The recent performance of the Indian stock market has shown a significant shift, with key indices such as the Nifty 50, BSE Sensex, Bank Nifty, small-cap, and mid-cap indexes experiencing declines from their lifetime highs. Despite this, Sumeet Bagadia, an Executive Director at Choice Broking, believes that the overall stock market trend remains bullish. He has recommended three stocks for potential investment opportunities: Grasim Industries, SAIL, and VOLTAS.
Understanding the current trends in the Indian stock market is essential for making informed investment decisions, and this article delves into the recent performance and recommended stocks to consider.
Recent Performance of the Indian Stock Market
The Indian stock market witnessed a downward trend recently, following a period of positive bias. The Nifty 50 index dropped by 172 points, while the BSE Sensex lost 732 points from its peak. The Bank Nifty index also saw a significant decline, along with the small-cap and mid-cap indexes. Despite these declines, Sumeet Bagadia maintains that the stock market trend is bullish, indicating potential opportunities for traders and investors.
Stock Market Strategy for Monday
Sumeet Bagadia suggests that the Indian stock market trend remains bullish, but a recent dip in the Nifty 50 index may signal a temporary setback. He has identified key support and resistance levels to watch, emphasizing that as long as the index remains above the support range, the bullish trend is likely to continue. Bagadia recommends Grasim Industries, SAIL, and VOLTAS as stocks to buy or sell on Monday, based on their performance indicators and potential for growth.
Recommended Stocks to Buy on Monday
- Grasim Industries: Current price at ₹2481.35, target price of ₹2680, stop loss at ₹2380. Grasim Industries has recently broken above a critical resistance level, indicating a bullish momentum shift. The stock's price dynamics show higher highs and higher lows, confirming an uptrend. Trading above important moving averages further supports the bullish outlook for Grasim Industries.
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