Breakout stocks to buy or sell: After eight consecutive days of decline, the bulls regained control on Dalal Street during Monday’s trading session, driving the key indices into the green.
On February 17, the Nifty 50 closed with a 0.13% gain at 22,970, while the Sensex ended at 75,996, reflecting a 0.08% rise from the previous close. Mid-cap and small-cap stocks, which had faced considerable selling pressure in recent sessions, also finished the day higher.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market ended its eight-day losing streak, sparking speculation that the market may have reached its bottom.
On the outlook for the Indian stock market today, Sumeet Bagadia said, “The Nifty 50 has made strong base at 22,800 and in sustaining above this support, we can expect the key benchmark index to touch 23,300 soon. The market bias may improve once the frontline index closed above 23,300 mark. A breakout above 23,800 on a closing basis would mean Nifty 50 hitting 24,800 or may be 25,000 in the near term. As triggers for market are expected to remain safe, one can 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: Sanofi SA, Affle (India) Ltd, Affle (India) Ltd, Godawari Power and Ispat Limited, Capri Global Capital, and Bayer CropScience.
Stocks to buy today
1] Sanofi SA: Buy at ₹5329.25, target ₹5702, stop loss ₹5143;
2] Affle (India): Buy at ₹1544, target ₹1652, stop loss ₹1489;
3] Godawari Power and Ispat Limited: Buy at ₹175.02, target ₹187, stop loss ₹168;
4] Capri Global Capital: Buy at ₹166.68, target ₹178, stop loss ₹161;
5] Bayer CropScience: Buy at ₹4587.60, target ₹4908, stop loss ₹4427.
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.
