Breakout stocks to buy or sell: After four straight days of losses, the Sensex and Nifty 50 managed to post modest gains on Thursday, December 4. The Sensex added 159 points (0.19%) to finish at 85,265.32, while the Nifty 50 inched up 48 points (0.18%) to settle at 26,033.75.
Meanwhile, broader markets continued to struggle, with the BSE Midcap index slipping 0.19% and the Smallcap index declining 0.32%.
The benchmark indices closed with modest gains as investors awaited the Reserve Bank of India’s interest rate decision. RBI Governor Sanjay Malhotra is set to announce the policy outcome on Friday, 5 December.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment is cautious to positive, as the Nifty 50 index has regained 26,000, finishing marginally higher after three consecutive sessions of losses.
“However, the 50-stock index is still range-bound in the 25,800 to 26,300 band. A bullish or a bearish trend can be assumed on the breakage of either side of the range. Therefore, one should adopt a stock-specific approach and examine those stocks that appear 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 – Hexaware Technologies, L&T Technology Services, J B Chemicals and Pharmaceuticals, Himadri Speciality Chemical, and BLS International Services.
1] Hexaware Technologies: Buy at ₹788.55, target ₹865, stop loss ₹750;
2] L&T Technology Services: Buy at ₹4685.10, target ₹5050, stop loss ₹4500;
3] J B Chemicals and Pharmaceuticals: Buy at ₹1821.70, target ₹1945, stop loss ₹1760;
4] Himadri Speciality Chemical: Buy at ₹462.35, target ₹497, stop loss ₹445;
5] BLS International Services: Buy at ₹331.55, target ₹358, stop loss ₹318.
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.