Buy or sell: Sumeet Bagadia recommends three stocks to buy next week
Buy or sell stocks for next week: Key benchmark indices of the Indian stock market gave up its five days winning streak and ended the last trade session of 2023 on a flattish note amid profit booking in select heavyweights. Nifty 50 index remained in negative territory throughout the session and closed with minor loss of 22 points at 21,731 levels. BSE Sensex finished 0.23 per cent lowe at 72,240 levels whereas Nifty Bank index lost 0.45 per cent and ended at 48,292 levels.
However, broader market outperformed with Nifty Mid-cap 100 and Nifty Small-cap 100 up 0.8 per cent and 0.6 per cent respectively. Also Rread: What stock market's special session mean for investors? Zerodha explains Sumeet Bagadia, Executive Director at Choice Broking believes that Nifty 50 index is facing hurdle at 21,800 to 21,850 zone whereas the 50-stock index has immediate support placed at 21,550 to 21,600 zone. Choice Broking expert maintained that overall Indian stock market bias is still positive and advised investors to maintain 'buy on dips' strategy when market opens next year.
On stocks to buy next week, Sumeet Bagadia recommended three stocks to buy on Monday and those shares are Hindustan Unilever Ltd (HUL), GMR Infra and UltraTech Cement. 1] HUL: Buy at ₹2664, target ₹2840, stop loss ₹2580. HUL share price is currently trading at ₹2664.
The stock has forming new higher high higher low & rounding bottom breakout, accompanied by significant volume. There are expectations of further upward movement, potentially reaching ₹2840 levels. On the downside, substantial support is evident near ₹2580.
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