News

Breakout stocks buy or sell: Indian stock markets ended higher on Friday, breaking a streak of losses, even as foreign portfolio investors (FPIs) continued to pull out funds.

This was the first rebound in domestic indices after several consecutive losing sessions.

The Sensex rose by 193.42 points or 0.23 per cent to close at 83,432.89, while the Nifty gained 55.70 points or 0.22 per cent to settle at 25,461.00. However, over the course of the week, both indices recorded a cumulative decline of 0.4 per cent to 0.7 per cent.

Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has improved as the Nifty 50 index bounced back from 25,350-25,300 range and ended close to 25,450 levels.

Speaking on the outlook of Indian stock market, Bagadia said, “ The key benchmark index is facing hurdle at 25,550 to 25,600 range. On breaking above this resistance on a closing basis, the 50-stock index may soon touch 25,700 and 26,200. 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: Tega Industries, Eimco Elecon (India), Zota Health Care, Blue Jet Healthcare, and JG Chemicals.

1] Tega Industries: Buy at ₹1698, target ₹1818, stop loss ₹1640;

2] Eimco Elecon (India): Buy at ₹2967.3, target ₹3180, stop loss ₹2860;

3] Zota Health Care: Buy at ₹1199.8, target ₹1300, stop loss ₹1165;

4] Blue Jet Healthcare: Buy at ₹897.25, target ₹860, stop loss ₹860;

5] JG Chemicals: Buy at ₹459.4, target ₹495, stop loss ₹441.

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.