Buy or sell: Sumeet Bagadia recommends three stocks to buy next week
Buy or sell stocks: Despite weak trends from global market cues on rising China-US tension, Indian stock market finished higher on sixth day in a row. NSE Nifty gained 92 points and closed at 19,819 levels, registering best week in the last two months. BSE Sensex finished 33 points higher at 66,598 mark whereas Bank Nifty index ended 278 points up at 45,156 levels.
In broad market, small-cap index went 0.43 per cent higher whereas mid-cap index shot up 0.92 per cent. Sumeet Bagadia, Executive Director at Choice Broking believes that market mood has further improved after Nifty's closure above 19,800 levels on Friday. Choice Broking expert said that Nifty is poised to climb to a new peak and touch 20,000 mark.
On stocks to buy next week, Sumeet Bagadia recommended three stocks to buy next week — Tata Motors, HCL Technologies and Bajaj Auto. Sumeet Bagadia of Choice Broking listed following details in regard to his stock recommendations: 1] Tata Motors: Buy at ₹627.25, target ₹665, stop loss ₹602. Tata Motors share is currently trading at ₹627.25 levels.
We have witness a bounce back of Tata Motors shares from the strong support of ₹602 levels which is also 50 Day EMA levels. Currently stock is moving above 20, 50 and 200 Day EMA levels. The stock has moved higher with strong volumes indicating strength.
Any dip in the stock can be a buying opportunity. The momentum indicator RSI is currently near to 60 levels which indicate bullishness in the stock. A small resistance is placed close to ₹635 levels.
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