Buy or sell stocks: Following weak global market sentiments, Indian stock market ended lower for fourth day in a row. Nifty 50 index lost 68 points and closed at 19,674 levels, BSE Sensex corrected 221 points and ended at 66,009 mark whereas Bank Nifty index finished 11 points lower at 44,612 levels. Small-cap index ended marginally in the positive even as the advance decline ratio improved to 0.99:1.
Sumeet Bagadia, Executive Director at Choice Broking believes that Dalal Street sentiments have further weakened after Nifty 50 index closed below 19,700 levels on Friday. Choice Broking expert went on to add that Nifty today has now crucil support placed at 19,600 levels and on breaching this support, there can be more correction expected in the Indian stock market. On stocks to buy next week, Sumeet Bagadia recommended three stocks to buy on Monday and those three shares are State Bank of India (SBI), Asian Paints and Mahindra & Mahindra (M&M).
Here we list out important details in regard to those Sumeet Bagadia's stock picks for next week: 1] SBI: Buy at ₹598, target ₹630, stop loss ₹578. An analysis of SBI share price suggests several key points for traders and investors to consider. Firstly, the stock has demonstrated a robust support level at ₹584, which implies that it has consistently found buying interest around this price point in the past.
This support level aligns closely with both the 50-day and 20-day EMA, reinforcing its significance. Currently trading at ₹598.15, SBIN is in proximity to a smaller resistance level at ₹608. Overcoming this resistance is seen as a positive signal, potentially paving the way for the stock to reach its target price of ₹630, which also represents a historical all-time high.
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