Breakout stocks to buy or sell: Key indices of the Indian stock market traded lacklustre on Monday morning, mirroring cautious global sentiment ahead of the US inflation numbers, due on Wednesday. If the Nifty 50 ends in the red today, it will be its fourth consecutive day of losses.
Last week, the Nifty 50 fell 1.5 per cent, breaking the winning run of the last three consecutive weeks on concerns over the US economic slowdown, uncertainty over the size of the Fed rate cut this month, and SEBI's September 9 deadline over FII's disclosure norm.
Experts pointed out that SEBI's deadline over FII's disclosure norm created panic among the market participants, even though it is not expected to impact FII's long-term stance on India.
SEBI issued a circular in August 2023 requiring foreign institutional investors (FIIs) with significant investments in Indian stocks to disclose more detailed information. If an FII has over 50 per cent of its Indian equity assets in one corporate group or has high exposure to the Indian equity market, it must reveal all entities involved. This includes anyone with ownership, economic interest, or control in the FII.
The Nifty 50 is likely to remain lacklustre ahead of US inflation reports and the Fed's interest rate decision.
"As global cues remain sluggish, Nifty is expected to trade cautiously ahead of key US inflation reports on September 11th and 12th, and the Fed's decision on September 18th. FIIs turned net sellers, and India VIX surged to 15.21 levels, signalling heightened market fear," said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Regarding breakout stocks to buy today, Sumeet Bagadia, Executive Director at Choice Broking, recommended buying these five shares: Mrs. Bectors Food Specialities, D. P. Abhushan, Monarch Networth Capital, Kamdhenu and AGS Transact Technologies, in cash.
Mrs. Bectors Food Specialities | Previous close: ₹1,806.10 | Buying price: ₹1,806.1 | Target price: ₹2,025 | Stop loss: ₹1,690
D. P. Abhushan | Previous close: ₹1,527.75 | Buying price: ₹1,527.75 | Target price: ₹1,745 | Stop loss: ₹1,420
Monarch Networth Capital | Previous close: ₹876.95 | Buying price: ₹876.95 | Target price: ₹965 | Stop loss: ₹832
Kamdhenu | Previous close: ₹619.20 | Buying price: ₹619.2 | Target price: ₹682 | Stop loss: ₹587
AGS Transact Technologies | Previous close: ₹111.43 | Buying price: ₹111.43 | Target price: ₹123 | Stop loss: ₹106
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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
