Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — August 5 | Stock Market News

Buy or sell stocks: Following weak global market sentiments, the Indian stock market snapped its five-day winning steak on Friday. The Nifty 50 index crashed 311 points and closed at 24,699. The BSE Sensex tanked 885 points and ended at 80,981, whereas the Bank Nifty index corrected 226 points and finished at 51,337. The global market’s bias has weakened further after the higher jobless claim data in the US followed the bloodbath on Wall Street on Friday.

According to Sumeet Bagadia, Executive Director at Choice Broking, global cues have further weakened after the US stock market bloodbath. The Choice Broking expert advised investors to remain vigilant about the important levels as the Indian stock market is expected to remain highly volatile when it opens on Monday. Bagadia said that the Nifty today has crucial support placed at 24,400, and one can expect a bounce back if this support remains sacrosanct. If the 50-stock index breaches below this support decisively, then Dalal Street sentiment may become weak.

Sumeet Bagadia stocks

Sumeet Bagadia recommended three stocks to buy or sell on Monday: Divi’s Laboratories, Nestle India, and Naukri.

1] Divi’s Laboratories: Buy a 4991.25, target 5370, stop loss 4780.

The daily chart of Divis Lab shares shows a positive trend with higher highs and higher lows, forming a solid bullish candle at the current price of 4991.25. This bullish sentiment is supported by notable trading volumes, indicating strong buying interest. If the stock stays above 4980, it will likely move towards a target of 5370, reflecting the continuation of the current uptrend.

The Relative Strength Index (RSI) currently stands at 75.18 and is trending upward, indicating increasing buying momentum. Moreover, Divis Lab’s share price is trading above its key moving averages, including the short-term (20-day) EMA and medium-term (50-day) EMA, indicating strength in the bullish trend.

Based on positive trend indicators and strong technical signals, DIVISLAB is poised for further gains. It is recommended that you buy it at CMP at 4991.25. Additionally, consider buying the dips until 4880, with a strategic stop-loss of 4780. The potential upside target is 5370.

2] Nestle India: Buy at 2495.10, target 2650, stop loss 2410.

Nestle India’s share price currently trades at 2495.10 and is in a consolidation phase. It is finding support near its long-term (200-day) EMA with decent trading volumes. This strong support level indicates that the stock will likely hold its ground and potentially rebound towards upside resistance. If Nestle India’s share price maintains its position above this support, it is well-positioned to move towards an upward target of 2650.

The Relative Strength Index (RSI) is currently at 42.85, indicating a moderate recovery and suggesting that the stock is gaining strength. On the upside, a minor hurdle at 2530 is also close to its short-term (20-day) EMA and medium-term (50-day) EMA levels. Sustaining above these levels could pave the way for further upward movement.

Based on this analysis, we recommend buying Nestle India’s share price in cash at 2495.1 with a stop loss (SL) at 2410 and a target (TGT) at 2650. This trade setup aligns with the bullish technical indicators observed in the stock.

3] Naukri: Buy at 7220.50, target 7800, stop loss 6925.

Naukri’s share price has formed a bullish engulfing candle on the daily chart, signalling a continuation of the current uptrend. The stock has broken out above its recent high, with strong trading volumes reinforcing the bullish momentum. Naukri share has also bounced off its short-term (20-day) EMA, suggesting the uptrend will continue. If the price remains above 7250, it could advance towards an upside target of 7800.

The RSI is at 63.44 levels, with a positive crossover, indicating an increase in buying momentum. Additionally, Naukri’s share has bounced back from its short-term (20-day) EMA and is trading above its medium-term (50-day) EMA, reinforcing the bullish outlook.

Given the current technical indicators and price action, Naukri share appears well-positioned for a potential upward move. Investors should consider buying at 7220.5, with a stop loss set at 6925 to manage risk. The target price of 7800 aligns with resistance levels and offers a favourable risk-reward ratio, making this a promising trade opportunity.

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

Catch all the Budget News , Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess

Source link

indiansolution2019

Leave a Reply

Your email address will not be published. Required fields are marked *

Next Post

Why fear is sweeping markets everywhere

Sat Aug 3 , 2024
View Full Image Graphic: The Economist Look beneath the surface, at individual sectors and firms, and the mood is even wilder. The Philadelphia semiconductor index, which tracks companies in the chipmaking supply chain globally, has fallen by more than a fifth in a matter of weeks. Arm, one such firm, […]
Why fear is sweeping markets everywhere

You May Like