Buy or sell: Sumeet Bagadia recommends three stocks to buy next week

livemint.com:

Buy or sell stocks: After heavy beating for the six straight sessions, Indian stock market witnessed trend reversal during Friday deals. Buying across large-cap, mid-cap and small-cap stocks helped bulls outclass bears. Nifty 50 index gained 190 points and closed at 19,047 levels, BSE Sensex went up 634 points and ended at 63,782 mark while Bank Nifty index shot up 501 points and finished at 42,782 levels.

Broad market indices rose more than the Nifty even as the advance decline ratio rose to 4.3:1. Sumeet Bagadia, Executive Director at Choice Broking believes that Indian stock market is showing signs of improvement. The Choice Broking expert went on to add that Nifty 50 index has closed above 19,000 levels after participatory rally on Friday.

But, he said that bullish trend can be assumed only after the 50-stock index breaches 19,200 hurdle on closing basis. On stocks to buy on Monday, Sumeet Bagadia recommended three stocks to buy next week — Tata Motors, HCL Technologies and Axis Bank. Here we list out full details in regard to Sumeet Bagadia's stock recommendations: 1] Tata Motors: Buy at ₹641, target ₹680, stop loss ₹624.

Tata Motors share is currently trading at ₹641.05. On the daily chart, the price is establishing new higher highs and higher lows, indicating a strong uptrend. If the price closes above ₹652, it is likely to experience further upward movement, with target levels at ₹680.

At the moment, the stock is trading within a range bound by ₹609 and ₹652. Furthermore, Tata Motors share price is trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This confirms its bullish momentum and suggests the potential for sustained upward price movement.