Breakout stocks to buy or sell: The Indian stock market indices, Sensex and Nifty 50, closed almost unchanged on Thursday, November 27, after touching fresh record highs earlier in the day, as investors booked profits at elevated levels.
The Sensex climbed to a new peak of 86,055.86, gaining 446 points during intraday trade, but eventually settled with a smaller rise of 111 points, or 0.13%, at 85,720.38. The Nifty 50 also hit a lifetime high of 26,310.45 before profit booking pulled it down to 26,215.55 by the close, just 10 points higher, or 0.04%, than its previous finish.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is positive as the Nifty 50 index climbed to a new peak of 26,310.
“The 50- stock index seems set to touch 26,500 in the near term. The index has made crucial support at 25,800 to 25,750 levels. If this support remains sacrosanct after the profit booking trigger, we can expect the index to touch 27,200 soon. 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 – Carraro India, Precision Wires India, Belrise Industries, Eureka Forbes, and Tatva Chintan Pharma Chem.
1] Carraro India: Buy at ₹557, target ₹600, stop loss ₹535;
2] Precision Wires India: Buy at ₹256, target ₹276, stop loss ₹248;
3] Belrise Industries: Buy at ₹167, target ₹181, stop loss ₹162;
4] Eureka Forbes: Buy at ₹607, target ₹650, stop loss ₹585;
5] Tatva Chintan Pharma Chem: Buy at ₹1492, target ₹1600, stop loss ₹1444.
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.