Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday

livemint.com:

Buy or sell stocks: Despite strong sentiments in the Asian stock market, the Indian stock market ended lower on Thursday. The Nifty 50 index lost 101 points and closed at the 21,352 level, the BSE Sensex shed 359 points and finished at the 70,700 mark while the Bank Nifty index ended 216 points lower at the 44,866 level. Broad market indices fared better than the Nifty and the BSE Smallcap index ended in the positive even as the advance-decline ratio remained positive at 1.27:1.

Sumeet Bagadia, Executive Director at Choice Broking believes that the market is trading range-bound in the 21,100 to 21,500 range. Bullish or bearish trends can be assumed on the breakage of either side of this range. Also Read: Gold price trades flat ahead of US Fed meeting.

Should you buy as Middle East crisis escalates? The Choice Broking expert went on to add that frontline banking stocks may see a fresh bull trend on breakage of the upper hurdle placed at the 46,300 zone by the Bank Nifty index. On stocks to buy next week, Sumeet Bagadia recommended three shares to buy on Monday — Mahindra & Mahindra (M&M), Grasim Industries and Adani Ports. 1] M&M: Buy at ₹1635.50, target ₹1735, stop loss ₹1575.

M&M share price is currently trading at ₹1635.50 levels, exhibiting a robust support base around ₹1575 levels. The stock's recent accomplishment in surpassing the initial resistance at ₹1633, aligned with its 20-day Exponential Moving Average (EMA), signifies underlying strength in its current trend. An additional minor resistance is anticipated near ₹1675 levels, and a successful breach beyond this point could propel the stock towards the target of ₹1735 levels.