Buy or sell stocks: The Indian stock market extended its rally for the fourth straight session and ended with decent gains after rebounding from intraday lows in Thursday’s session following the RBI policy meeting. The 50-stock index Nifty closed 42 points higher at 17,599, while the 30-stock index BSE Sensex advanced 143 points to close at 59,832. The Nifty Bank index gained 41 points and closed at 41,041. The broad market indices advanced even more than the Nifty, while the advance/decline ratio was positive at 2.01:1.
stock market strategy for next week
Sumeet Bagadia, executive director, Choice Broking, believes that the market has a bullish bias and RBI’s move to cap the interest rate may continue the rally in the near future. Sumeet Bagadia of Choice Broking said that smelly Today in 17,300 to 18,00 range while Nifty Bank Index is in 40,500 to 41,700 range. The technical expert advised investors to continue buying on dips till both the indices sustain lower levels.
stocks to buy on monday
Buying or selling shares that one can see when indian stock market On Monday opens, Sumeet Bagadia recommends three stocks to buy in the next week and those three buy or sell stocks are Sun Pharma, DLF and IGL.
Here we list down the complete details given by Sumeet Bagadia in respect of shares held or sold by:
1]Sun Pharma: After a good consolidation, Sun Pharma share price has formed a rounding bottom pattern in the daily chart, indicating strength in the price action. The stock is trading above 20 and 50 day moving averages. The price has rebounded from the lower Bollinger band, the RSI is also indicating a positive crossover and the MACD suggests buying interest in the near term.
price remains up 1000, which is 0.50 percent of the Fibonacci retracement. So, based on the above technical structure one can initiate long position in CMP 1012. However, in a safe place nearby A better range would be to enter in the 1000-1005 level. close up and maintain heading towards 1020 1060-1070 levels in coming days. can be mounted on SL 975.
2]DLF: In 365-360 range, DLF There are several solid supports in the share price. The stock is currently trading around 381. Slight resistance is evident on the charts 383 level. After crossing the previously mentioned resistance, the stock will be able to move closer to the target price 410 and higher. The stock formed a bullish candle on the weekly charts indicating strength. The RSI indicator is also approaching 54, indicating that the stock has further upside potential. On the daily chart, the stock has broken above the 200-day EMA, which is a bullish sign.
Based on the above technical analysis, we recommend to buy DLF at current market value of 382.90. Also may accumulate near stock 375-377 levels with target price of 410. If the stock closes below 368, our analysis will be invalid.
3]IGL: The stock is currently trading at a 52-week high. IGL share price was facing several resistances in the range 445-455 levels from Sep 2022 onwards. The stock has moved strongly higher and hence we can see a breakout on the charts. This breakout is supported with good volume which indicates strength. No fall in stock now There will be a buying opportunity at 450 level. Investors holding from lower levels should continue with trailing stop loss.
As per the above technical analysis, we recommend IGL to buy on dips. Traders shopping at CMP The stock should be added on a decline to 462.4 level 450 level. Share can go further 490 level and higher. if the stock closes down 440, our analysis would be invalid.
Disclaimer: The views and recommendations set forth above are those of individual analysts or brokerage firms and not Mint’s. We advise investors to do due diligence with certified experts before making any investment decision.
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