Buy or sell: Sumeet Bagadia recommends three stocks to buy next week. Should you buy?
Buy or sell stocks: Following strong global market sentiments, Indian stock market finished on a higher note on Friday. NSE Nifty gained 150 points and closed at 19,564 while BSE Sensex shot up 502 points and ended at 66,060 levels. Bank Nifty index added 154 points and finished at 44,819 mark.
However, broad market outperformed Nifty and other key benchmark indices. Small-cap index shot up 1.14 per cent while mid-cap index skyrocketed to the tune of one per cent. Sumeet Bagadia, Executive Director at Choice Broking believes that after a brief consolidation Nifty has managed to reach 19,550 hurdle on closing basis, which hs improved market sentiment from 'cautious' to 'bullish'.
Choice broking expert went on to add that Nifty is now in 19,300 to 19,900 range and it may test 20,000 levels if it manages to remain above 19,500 levels in next one to two sessions next week. On stocks to buy next week, Sumeet Bagadia recommended three stocks and those three shares are Tata Consumer, Cipla and Larsen and Toubro (LT). Here we list out full details in regard to Sumeet Bagadia's stock recommendations: 1] Tata Consumer: Buy at ₹851.50, target ₹900, stop loss ₹825.
Tata Consumer share price is currently trading near ₹851.50. The stock has formed a hammer pattern on daily chart along with a Bullish Engulfing pattern, which indicates the reversal of bearish trend in stock. The Strength is shown by the RSI indicator's current trading range of 57 levels.
The stock is currently trading above all of the key moving averages. The Bollinger band continues to expand on the daily chart, with the price trading above the band's centre line, indicating the stock's strength. A small resistance is placed near ₹860 levels; if the stock surpasses
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