Buy or sell: Sumeet Bagadia recommends three stocks to buy next week
Buy or sell stocks: After falling for three straight session on weak global market sentiments, Indian stock market ended higher on Friday. NSE Nifty added 135 points and closed at 19,517 levels, BSE Sensex went up 480 points and finished at 65,721 mark whereas Bank Nifty index shot up 366 points and ended at 44,879 levels. In broad market, small-cap index went up 0.66 per cent while mid-cap index surged 0.65 per cent respectively.
Sumeet Bagadia, Executive Director at Choice Broking believes that Nity today has strong support at 19,250 levels and it is facing resistance at 19,600 to 19,650 levels. Choice Broking expert maintained that bullish or bearish trend can be assumed on breakage of either side of the range. Till then one should maintain 'buy on dips' strategy and maintain strict stop loss while taking any position.
He advised stock market investors to maintain stock specific strategy in case of any strong cue as Q1 results 2023 are underway. On stocks to buy next week, Sumeet Bagadia listed out three shares to buy next week and those three stocks are BEL, HDFC Bank and Wipro. Here we list out full details in regard to those Sumeet Bagadia's stock recommendations: 1] BEL: Buy at ₹127.60, target ₹133.25, stop loss ₹123.65.
BEL share price has corrected from the new all-time high level of ₹133.25 but has shown a bounce from the initial support itself. BEL share price has formed a strong support at ₹123.65 levels. Currently, the stock is trading around ₹127.60 levels.
A smaller resistance is visible on the charts near ₹129 levels. Once the stock overcomes the previously mentioned resistance, it will be able to move closer to the target price of ₹133 and higher. The stock is trading above all important moving averages.
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