Stock Market Analysis: Buy or Sell? Sumeet Bagadia Recommends Three Stocks to Buy on Monday
Following strong global market sentiments and healthy macroeconomic indicators, the Indian stock market closed higher on Friday, with the Nifty 50 index reaching a lifetime high of 19,201 and the BSE Sensex touching a new high of 64,768. Bank Nifty also climbed to a new peak of 44,787. In light of these market developments, Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market is in a bull trend, with immediate support for the Nifty placed at 19,200 levels. Bagadia further suggests that if the Nifty sustains above 19,200 levels, the 50-stock index could reach levels of 19,600 to 19,700 in the near term. For the upcoming week, Bagadia recommends three stocks to buy on Monday: Marico, Hero MotoCorp, and Infosys.
Marico’s share price is currently trading at ₹530.95 levels. The stock has rebounded from strong support at ₹520 levels and shows signs of a breakout on the charts, supported by good volumes. A small resistance can be observed near ₹532.90 levels, which is also the 200-day exponential moving average (EMA). Once the stock crosses this level, Marico is expected to move towards ₹560 levels and higher. Investors who bought the stock at lower levels should trail their stop loss. Based on this technical analysis, it is advised to buy Marico at the current market price (CMP) of ₹530.95 levels and add to the position on dips until ₹520 levels. The target price for Marico is ₹560, and if the stock closes below ₹515, the analysis will be invalidated.
- Hero MotoCorp:
Hero MotoCorp’s share price is trading with a higher high and higher low pattern on the daily chart and is holding strong support around ₹2800 levels. In the broader time frame, the stock has formed a soccer pattern, confirming a bullish trend. It is also trading above the 20-day and 40-day EMAs, and the relative strength index (RSI) remains above 60 levels. With gradual increase in volume participation, further upside movement is expected. Based on these factors, one can initiate a long position in Hero MotoCorp at the CMP of ₹2910, with a stop loss at ₹2845 and a target price of ₹3050.
No specific information was provided about the analysis or recommendation for Infosys in the given context. Further research or analysis may be required to determine the investment strategy for this stock.
Sumeet Bagadia, Executive Director at Choice Broking, has provided insights and recommendations for the stock market next week. Based on technical analysis, Bagadia recommends buying Marico and Hero MotoCorp, with target prices and stop loss levels specified. These recommendations are not investment advice and should be considered alongside individual research and risk appetite. It is important for investors to conduct their own analysis, consider market conditions, and consult with a financial advisor before making any investment decisions.