Breakout stocks to buy or sell: The Indian stock market continues to remain volatile, with benchmark indices witnessing a sharp decline in Thursday’s trade on October 30.
Weak global cues and fading expectations of a US Federal Reserve rate cut weighed on investor sentiment domestically.
The BSE Sensex fell 593 points, or 0.70 per cent, to close at 84,404, while the NSE Nifty 50 ended 176 points, or 0.68 per cent, lower at 25,878.
Broader markets, however, showed relative resilience — the BSE Midcap index remained flat, and the BSE Smallcap index slipped just 0.06 per cent.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market is trading range-bound as the Nifty 50 index is gripped in 25,800 to 26,100 range.
Speaking on the outlook of the Indian stock market, Bagadia said, “ A bullish or a bearish trend can be assumed on the breakage of either side of this range. So, one should maintain stock-specific approach and look at those stocks that are looking strong on the technical chart. Looking at breakout stocks can be a good option.”
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today: JK Tyre & Industries, Chennai Petroleum Corporation, BSL, Indraprastha Medical Corporation, and GRM Overseas.
1] JK Tyre & Industries: Buy at ₹436.10, target ₹467, stop loss ₹420;
2] Chennai Petroleum Corporation: Buy at ₹885, target ₹950, stop loss ₹854;
3] BSL: Buy at ₹195.57, target ₹210, stop loss ₹188;
4] Indraprastha Medical Corporation: Buy at ₹589, target ₹630, stop loss ₹568;
5] GRM Overseas: Buy at ₹426.95, target ₹457, stop loss ₹412.
Disclaimer: This story is for educational purposes only. 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.