Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — 3rd July

Trade strategy for stock market next week

Sumeet Bagadia, Executive Director at Choice Broking believes that Indian stock market is in bull trend as Nifty today has immediate support placed at 19,200 levels. Choice Broking expert went on to add that if Nifty sustains above 19,200 levels then we can expect the 50-stock index to touch 19,600 to 19,700 levels in near term. On stocks to buy next week, Sumeet Bagadia recommended three stocks for Monday and those three shares are Marico, Hero MotoCorp and Infosys.

Here we list out full details in regard to these Sumeet Bagadia’s stock recommendations for next week:

1] Marico: Buy around ₹530, target ₹560, stop loss ₹515.

Marico share price is currently trading at ₹530.95 levels. The stock has bounced back from the strong support of ₹520 levels. The stock has strongly moved on higher side and hence we can witness a breakout on charts. This breakout is supported with good volumes which indicate strength. Now any dip in the stock around ₹520 levels will be a buying opportunity. A small resistance can be witnessed near ₹532.90 levels which is also 200 Day EMA levels, and once stock crosses the mentioned level MARICO can now further move towards 560 levels and higher. The investors holding from lower levels should keep trailing stop loss.

According to the aforementioned technical analysis, we advise buying MARICO at CMP of ₹530.95 levels and should add the stock on dips till ₹520 levels for the target of ₹560. If the stock closes below ₹515, our analysis will be invalid.

2] Hero MotoCorp: Buy at ₹2940, target ₹3050, stop loss ₹2845.

Hero Motocorp share price is trading with higher high – higher low in daily chart and is holding strong support around ₹2800 levels. As we see in the chart in a broader time frame it has formed a soccer pattern, which confirms the bullish trend in line. The stock has a minor resistance around ₹2930 to ₹3935, once it crosses and sustains further upside movement is expected in coming days.

Scrip is trading higher than 20 and 40 EMA as well. Currently RSI remained above 60 levels. As stock witnessed gradual increase in volume participation that confirms the bullishness in trend. Based on the above parameter, one can initiate a long position at CMP of ₹2910, keeping SL as ₹2845 for the target price of ₹3050.

3] Infosys: Buy around ₹1335, target ₹1430, stop loss ₹1277.

Based on the current market conditions and technical analysis, Infosys share presents a favourable investment opportunity. With a current quotation of ₹1335, Infosys share price has recently broken out above its 50-day Exponential Moving Average (EMA) after a period of consolidation lasting four months. This breakout suggests a potential upward trend reversal and signifies increased buying interest in the stock.

Moreover, INFY has been consistently forming higher lows since mid-April, indicating a strengthening bullish sentiment. This pattern further supports the notion of a potential price increase in the near future. Considering these factors, it is advisable to initiate a cash purchase of INFY at the current market price, with a target price (TGT) of ₹1430. A stop loss (SL) at ₹1277 is recommended to mitigate potential downside risk.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

Updated: 01 Jul 2023, 11:35 AM IST