Breakout stocks to buy or sell: The Indian benchmarks ended a four-session decline on Friday, December 19, posting firm gains amid support from a stable rupee, favorable global cues, and the Bank of Japan’s policy decision aligning with expectations.
The Sensex rose 448 points, or 0.53%, to close at 84,929.36, while the Nifty 50 added 151 points, or 0.58%, to finish at 25,966.40. Broader indices outperformed the benchmarks, with the BSE Midcap and Smallcap indices jumping 1.26% and 1.25%, respectively.
Sumeet Bagadia's breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market sentiment has improved as the Nifty 50 index bounced back strongly after testing the 50-DEMA support placed at 25,750.
“The 50-stock index is sustaining above the 50-DEMA support and finished at 25,950 levels on Friday. The index is facing a hurdle at the 26,000 to 26,050 band. Breaking above this hurdle on a closing basis would strengthen the bull's conviction. On the downside, breaking below 25,750 would weaken market sentiment, as the key benchmark index would then attempt to test the next crucial support level at 25,400 to 25,350,” Bagadia said.
Stocks to buy today
Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today - Coromandel International, Lumax AutoTechnologies, Hexaware Technologies, Strides Pharma Science, and Sai Life Sciences.
1] Coromandel International: Buy at ₹2425, target ₹2626, stop loss ₹2323;
2] Lumax AutoTechnologies: Buy at ₹1545, target ₹1650, stop loss ₹1495;
3] Hexaware Technologies: Buy at ₹791, target ₹850, stop loss ₹760;
4] Strides Pharma Science: Buy at ₹930, target ₹1000, stop loss ₹895;
5] Sai Life Sciences: Buy at ₹917, target ₹985, stop loss ₹888.
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.
