Buy or sell stocks: Despite global market sentiment, Indian stock markets on Friday ended their six-game winning streak. The Nifty 50 index fell 37 points to end at 26,178, the BSE Sensex index fell 264 points to end at 85,571 and the Nifty Bank index fell 541 points to end at 53,834. NSE spot market volume increased by 36.2% from the previous day, partly due to the impact of Nifty rebalancing volume. The broader market index ended slightly positive despite the advance/loss ratio increasing to 0.99:1.
Sumeet Bagadia Stocks to Buy Today
Sumeet Bagadia, executive director, Choice Broking, said the overall trend in the Indian stock market is bullish, with the Nifty 50 index on track to touch 26,900 despite the 50-stock index ending in the red on Friday. I’m thinking. Choice Broking experts argued that investors should maintain buy-on-the-touch strategy until the frontline index crosses the 26,000 mark. He said the key support level for the Nifty 50 index is at 25,800.
Sumeet Bagadia recommended Eicher Motors, Pidilite Industries, and Cipla as stocks to buy on Monday.
buy or sell stocks
1) Eicher Motors: Buy at ₹5062.60, Target ₹5300, Stop Loss ₹4900.
A daily chart analysis of Eicher Motors stock points to a favorable outlook for the coming days, pointing to a sustained upward rebound over the past two weeks. The stock has been following a larger consolidation pattern over the past few months and is currently trying to break above the ₹4,900-₹5,000 level range. A sustained move above the hurdle could be seen as a decisive upside breakout and could have a sharp positive impact on the stock towards its next target of ₹5,300.
2) Pidilite Industries: Buy at ₹3363.45, target ₹3555, stop loss ₹3250.
Pidilite Industries stock price has shown remarkable strength and positive momentum in the recent heavy trading session and is currently trading at ₹3363.45. The stock price has been holding steady in the ₹3200-₹3300 range recently, laying the foundations for a potential bull run highlighted by the rising wedge candlestick pattern on the weekly chart.
Notably, Pidilite Industries stock maintains a solid technical stance by remaining comfortably above the important 20-day, 50-day, and 200-day exponential moving averages (EMAs), providing solid fundamentals. This reflects a positive trend. The all-important momentum indicator, the Relative Strength Index (RSI), has been rising and is currently at the 65 level.
Pidilite Industries stock price is gearing up for its next target level of ₹3555, and its ability to sustain above key support levels during the decline suggests a strong technical setup. Employing a trailing stop loss with a protective buffer around the key support level of ₹3250 is a prudent risk management strategy for investors who entered the market at lower levels. In conclusion, the technical analysis paints a favorable picture for PIDILITIND, pointing to further upside potential and giving investors confidence.
3) Cipla: Buy at ₹1672.50, target ₹1777, stop loss ₹1616.
CIPLA stock price is currently trading at ₹1672.5, showing a notable uptrend from the support level around ₹1600, which is close to the 50-day Exponential Moving Average (EMA). The stock’s positive momentum is further supported by its above short-term (20 days), medium-term (50 days) and long-term (200 days) EMA levels, reinforcing its technical resilience.
It has broken significantly above the resistance level at ₹1699, underscoring the strength of the stock, supported by solid volume. If the stock continues to close above this resistance, the stock could reach the next target of ₹1777. Traders and investors who entered at lower levels are advised to defend their positions by pulling the stop loss around 1616 towards ₹1777 and beyond.
The Relative Strength Index (RSI), a momentum indicator, is currently at the 60 level, indicating positive momentum in the stock price. For those considering a new investment, buying at the current market price (CMP) with a strict stop loss set at the ₹1616 level to effectively manage risk is a good idea. Targeting 1777 is a viable option.
Disclaimer: The views and recommendations provided in this analysis are those of the individual analysts or brokerage firms and not of Mint. Because market conditions can change rapidly and individual circumstances may vary, investors are strongly encouraged to consult a certified professional before making any investment decisions.
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