Buy or sell: Sumeet Bagadia recommends three stocks to buy next week. Should you buy?
Buy or sell stocks: Following weakness in global market cues due to sell off in technology stocks, Indian stock market snapped its six days winning streak and ended in red zone on Friday. NSE Nifty lost 234 points and closed at 19,745 levels while BSE Sensex nosedived 887 points and closed at 66,684 mark. Bank Nifty index descended 111 points and closed at 46,075 mark.
Broad market indices did better than the Nifty and Small-cap index ended 0.13 per cent in the positive even as the advance-decline ratio came in lower at 0.82:1. Sumeet Bagadia, Executive Director at Choice Broking believes that market trend has become cautious after the profit booking trigger and hence immediate support for Nifty today has shifted towards 19,600 and 19,500 levels. Amid Q1 results 2023 season, Sumeet Bagadia advised investors to maintain stock specific trade as stock market is trading at record highs as well.
On stocks to buy next week, Sumeet Bagadia recommended three shares for near term. Here we list out full details in regard to those Sumeet Bagadia's stock recommendations: 1] Hero MotoCorp: Buy at ₹3102, target ₹3250, stop loss ₹3030. Hero MotoCorp share price has rebounded from a solid support of ₹3049 levels which is close to 20 Day EMA levels.
The stock is currently trading above all the important moving averages, indicating strength. Moreover, it is trading above the middle Bollinger band, and there are positive crossovers in both the RSI and MACD, suggesting a continued bullish trend in the near future. The sustained high trading volume indicates buying interest among short-term traders.
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