Buy or Sell: Sumeet Bagadia recommends buying three stocks on Monday

Sumeet Bagadia, Executive Director, Choice Broking is of the view that the results season is on and hence one should stick to a stock specific approach while trading. He recommends the following three stocks to buy when indian stock market Opens on Monday:

1]UltraTech Cement: After a good consolidation, UltraTech Cement share price has formed a double bottom pattern on the daily chart, indicating a short term bounce from the recent lows. The stock is trading above 20 and 50 daily moving averages. The price is trading above the middle Bollinger Band, RSI and MACD have also indicated positive crossovers, suggesting continuation of the bullish trend in the near term. Sustaining high volume indicates buying interest among short term traders.

moreover, cement sector is also gaining momentum. So, based on the above technical structure one can initiate long position in CMP 7628. However, to be on the safe side near A better range would be to enter in the 7560-7580 level. close up and maintain will lead to 7700 7940-8000 levels in coming days. can be kept as SL 7420.

2]Adani Ports: After six weeks, Adani Ports The share price is making higher highs and higher lows on the weekly charts. Stock is currently trading 683. The stock has been consolidating in a range since last 15 days 656-693 levels, with today’s close above the highest level 680. The stock has crossed the 20 and 50 day EMA levels and is trading comfortably from those levels, which is a sign of strength. we may see some minor resistance to 695 level. Once the stock breaks through the resistance, it may move to the upside 725 level, which is also the 200 days EMA.

The RSI indicator is currently trading at a comfortable level of 60, which shows strength. On the daily chart, we can see the Bollinger Bands squeezing with the stock trading above the median line, indicating strength. The Bollinger Bands will widen once the stock reclaims 695 levels, which will help in an upside move for the stock. With a medium term target price of 725, we recommend Adani Pots to buy on CMP 683. It can also be deposited near 670 level. if the price closes below 655, our analysis would be considered invalid.

3]Maruti Suzuki: Maruti Suzuki India Ltd. is currently doing business 8948, and based on technical analysis, it appears to be in an uptrend. A positive sign is that Maruti is trading above its major moving averages of 20, 50, 100 and 200, indicating that the stock is trending consistently in an upward direction over different time periods. The Relative Strength Index (RSI) is currently at 69 which indicates that the buying pressure is stronger than the selling pressure. However, traders should keep an eye on the RSI levels, as an RSI reading above 70 may indicate that the stock is overbought and could be due for a correction. The Bollinger Bands are showing expansion, which indicates that Maruti is experiencing high volatility with wide price swings.

This can be beneficial to traders who use volatility to identify potential trading opportunities. have slight resistance 8900, and if these levels are respected, Maruti share price could potentially reach 9365-9500. However, traders should be aware that the bottom closed 8775 may negate this bullish view.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.