Breakout stocks to buy or sell: Following the bloodbath in the global markets, the Indian stock market crashed heavily on Monday. The Nifty 50 index tanked 667 points and closed at 24,049. The BSE Sensex crashed 2,222 points and finished at 78,759. The Bank Nifty index nosedived 1,294 points and closed at 50,056. The small-cap index crashed 4.21 percent, while the mid-cap index bled 3.60 percent.
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market mood has weakened after a massive Japanese and South Korean sell-off. The Choice Broking expert said that the Nifty 50 index has crucial support in the 23,750 to 23,700 range and advised a stock-specific approach until Dalal Street sentiment remains weak. Bagadia suggested investors look at breakout stocks for intraday trading, as some stocks have shown breakouts on chart patterns despite heavy selling on Tuesday.
Speaking on the outlook of the Indian stock market today, Sumeet Bagadia said, "The Nifty 50 index has crucial support placed at 23,750 to 23,700. On breaching this support, the market mood may weaken further. So, it's better to maintain a stock-specific approach and look at breakout stocks today, as some still look strong on technical charts."
Sumeet Bagadia recommended five breakout stocks to buy today: GHCL Textiles, DIC India, Pokarna, Cera Sanitaryware, and Aurum Proptech.
1] GHCL Textiles: Buy at ₹111.11, target ₹116, stop loss ₹107;
2] DIC India: Buy at ₹630.65, target ₹661, stop loss ₹607;
3] Pokarna: Buy at ₹816.65, target ₹855, stop loss ₹785;
4] Cera Sanitaryware: Buy at ₹9436.70, target ₹9888, stop loss ₹9100; and
5] Aurum Proptech: Buy at ₹196, target ₹205, stop loss ₹188.
Disclaimer: 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.
