Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday
Buy or sell stocks: Despite weak sentiments at the Asian bourses, the Indian stock market extended its winning streak for the fourth straight session on Friday. Nifty 50 index finished at the 21,894 level after climbing to a new peak of 21,928. BSE Sensex ended at 72,568 mark after hitting a new peak of 72,568.
The Nifty Bank index gained 271 points and closed at 47,709 level. Broad market indices rose less than the Nifty even as the focus remained on large-cap IT stocks, Bank stocks and Reliance. The advance decline ratio remained positive at 1.09:1.
Sumeet Bagadia, Executive Director at Choice Broking believes that the market mood has turned positive after a strong rally on Friday. Choice Broking expert maintained that the Nifty 50 index is now looking well set to touch 22,150 to ₹22,200 levels. On stocks to buy next week, Sumeet Bagadia recommended three stocks to buy on Monday — Tata Consumer Products, State Bank of India (SBI), and Mahindra & Mahindra Finance.
Also Read: Global market update: US stocks end flat as earnings offset inflation data 1] Tata Consumer: Buy at ₹1157, target ₹1340, stop loss ₹1070. Tata Consumer shares are presently trading at a record high of ₹1157, indicating a bullish trend on the daily chart marked by higher highs and higher lows, accompanied by significant trading volume. This pattern suggests strong bullish momentum in the stock.
It is advisable to consider buying on market corrections at levels around ₹1100 and ₹1080. Additionally, the stock 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 reinforces the bullish sentiment, pointing towards the potential for sustained upward price
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