Breakout stocks to buy or sell: The Indian stock market closed lower for the third straight session on Wednesday, December 10, weighed down by mixed global signals ahead of the US Federal Reserve’s policy announcement later today.
The Sensex climbed as much as 354 points to an intraday peak of 85,020.34 but later reversed course, shedding 629 points from its high to finish in the red. The index ended 275 points, or 0.32%, down at 84,391.27. Meanwhile, the Nifty 50 declined 82 points, or 0.32%, to close at 25,758. The BSE Midcap and Smallcap indices also fell, slipping 1.08% and 0.58%, respectively.
Sumeet Bagadia's breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market sentiment has turned cautious as the Nifty 50 index finished close to the 50-DEMA support placed at 25,730.
“Dalal Street sentiment may worsen if the 50-stock index slips below this crucial support on a closing basis. On the upper side, the bull's conviction will gain strength once the key index breaks above the 26,000 levels. 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 - Seamec, Prime Focus Limited, Welspun Living, Century Plyboards (India), and Happy Forgings.
1] Seamec: Buy at ₹1016, target ₹1085, stop loss ₹980;
2] Prime Focus Limited: Buy at ₹210, target ₹225, stop loss ₹202;
3] Welspun Living: Buy at ₹138.85, target ₹150, stop loss ₹134;
4] Century Plyboards (India): Buy at ₹828, target ₹888, stop loss ₹800;
5] Happy Forgings: Buy at ₹1065, target ₹1140, stop loss ₹1030.
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.
