Breakout stocks to buy or sell: The Indian stock market indices snapped their two-day winning streak on Friday, November 21, closing 0.5% lower as major financial stocks — including HDFC Bank, ICICI Bank, SBI, and Bajaj Finance — dragged the market down amid weak global sentiment.
After touching a fresh 52-week high of 26,246.65 in the previous session, the Nifty 50 saw a pullback.
The Sensex dropped 400.76 points, or 0.47%, to settle at 85,231.92, while the Nifty 50 declined 124 points, or 0.47%, to finish at 26,068.15.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is positive despite finishing lower on Friday as the Nifty 50 index is sustaining above 26,000.
“The key benchmark index has made crucial support at 25,800. The Nifty 50 index is in the cusp of giving a fresh breakout at 26,300. On breaking above this level, the index may soon touch 26,700 mark. 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,” said Bagadia.
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today – Hindustan Foods (NDA), Alicon Castalloy, Aether Industries, Ethos, and Avanti Feeds.
1] Hindustan Foods (NDA): Buy at ₹554, target ₹595, stop loss ₹535;
2] Alicon Castalloy: Buy at ₹897, target ₹965, stop loss ₹865;
3] Aether Industries: Buy at ₹915, target ₹985, stop loss ₹885;
4] Ethos: Buy at ₹2901, target ₹3131, stop loss ₹2799;
5] Avanti Feeds: Buy at ₹861, target ₹925, stop loss ₹835.
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.