Breakout stocks buy or sell: Benchmark indices, Sensex and Nifty 50, posted solid gains on Wednesday, July 23, driven by favorable global cues and buying interest in select heavyweight stocks such as HDFC Bank and ICICI Bank.
The Sensex surged 540 points, or 0.66 per cent, to close at 82,726.64, while the Nifty 50 advanced 159 points, or 0.63 per cent, to settle at 25,219.90. The BSE Midcap index registered a rise of 0.24 per cent, and the Smallcap index ended marginally higher with a 0.05 per cent gain.
Sumeet Bagadia's breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that the improved sentiment of the Indian stock market is still intact as the Nifty 50 has been sustaining above 25,000 levels after bouncing back from the 50-DEMA support of 24,900.
Speaking on the outlook of Indian stock market, Bagadia said, “ The key benchmark index is facing hurdle at 25,250 and it needs to breach this resistance for further improvement in Dalal Street mood. On breaking above 25,250 in a closing basis, we can expect the 50-stock index touching 25,500 and 25,700 soon. 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."
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today: Mangalore Refinery and Petrochmcls, JM Financial, Radhika Jeweltech, Parag Milk Foods, and Paradeep Phosphates.
1] Mangalore Refinery and Petrochmcls: Buy at ₹155.15, target ₹166, stop loss ₹149;
2] JM Financial: Buy at ₹179.59, target ₹195, stop loss ₹173;
3] Radhika Jeweltech: Buy at ₹103.08, target ₹112, stop loss ₹99;
4] Parag Milk Foods: Buy at ₹253.6, target ₹272, stop loss ₹244;
5] Paradeep Phosphates: Buy at ₹200.15, target ₹215, stop loss ₹193.
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.
