Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — May 6
Buy or sell stocks: Understanding the recent performance of the Indian stock market is crucial for making informed investment decisions. After a period of range-bound action with a positive bias, the market experienced a significant shift. On Friday, the Nifty 50 index ended 172 points lower after reaching a new peak of 22,794, and the BSE Sensex dropped 732 points from its lifetime high of 75,124.
The Bank Nifty index also saw a significant decline of 307 points, closing at 48,923. In the broader market, the small-cap index finished 0.55 per cent lower after reaching a new peak of 47,678, and the mid-cap index ended 0.21 per cent lower after touching a new high of 42,774. Sumeet Bagadia, a seasoned Executive Director at Choice Broking, believes that the bull trend of the Indian stock market got a dent on Friday as the Nifty 50 index once again plunged after making a double top at around its current resistance placed at 22,800.
However, the Choice Broking expert maintained that the stock market trend is expected to remain bullish till the 50-stock index is above its current support of 22,150 to 222,200 range. On stocks to buy on Monday, Sumeet Bagadia recommended three buy or sell stocks — Grasim Industries, SAIL, and VOLTAS. Also Read: When will Nifty 50 hit 25K, Sensex climb to one lakh? Experts give this timeline 1] Grasim Industries: Buy at ₹2481.35, target ₹2680, stop loss ₹2380.
Grasim share price is currently trading at ₹2481.35, and it recently broke out above the critical resistance level of ₹2380. This breakout indicates a significant shift in the stock's price dynamics, suggesting a renewed bullish momentum. The daily charts show higher highs and higher lows, further confirming the stock's strength and
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