Buy or sell: Sumeet Bagadia recommends three stocks to buy next week
Buy or sell stocks: Following sell off in global markets, Dalal Street fell for third straight session on Friday. Nifty 50 index fell 82 points and closed at 19,542 levels, 30-stock index BSE Sensex corrected 231 points and ended at 65,397 mark whereas Bank Nifty index finished 31 points lower at 43,723 levels. In broad market, mid-cap index crashed over one per cent while small-cap index went down 0.76 per cent on last session of the week gone by.
Sumeet Bagadia, Executive Director at Choice Broking believes that stock market sentiments have turned more cautious. However, Choice Broking expert maintained that Nifty 50 index has managed to maintain its crucial support placed at 19,500 levels. He advised stock market investors to maintain stock specific approach as Q2 results 2023 season is underway.
On stocks to buy on Monday, Sumeet Bagadia recommended three stocks to buy next week — NTPC, Kotak Mahindra Bank and Tata Consumer Products. Here we list out full details in regard to Sumeet Bagadia's stock recommendations for next week: 1] NTPC: Buy at ₹241, target ₹250, stop loss ₹230. NTPC share price is presently trading at ₹241.
On the daily chart, the price exhibits a pattern of trading within a rising channel, consistently finding support along the lower boundary of this channel. Moreover, a bullish engulfing candlestick pattern has recently emerged, signifying the potential for upward momentum. In the event that the price surpasses the ₹242.5 level, it could suggest a target aligned with the upper boundary of the channel, currently situated at ₹250.5.
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