Buy or sell: Sumeet Bagadia recommends three stocks to buy next week
Buy or sell stocks: Indian stock market plunged, an all-round sell off on Friday tracking weak global cues. NSE Nifty lost 120 points and closed at 19,265, BSE Sensex shed 365 points and ended at 64,886 levels while Bank Nifty index corrected 264 points and finished at 44,231 mark. Nifty Mid-cap Index underperformed the Nifty with a large margin by falling 0.82 per cent in today’s session.
Nifty Mid-cap 100 and Small cap 100 Index witnessed massive profit booking from highs, these indices fell by 0.82 per cent and 0.41 per cent respectively on the closing. Sumeet Bagadia, executive Director at Choice Broking believes that Nifty has breached crucial support placed at 19,270 and now it has immediate support placed at 19,100 to 19,050 levels. On the upper side, Nifty today has hurdle placed at 19,375 to 19,400 levels.
On stocks to buy next week Sumeet Bagadia recommended three shares — Asian paints, Bajaj Finserv and Bharti Airtel. 1] Asian Paints: Buy at ₹3255, target ₹3390, stop loss ₹3170. Based on a comprehensive technical analysis of Asian Paints share, it is suggested that a potential trading opportunity could be considered.
The stock is currently trading at 3255, having established a sturdy support level around ₹3150. Notably, Asian Paints has exhibited a favourable breakthrough above its, 50-day, 100-day and 200-day Exponential Moving Averages (EMA), signifying a positive shift in its trend dynamics. Furthermore, the Relative Strength Index (RSI) currently stands at 47 and has recently undergone a positive crossover, indicating an increasing momentum in favour of the stock's upward movement.
Read more on livemint.com
