Buy or sell: Sumeet Bagadia recommends three stocks to buy today — 8th December
Buy or sell stocks for today: On account of retreat in the US stock market and weakness in global market sentiments, Indian stock market snapped its seven days winning streak on Thursday. Nifty 50 index ended 36 points lower at 20,901 levels, BSE Sensex lost 132 points and closed at 69,521 mark whereas Bank Nifty finished marginally higher at 46,841 levels. However, broad market indices continued to climb new peak on yet another session.
Small-cap index touched a new peak of 41,369 while mid-cap index touched new record high of 35,371 on the previous session. Sumeet Bagadia, Executive Director at Choice Broking believes that overall market sentiment is bullish till Nifty 50 index is trading above 20,500 levels. Choice Broking expert said that PSU bank, financial and consumer durable stocks are expected to provide support to the Indian stock market at lower levels and may fuel Nifty 50 index above 21,000 levels.
On stocks to buy today, Sumeet Bagadia recommended three intraday stocks for today — Kotak Mahindra Bank, Voltas and Laurus Labs. 1] Kotak Mahindra Bank: Buy at ₹1825, target ₹1935, stop loss ₹1780. Kotak Mahindra Bank share is trading at ₹1825, and its price indicates a potential breakout of an inverted head and shoulder pattern on the daily chart.
This breakout is accompanied by robust trading volume and is supported by a bullish candlestick pattern, suggesting a strong upward momentum in the stock. Also Read: Stocks to Watch: Zomato, Maruti Suzuki, SpiceJet, IDFC First Bank Moreover, Kotak Mahindra Bank share is positioned above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This alignment above crucial EMAs strengthens the bullish outlook, indicating the
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