Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday
Buy or sell stocks: Despite weakness in Asian stock market after the soft US economic data, Indian stock market finished higher on the weekend session last week.
NSE Nifty added 17 points and finished at 18,314 whereas BSE Sensex went up 123 points and closed at 62,027 levels whereas Bank Nifty index gained 318 points and ended at 43,793 mark.
In broad market, small-cap index ended marginally lower while mid-cap index lost 0.33 per cent.
Sumeet Bagadia, Executive Director at Choice Broking believes that Indian stock market is in uptrend and ‘buy on dips’ would be an idea strategy.
However, he advised positional and short term investors to remain vigilant about the Q4 results as it would help them maintain stock specific trade and investment strategy.
Asked about stocks to buy when stock market opens after the weekend holidays, Sumeet Bagadia of Choice Broking recommended three stocks to buy on Monday — Hindustan Unilever Ltd (HUL), Polycab and Cipla.
Sumeet Bagadia listed out following details in regard to those buy or sell stocks:
1] Hindustan Unilever Ltd or HUL: HINDUNILVR or HUL share price is currently trading near ₹2623, indicating a higher high higher low formation on the daily chart.
Strength is shown by the RSI indicator’s current trading range of 68.48 levels. The stock is currently trading above all of the key moving averages.
The Bollinger band continues to expand on the weekly chart, with the price trading above the band’s center line, indicating the stock’s strength.
A small resistance is placed near ₹2650 levels; if the stock surpasses this level, it may move towards 2760 levels and higher.
With a medium-term target price of 2760, Sumeet Bagadia advised purchasing HINDUNILVR at the CMP of ₹2620. It can also be accumulated close to ₹2570 levels.
If the price closes below 2500, our analysis will be regarded as being invalid, said Sumeet Bagadia.
Bylivemint
