Buy or sell: Sumeet Bagadia recommends three stocks to buy next week
Buy or sell stocks: Indian stock market continued to trade choppy throughout the week despite Nifty 50 index forming bullish candle on the weekly chart pattern. The 50-stock index went off 7 points and closed at 19,794 levels, BSE Sensex ended 47 points lower at 65,970 mark whereas Bank Nifty index gained 191 points and finished at 43,769 levels on Friday last week. Broad market indices ended marginally higher even as the advance-decline ratio closed at 1.16:1.
Sumeet Bagadia, Executive Director at Choice Broking believes that support for Nifty 50 index has shifted little upward at around 19,720 levels whereas the 50-stock index is facing hurdle at 19,850 levels. Choice Broking expert went on to add that Indian stock market would remain range-bound till Nifty 50 index trades in this range. Bullish or bearish trend can be assumed on breakage of either side of this range.
On stocks to by next week, Sumeet Bagadia recommended three shares to buy on Tuesday when Indian stock market opens after an extended weekend as stock market holiday falls on Monday for Gurunanak Jayanti celebrations across nation. Those three stocks are Lal PathLabs, Tata Motorws and Dalmia Bharat. 1] Lal Pathlabs: Buy at ₹2595, target ₹2850, stop loss ₹2600.
The current trading price of Dr Lal Pathlab shares stands at ₹2594.65. The stock has recently formed a cup and handle breakout pattern on the weekly chart with significant trading volume, indicating strong momentum in the stock. If the price manages to close above the ₹2740 level, it may have the potential to reach near-term targets of ₹2750 and ₹2850.
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