Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today - Dec 5
Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — ASK Automotive, Caplin Point Laboratories, Blue Star, Cigniti Technologies, and The Anup Engineering.
Breakout stocks to buy or sell: The Indian stock market indices struggled on Wednesday to maintain their recent gains as investors remained cautious ahead of the Reserve Bank of India's (RBI) monetary policy announcement. Index heavyweights like Bharti Airtel, Reliance Industries, and ITC weighed on the indices with notable declines on December 4. The Nifty 50 index closed 0.4 per cent higher at 24,467.45 points, compared to 24,457.15 points at the previous market close.
The BSE Sensex closed 0.14 per cent higher at 80,956.33 points, compared to 80,845.75 points at the previous market close.
Sumeet Bagadia's breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market's bias is positive, but the Nifty 50 index is looking at a mild hurdle at the 24,550 to 24,600 range. The Choice Broking expert said the index, on breaking this hurdle, is likely to touch the 24,800 mark. He also said that if the Nifty 50 breaks above the 24,800 mark, the index can be estimated to touch 25,200.
Speaking on the outlook of the Indian stock market today, Sumeet Bagadia said, “The Indian stock market bias is positive but the Nifty 50 index is finding mild hurdle in 24,550 to 24,600 range. On breaking above this hurdle, the 50-stock index may touch 24,800-mark. In case the frontline index breaks above 24,800, we can expect the Nifty 50 index to touch 25,200 mark. Current support for the key benchmark index is placed at 24,300 to 24,250. One can maintain stock-specific approach and look at breakout stocks for intraday trading.”
Regarding breakout stocks to buy today, Sumeet Bagadia recommended buying these five shares: ASK Automotive, Caplin Point Laboratories, Blue Star, Cigniti Technologies, and Anup Engineering.
Stocks to buy today
1. ASK Automotive Ltd. (ASKAUTOLTD): Buy at ₹466.30; Target at ₹499; Stop Loss at ₹450.
2. Caplin Point Laboratories Ltd. (CAPLIPOINT): Buy at ₹2,362.50; Target at ₹2,528; Stop Loss at ₹2,279.
3. Blue Star Ltd. (BLUESTARCO): Buy at ₹1,916; Target at ₹2,050; Stop Loss at ₹1,848.
4. Cigniti Technologies Ltd. (CIGNITITEC): Buy at ₹1,739.15; Target at ₹1,861; Stop Loss at ₹1,678.
5. Anup Engineering Ltd. (ANUP): Buy at ₹3,702.55; Target at ₹3,962; Stop Loss at ₹3,573.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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