dropped 27 points, or 0.12 per cent, to close at 23,045.25.
In the last six sessions, Sensex dropped by 2,413 points (3 per cent), while the Nifty 50 has declined by 694 points (2.92 per cent). Investors have seen nearly ₹18 lakh crore wiped out, as the total market capitalization of BSE-listed companies stood at ₹425.5 lakh crore on February 4, the last time the Sensex closed in positive territory.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the sentiment in the Indian stock market has weakened after slipping below 23,000, but the bulls have demonstrated resilience by staging a strong comeback around the 22,800 level.
On the outlook for the Indian stock market today, Sumeet Bagadia said, “The Indian stock market sentiment has turned weak after breaking below 23,000, but bulls have shown some metal by responding strongly around the 22800 mark. The frontline index must sustain above the 23,000 mark when the market opens tomorrow. If this fails, the 50-stock index may try to test the 23,800 mark again. So, the first few hours on Thursday would be crucial. Therefore, day traders are advised to maintain a stock-specific approach and look at those stocks that look strong on the technical chart. One can look at breakout stocks for intraday trading as well.”
Regarding breakout stocks for intraday trading, Sumeet Bagadia recommended buying these five shares today: Bajaj Healthcare, Vimta Labs, Manorama Industries, Wockhardt and Associated Alcohols & Breweries.
Stocks to buy today
1] Bajaj Healthcare: Buy at ₹649.65, target ₹700, stop loss ₹625;
2] Vimta Labs: Buy at ₹1132.1, target ₹1222, stop loss ₹1090;
3] Manorama Industries: Buy at ₹1098.85, target ₹1180, stop loss ₹1060;
4] Wockhardt: Buy at ₹1512.1, target ₹1625, stop loss ₹1460;
5] Associated Alcohols & Breweries: Buy at ₹1250.25, target ₹1350, stop loss ₹1200.
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
