Breakout stocks to buy or sell: Breaking an eight-day losing streak, Indian stock market benchmarks — the Sensex and Nifty 50 — closed higher on Wednesday, October 1, after the Reserve Bank of India (RBI) maintained the repo rate and policy stance while projecting a favorable growth-inflation outlook for the economy.
The Sensex rose 716 points, or 0.89 per cent, to finish at 80,983.31, while the Nifty 50 advanced 225 points, or 0.92 per cent, to end at 24,836.30.
The broader market also participated in the rally, with the BSE Midcap gaining 0.91 per cent and the Smallcap index climbing 1.16 per cent.
Sumeet Bagadia’s breakout stock recommendations
Sumeet Bagadia, Executive Director at Choice Broking, believes that Indian stock market sentiment has improved as the Nifty 50 index has sustained above the crucial support placed at 24,500.
Speaking on the outlook of Indian stock market, Bagadia said, “ After falling for the nine successive sessions, the key benchmark index witnessed some value picking which signals hope for a trend reversal. However, the index is facing hurdle at 24,900 range. Bullish or bearish trend can be assumed on the breakage of either side of the range.”
Stocks to buy today
Sumeet Bagadia recommends five breakout stocks to buy today: Lumax AutoTechnologies, Senores Pharmaceuticals, Bharat Seats, Rategain Travel Technologies, and Gabriel India.
1] Lumax AutoTechnologies: Buy at ₹1318, target ₹1420, stop loss ₹1270;
2] Senores Pharmaceuticals: Buy at ₹715, target ₹770, stop loss ₹695;
3] Bharat Seats: Buy at ₹186.3, target ₹202, stop loss ₹181;
4] Rategain Travel Technologies: Buy at ₹692, target ₹740, stop loss ₹666;
5] Gabriel India: Buy at ₹1241, target ₹1333, stop loss ₹1199.
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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