Breakout stocks to buy or sell: The Indian stock market closed sharply lower due to profit booking and weak global trends, on Tuesday, November 4.
The Sensex dropped 519 points or 0.62 per cent to close at 83,459.15, while the Nifty 50 declined 166 points or 0.64 per cent to 25,597.65. Among broader indices, the BSE Midcap fell 0.26 per cent, and the Smallcap index slipped 0.69 per cent.
Except for the Nifty Consumer Durables index, which gained 0.39 per cent, all other sectoral indices closed in the red. The Nifty Metal and IT indices declined over 1 per cent each, while the Auto index slipped nearly 1 per cent. Nifty Bank and Financial Services indices dropped up to 0.5 per cent.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment has shattered as the Nifty 50 index ended below 25,600.
Speaking on the outlook of the Indian stock market, Bagadia said, “The key benchmark index try to test 25,400 levels and hence 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: Anand Rathi Share and Stock Brokers, Indraprastha Medical Corporation, Sharda Motor Industries, MTAR Technologies, and Precision Wires India.
1] Anand Rathi Share and Stock Brokers: Buy at ₹536, target ₹580, stop loss ₹517;
2] Indraprastha Medical Corporation: Buy at ₹604, target ₹650, stop loss ₹580;
3] Sharda Motor Industries: Buy at ₹1085, target ₹1165, stop loss ₹1050;
4] MTAR Technologies: Buy at ₹2526, target ₹2727, stop loss ₹2444;
5] Precision Wires India: Buy at ₹229, target ₹246, stop loss ₹221.
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.