Breakout stocks to buy or sell: Indian equities ended sharply lower on Tuesday, December 16, as the rupee slid to record lows and weak global cues weighed on investor sentiment. The Sensex fell 534 points, or 0.63%, to close at 84,679.86, while the Nifty 50 declined 167 points, or 0.64%, to 25,860.10. Broader markets also came under pressure, with the BSE Midcap index dropping 0.78% and the Smallcap index slipping 0.69%.
The sell-off erased over ₹3 lakh crore of investor wealth in a single session, with the total market capitalisation of BSE-listed companies falling to ₹467.6 lakh crore from ₹471 lakh crore in the previous trading session.
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 slipped below 26,000 levels once again and finished at around 25,850 levels.
“To maintain the positivity in the markets, the 50-stock index needs to sustain above 25,750 on Wednesday. On breaking below this crucial 50-DEMA support, the bias would turn negative. On the upper side, the key index would need to break above the 26,000 levels to turn the bias positive. So, one should maintain a 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
Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today - Silver Touch Technologies, Pricol, Rico Auto Industries, Avanti Feeds, and Suprajit Engineering.
1] Silver Touch Technologies: Buy at ₹878, target ₹945, stop loss ₹850;
2] Pricol: Buy at ₹632, target ₹680, stop loss ₹610;
3] Rico Auto Industries: Buy at ₹122.7, target ₹132, stop loss ₹118;
4] Avanti Feeds: Buy at ₹827, target ₹888, stop loss ₹800;
5] Suprajit Engineering: Buy at ₹460, target ₹495, stop loss ₹444.
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.
