Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — April 22
Buy or sell stocks: Following weak global market sentiments on rising fears of the Iran-Israel war, the Indian stock market snapped its four-week winning streak. The Nifty 50 index ended 1.65 percent lower in the week gone by at the 22,147 mark, the BSE Sensex logged a weekly loss of 1.56 percent and finished at 73,088 level while the Bank Nifty index lost 2.65 percent last week and closed at 47,574 mark. In the broad market, the small-cap index finished 1.73 percent lower last week whereas the mid-cap index corrected over 3 percent in the truncated week.
Sumeet Bagadia, Executive Director at Choice Broking believes that the Indian stock market bias has improved after the Nifty 50 index closed above the 50-DEMA level of 22,110 zone. However, the Choice Broking expert maintained that the 50-stock index needs to close above 22,350 to 22,400 levels for further improvement of the Dalal Street trends. On stocks to buy on Monday, Sumeet Bagadia recommended three buy or sell stock ideas — ICICI Bank, Maruti Suzuki India Ltd or MSIL, and Hindustan Copper.
1] ICICI Bank: Buy at ₹1067.25, target ₹1140, stop loss ₹1030. ICICI Bank share price is currently trading at ₹1067.25, having recently retested the daily trendline and formed a bullish piercing pattern, indicating a potential bullish reversal. On the daily scale, ICICI Bank share price is showing a pattern of higher highs and higher lows, suggesting a strong uptrend.
The Relative Strength Index (RSI) for ICICIBANK stands at 45.10, indicating room for potential upside in ICICI Bank shares. Additionally, the Stochastic RSI shows a positive crossover, further supporting the bullish sentiment. Notably, the stock is trading above all major moving averages, highlighting its strength
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