News

Breakout stocks to buy or sell: The key benchmark indices of the Indian stock market continued their losing streak on Thursday, with the Nifty 50 index settling near the 24,500 mark, reflecting the continuation of the selling pressure. The sharp decline in the last two sessions can be attributed to implementing the 50% US tariff on Indian goods, which has heightened worries about India's export competitiveness and trade relations. 

While domestic institutional investors (DIIs) provided some support by stepping in as net buyers, the persistent FII outflows amplified the impact of the US tariffs, leading to a broad-based selloff. At close, the Sensex was down 705.97 points or 0.87% at 80,080.57, and the Nifty was down 211.15 points or 0.85% at 24,500.90.

Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market sentiment has weakened as the Nifty 50 index broke below the crucial support level of 24,500. However, he expected some recovery as the 50-stock index had closed at 24,500. If the 50-stock index goes below 24,500 again, the key benchmark index may try to test 200-DEMA support at 24,000, Bagadia said.

Speaking on the outlook of the Indian stock market today, Sumeet Bagadia said, "The Indian stock market sentiment has weakened as the Nifty 50 index broke below the crucial support placed at 24,500. However, bulls still expect some recovery as the index has closed at 24,500. If the market opens lower on Friday, we may expect the 50-stock index to try to test its 200-DEMA support placed at 24,000 levels. One should maintain a stock-specific approach and look at those stocks that are looking strong on the technical chart.

Regarding stocks to buy today, Sumeet Bagadia recommended five breakout stocks to buy-or-sell: Thirumalai Chemicals, Sundram Fasteners, Goodluck India, Waaree Energies, and Sudarshan Chemical.

1] Thirumalai Chemicals: Buy at ₹297, Target ₹320, Stop Loss ₹288;

2] Sundram Fasteners: Buy at ₹1020, Target ₹1090, Stop Loss ₹980;

3] Goodluck India: Buy at ₹1159, Target ₹1245, Stop Loss ₹1120;

4] Waaree Energies: Buy at ₹3417, Target ₹3670, Stop Loss ₹3300; and

5] Sudarshan Chemical: Buy at ₹1500, Target ₹1616, Stop Loss ₹1444.

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.

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.