Buy or sell: Sumeet Bagadia recommends three stocks to buy next week
Buy or sell stocks: Following weak global market sentiments on renewed fear of US Fed rate hike, Indian stock market ended lower on Friday. NSE Nifty lost 114 points and closed at 19,428 levels, BSE Sensex corrected 365 points and finished at 65,322 mark whereas Bank Nifty index went down 342 points and ended at 44,199 levels. Broad market indices fell less than the Nifty even as the advance decline ratio dipped to 0.65:1.
Sumeet Bagadia, Executive Director at Choice Broking believes that Nifty today has support placed at 19,250 to 19,300 levels and breaching this support decisively would mean further downside trend. On the upper side, Sumeet Bagadia said that the index has hurdle placed at 19,650 levels whereas strong resistance for the index is placed at 19,800 levels. To hit a new high or touch 20,000 levels, Nifty needs to sustain above 19,800 on closing basis.
On stocks to buy next week, Sumeet Bagadia recommended three shares — Bharti Airtel, Coal India and Grasim Industries. Here we list out full details in regard to Sumeet Bagadia's stock recommendations: 1] Bharti Airtel: Presently trading at ₹870, Bharti Airtel shares exhibit a notable market stance supported by a robust foundation. The stock has found itself positioned at a commendable support level of ₹865, a point that not only underpins its current valuation but also signifies a broader range of consolidation spanning from ₹865 to ₹900.
Of particular significance is the stock's reliance on the ₹865 level, which coincides with the 100-day Exponential Moving Average (EMA), further emphasizing its resilience within this price band. As the stock navigates its current juncture, the prospect of a favorable accumulation phase becomes apparent. The consolidation
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