Breakout stocks to buy or sell: Sumeet Bagadia recommends five shares to buy today — Dec 12 | Stock Market News
Breakout stocks to buy or sell: The Indian stock market continued to trade range-bound throughout the Wednesday session. The Nifty 50 index finished marginally higher at the 24,629 mark, while the BSE Sensex ended marginally lower at 81,496. The Nifty Bank index corrected 185 points and closed at 53,392. In the broad market, the Small-cap and Mid-cap indices outperformed the frontline indices by logging 0.4 per cent and 0.2 per cent rise, respectively. Defensive sectors, including FMCG and healthcare, experienced an uptick. Additionally, the metal sector saw gains driven by optimism surrounding potential stimulus measures from China. FIIs and DIIs were net buyers on Tuesday, which induced positive market sentiments.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that overall, the Indian stock market vias 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. The market sentiment will likely turn highly bullish on breaking above this mark, and the index will be expected to reach 25,200 levels. He advised traders to avoid taking bulk bullish positions until the Nifty 50 index is below 24,800. Bagadia suggested day traders maintain a stock-specific approach and look at breakout stocks for intraday trading.
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 faces a hurdle of 24,800. Breaking above this resistance on a closing basis may turn the Indian stock market sentiment highly bullish, and the frontline index may soon touch the 25,200 mark. So, it is better to maintain a stock-specific approach and look at breakout stocks for intraday trading.”
Sumeet Bagadia recommended buying the following five breakout stocks today: Cartrade Tech, KEI Industries, Jain Irrigation Systems, Expleo Solutions, and Concord Biotech.
Stocks to buy today
1] Cartrade Tech: Buy at ₹1563, target ₹1666, stop loss ₹1510;
2] KEI Industries: Buy at ₹4672, target ₹4900, stop loss ₹4500;
3] Jain Irrigation Systems: Buy at ₹80, target ₹85, stop loss ₹77;
4] Expleo Solutions: Buy at ₹1430, target ₹1515, stop loss ₹1380; and
5] Concord Biotech: Buy at ₹2195, target ₹2350, stop loss ₹2121.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
