News

Breakout stocks buy or sell: Indian stock market indices, Sensex and Nifty 50, closed marginally higher on Tuesday, July 1, supported by gains in BEL, Reliance Industries, and HDFC Bank, despite mixed signals from global markets.

The Sensex rose by 91 points, or 0.11%, to finish at 83,697.29, while the Nifty 50 advanced 25 points, or 0.10%, to close at 25,541.80. However, broader markets underperformed, with the BSE Midcap index down 0.07% and the Smallcap index falling by 0.18%.

Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is positive but the Nifty 50 index is facing hurdle at 25,650 to 25,700 zone.

Speaking on the outlook of Indian stock market, Bagadia said, “ On breaking this hurdle on a closing basis, we can expect the 50-stock index to touch 26,200 soon. On the lower side, Nifty today has immediate support at 25,500, whereas it has crucial support at 25,250 to 25,200 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."

Sumeet Bagadia recommends five breakout stocks to buy today: SML Isuzu, Asahi India Glass, HBL Engineering, JK Lakshmi Cement, and Ramco Industries.

1] SML Isuzu: Buy at ₹2237.5, target ₹2388, stop loss ₹2150;

2] Asahi India Glass: Buy at ₹806.3, target ₹865, stop loss ₹777;

3] HBL Engineering: Buy at ₹620.4, target ₹666, stop loss ₹595;

4] JK Lakshmi Cement: Buy at ₹952.15, target ₹1015, stop loss ₹920;

5] Ramco Industries: Buy at ₹289.15, target ₹310, stop loss ₹280.

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.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

Download the Mint app and read premium stories

Log in to our website to save your bookmarks. It'll just take a moment.