Breakout stocks buy or sell: The Indian stock market extended its losing streak for a second consecutive session on Friday, July 25, as selling pressure persisted. Benchmark indices — the Sensex and Nifty 50 — posted significant losses, with mid- and small-cap stocks tumbling by up to 2 per cent.
During the session, the Sensex dropped 786 points, nearly 1 per cent, to hit an intraday low of 81,397.69, while the Nifty 50 declined 1 per cent to reach 24,806.35.
At the close, the Sensex had fallen 721 points, or 0.88 per cent, to settle at 81,463.09, and the Nifty 50 finished 225 points lower, or 0.90 per cent down, at 24,837.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has turned weak as the Nifty 50 index has slipped below the 50-DEMA support of 24,900.
Speaking on the outlook of Indian stock market, Bagadia said, “ The key benchmark index may try to test 24,700 to 24,650 levels. However, the next crucial support for the 50-stock index is placed at 24,500. On the upper side, 25,050 may act as crucial hurdle. 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.”
1] Hubtown: Buy at ₹315.75, target ₹340, stop loss ₹305;
2] Home First Finance Company India: Buy at ₹1479, target ₹1600, stop loss ₹1425;
3] Nilkamal: Buy at ₹1796.8, target ₹1920, stop loss ₹1730;
4] Jagsonpal Pharmaceuticals: Buy at ₹263.3, target ₹285, stop loss ₹255;
5] Le Travenues Technology: Buy at ₹219.88, target ₹240, stop loss ₹212.
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.
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