Breakout stocks to buy or sell: Indian benchmarks – Sensex and Nifty 50 continued their losing streak for the eighth consecutive session on Friday for the first time in two years, pressured by ongoing foreign fund outflows due to US trade tariff concerns and disappointing corporate quarterly earnings.
The 30-share BSE Sensex fell by 199.76 points, or approximately 0.26%, closing at 75,939.21. Earlier in the day, it had plunged 699.33 points, or 0.91%, to touch a low of 75,439.64. Meanwhile, the NSE Nifty 50 index dropped 102.15 points, or 0.44%, ending at 22,929.25 on Friday.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment remains fragile, even after establishing a key support level at the 23,000 mark.
On the outlook for the Indian stock market today, Sumeet Bagadia said, “The frontline index needs to sustain above 23,000 mark when the market opens tomorrow. Failing to this, the 50-stock index may try to test 23,800 mark again. So, first few hours on Friday would be crucial. Therefore, day traders are advised to maintain stock-specific approach and look at those stocks that are looking strong on the technical chart. One can look at breakout stocks for intraday trading as well. So, one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart.”
Regarding breakout stocks for intraday trading, Sumeet Bagadia recommended buying these five shares today: Nitiraj Engineers, TCPL Packaging, Vimta Labs, Cartrade Tech, and Mps.
Stocks to buy today
1] Nitiraj Engineers: Buy at ₹272.95, target ₹295, stop loss ₹260;
2] TCPL Packaging: Buy at ₹3484.75, target ₹3750, stop loss ₹3350;
3] Vimta Labs: Buy at ₹1118.75, target ₹1200, stop loss ₹1080;
4] Cartrade Tech: Buy at ₹1567.8, target ₹1670, stop loss ₹1510;
5] Mps: Buy at ₹2685.85, target ₹2880, stop loss ₹2600.
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.
