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

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Sensex ended 492.75 points, or 0.74%, higher at 67,481.19, while the Nifty 50 rose 134.75 points, or 0.67%, to settle at 20,267.90. The Nifty Midcap 100 index closed 1.10% higher at 43,382.40 and the Nifty Smallcap 100 index closed 0.48% higher at 14,239.30. Analysts believe the stock market next week will be driven by economic data releases from the US, India, and China, while the focus will be on the Reserve Bank of India (RBI) monetary policy meeting.

The RBI is widely expected to maintain the status quo on interest rates. Moreover, the trajectory of foreign capital flows will also be key. On stocks to buy on Monday, Sumeet Bagadia, Executive Director at Choice Broking recommended three shares to buy next week and those three stocks are Asian Paints, State Bank of India (SBI) and Tata Steel.

Also Read: Nifty hits a new record, F&O rollovers signal momentum As mentioned above, Sumeet Bagadia has recommended three stocks to buy on Monday, here we list out full details in regard to Sumeet Bagadia's stock recommendations: Asian Paints has exhibited a recent correction from the resistance at ₹3,230. However, the stock has demonstrated resilience by experiencing a sharp bounce from the initial support around ₹3,110, which also aligns with the 20-Day Exponential Moving Average (EMA). The formation of a bullish candle on daily charts further reinforces positive momentum.

The stock's potential to move upwards is contingent on it surpassing the resistance at ₹3,230. If this level is breached, it may pave the way for an advance towards the further resistance at ₹3,335. This potential upward movement provides an opportunity for traders and investors to consider.