Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — April 29
Buy or sell stocks: Despite gold prices snapping its five-week rally in the week gone by, the Indian stock market ended higher last week. Among the frontline indices, the Nifty 50 and the BSE Sensex logged ascended nearly 0.60 percent and 0.75 percent respectively in the week gone by whereas the Bank Nifty index ascended to the tune of nearly 0.95 percent. The broad market indices outperformed the frontline indices.
The small-cap index scaled more than 2.75 percent northward in the week gone by while the mid-cap index shot up over 3.25 percent in this period. Sumeet Bagadia, Executive Director at Choice Broking believes that the Nifty 50 index is facing a hurdle at the ₹2,600 level and the 50-stock index succumbed to this hurdle on Friday last week. The Choice Broking expert said that the 50-stock index has strong support placed at 22,100 to 22,150 zone and one should maintain the buy-on-dips strategy on every big dip till the Nifty 50 index is above this support zone.
On stocks to buy on Monday, Sumeet Bagadia recommended three buy or sell stocks — ITC, Cipla, and UltraTech Cement. Also Read: IREDA share price: Experts see big upside in PSU stock after ‘Navratna’ accord 1] ITC: Buy at ₹440, target ₹475, stop loss ₹422. ITC share price demonstrates a robust technical setup, with formidable support levels between ₹422 to ₹428 providing a solid foundation for its current trading range.
Despite trading at approximately ₹440 levels, the stock faces a minor resistance of around ₹448. A successful breach of this resistance could propel it towards the target of 475 and beyond, marking a potential uptrend continuation. The bullish sentiment is reinforced by the stock's consistent formation of higher highs and higher lows over
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