Breakout stocks buy or sell: Indian stock markets ended sharply lower on Friday, August 1, as broad-based selling pressure marked a weak start to the August derivatives series. The downturn was fueled by concerns over tariffs, disappointing corporate earnings, and persistent foreign fund outflows.
The Sensex declined by 586 points, or 0.72 per cent, closing at 80,599.91, while the Nifty 50 slipped 203 points, or 0.82 per cent, to settle at 24,565.35.
Broader market indices witnessed even deeper cuts, with both BSE Midcap and Small-cap indices registering sharper losses.
Sumeet Bagadia's breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is cautious as the Nifty 50 index is trading in the 24,500 to 24,950 range.
Speaking on the outlook of Indian stock market, Bagadia said, “ Bullish or bearish trend can be assumed on the breakage of either side of this range. 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: Supreme Petrochem, Best Agrolife, Cupid, Radico Khaitan, and Advanced Enzyme Technologies.
1] Supreme Petrochem: Buy at ₹834, target ₹895, stop loss ₹805;
2] Best Agrolife: Buy at ₹512.35, target ₹555, stop loss ₹493;
3] Cupid: Buy at ₹158.21, target ₹170, stop loss ₹151.5;
4] Radico Khaitan: Buy at ₹2838.8, target ₹3030, stop loss ₹2727;
5] Advanced Enzyme Technologies: Buy at ₹360.35, target ₹385, stop loss ₹347.
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.
