Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — 12th Feb

livemint.com:

Buy or sell stocks: After witnessing a sharp sell-off on Thursday, the Indian stock market shifted into a sustainable upside bounce from the lows and closed higher on Friday. The Nifty 50 index gained 64 points and closed at the 21,782 level, the BSE Sensex went up 167 points and closed at the 71,595 mark while the Nifty Bank index shot up 622 points and finished at the 45,634 level. However, broad market indices continue to remain weak.

The small-cap index lost 1.36 percent while the mid-cap index dipped to the tune of 0.82 percent. Sumeet Bagadia, Executive Director at Choice Broking believes that the stock market sentiment has improved after bouncing back on Friday. The Choice Broking expert went on to add that the Nifty 50 is now facing a hurdle at the 21,800 level after making an immediate base at 21,650 zones.

Bagadia said that Dalal Street trends may further improve once the 50-stock index gives a decisive breach above the 21,800 mark on a closing basis. On stocks to buy on Monday, Sumeet Bagadia of Choice Broking recommended three stocks to buy on Monday — Sun Pharma, ICICI Bank, and Ambuja Cements. 1] Sun Pharma: Buy at ₹1534, target ₹1575, stop loss ₹1499.

Sun Pharma share price is trading at ₹1534 levels and has recently exhibited a robust breakout above the key resistance level of ₹1500. This breakout is supported by strong trading volumes, suggesting a substantial influx of market participants and indicating underlying strength in the stock's movement. One notable aspect is that Sun Pharma share price is trading above all significant moving averages, emphasizing the overall positive trend in the stock.