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Buy or sell: Sumeet Bagadia recommends three stocks to buy next week
US Federal Reserve, the Bank of England and the European Central Bank, left rates unchanged this month, fuelling hopes that interest rates have peaked. The 30-share BSE Sensex closed 282.88 points, or 0.44%, higher at 64,363.78, while the broader NSE Nifty 50 gained 97.35 points, 0.51%, to settle at 19,230.60, on Friday. Gains in broader markets also supported the rally.
The Nifty Midcap 100 index rose 0.70%, while the Nifty Smallcap 100 index surged 1.21%. Read here: Nifty 50, Sensex rise for second consecutive session; investors' wealth rise by about ₹2 lakh crore Sumeet Bagadia, Executive Director at Choice Broking is bullish on three stocks for the next week. These three stocks are ICICI Bank, Tech Mahindra and Oil & Natural Gas Corporation (ONGC).
Based on the technical analysis, Bagadia believes these three stocks have the potential for further upside. Here are key recommendations by Sumeet Bagadia: ICICI Bank’s technical analysis presents a promising picture for traders and investors. The stock has exhibited several positive signs.
ICICI Bank shares have managed to surpass the initial resistance at ₹925 levels, which is also the 200-day Exponential Moving Average (EMA). This is a significant achievement as breaking through this resistance suggests a strong bullish sentiment. ICICI Bank share price is currently trading around ₹933.80 levels, indicating a breakout above the mentioned resistance level.
It is also trading above the 20 and 200-day EMAs, reinforcing the notion of strength and an established uptrend. There is a smaller resistance level at ₹945, which coincides with the 50-day EMA. If the stock manages to breach this level, it could potentially advance towards a target of ₹975 and beyond.
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