Breakout stocks buy or sell: Indian stock market benchmarks closed with slight gains on Thursday, September 4, while mid- and small-cap stocks witnessed sharp declines.
The initial optimism over major GST reforms faded, as concerns about ongoing US tariffs and continuous foreign capital outflows weighed on market sentiment.
The Sensex rose 150 points, or 0.19 per cent, to close at 80,718, while the Nifty 50 edged up 19 points, or 0.08 per cent, to 24,734.30. Meanwhile, both the BSE Midcap and Smallcap indices slipped 0.60 per cent each.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment is positive despite the fact that Nifty 50 index pares it’s morning losses and closed below 24,800 after breaching this 50-SEMA hurdle in early morning deals.
Speaking on the outlook of Indian stock market, Bagadia said, “The key benchmark index is still in 24,500 to 24,800 range. Bullish or bearish trend can be assumed on the breakage of either side of this 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.”
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today: A B Infrabuild, Apollo Tyres, Ram Ratna Wires, Commercial Syn Bags, and Ask Automotive.
1] A B Infrabuild: Buy at ₹216.98, target ₹233, stop loss ₹209;
2] Apollo Tyres: Buy at ₹313, target ₹335, stop loss ₹302;
3] Ram Ratna Wires: Buy at ₹742.10, target ₹794, stop loss ₹712;
4] Commercial Syn Bags: Buy at ₹152.88, target ₹165, stop loss ₹147;
5] Ask Automotive: Buy at ₹520, target ₹562, stop loss ₹500.