Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — Dec 11 | Stock Market News
Breakout stocks to buy or sell: The Indian stock market indices closed flat on Tuesday, December 10, after the gains were offset by heavyweights Reliance Industries, Bharti Airtel and Larsen and Toubro (L&T). However, the mid-cap and small-cap market segments outperformed the benchmark indices. The Nifty 50 index closed 0.04 per cent lower at 24,610.05 points, compared to 24,619 points at the previous market close.
The BSE Sensex index closed flat at 81,510.05 points on Tuesday, compared to 81,508.46 points at the previous market close.
The Bank Nifty index ended its two-day losing run on Tuesday. The index ended with modest gains of 0.32 per cent, with PNB, SBI, Kotak Mahindra Bank and ICICI Bank contributing to the intra-day gains.
Sumeet Bagadia’s breakout stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, believes the domestic stock market’s overall bias will remain positive until the Nifty 50 index is above the 24,400 mark, which is its 50-DEMA zone. The stock market expert also highlighted that the index is facing a resistance at 24,800. On breaking above this mark, the market sentiment is likely to turn highly bullish, and the index will be expected to touch 25,200 levels.
Speaking on the outlook for the Indian stock market today, Sumeet Bagadia said, “The overall bias on Dalal Street is positive until the Nifty 50 index is trading above 50-DEMA places at 24400 mark. On the upper side, the 50-stock index is facing hurdle at 24,800. On breaking above this resistance on a closing basis may turn the Indian stock market sentiment highly bullish and the frontline index may soon touch 25,200 mark. So, it is better to 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: Gabriel India Ltd, Suven Life Sciences Ltd, GHCL Ltd, Elecon Engineering Ltd, and Gokaldas Exports Ltd.
Shares to buy today
1. Gabriel India Ltd. (GABRIEL): Buy at ₹527; Target at ₹560; Stop Loss at ₹510.
2. Suven Life Sciences Ltd. (SUVEN): Buy at ₹159.5; Target at ₹171; Stop Loss at ₹154.
3. GHCL Ltd. (GHCL): Buy at ₹717.25; Target at ₹750; Stop Loss at ₹690.
4. Elecon Engineering Ltd. (ELECON): Buy at ₹660.6; Target at ₹700; Stop Loss at ₹640.
5. Gokaldas Exports Ltd. (GOKEX): Buy at ₹1,097.45; Target at ₹1,170; Stop Loss at ₹1,060.
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.
