Sumeet Bagadia, an Executive Director at Choice Broking, has provided insights into the stock market scenario and recommended three stocks for investors to consider on Monday. Let’s delve into the details:
Current Market Scenario
The Indian stock markets witnessed gains in the previous week, supported by robust macroeconomic data, including strong PMI numbers and record GST collections. Investors are now eagerly awaiting the Q4 results of listed companies for the quarter ended March 2024, with expectations of satisfactory growth. Despite this positive outlook, volatility is expected to persist throughout the month due to anticipated reactions to developments related to the US Fed rate cut, with the US Fed meeting scheduled from April 30 to May 1, 2024.
Nifty 50 and Bank Nifty Outlook
Bagadia suggests that the Nifty 50 index is currently trading within the range of 22,250 to 22,550. He emphasizes that a bullish or bearish trend can be anticipated upon the breach of either side of this range. Additionally, Bagadia highlights the outperformance of the Bank Nifty index and predicts a highly bullish scenario once it surpasses its previous peak zone situated around the 48,150 to 48,200 range.
Stock Recommendations
- Bajaj Finserv (BUY):
- Current Price: ₹1680
- Target Price: ₹1785
- Stop Loss: ₹1625
- Technical Analysis: Bajaj Finserv’s stock is exhibiting a pattern of higher highs and higher lows, indicating bullish momentum. The stock is trading above key moving averages, suggesting a robust bullish trend. The Relative Strength Index (RSI) is on an upward trajectory, indicating growing buying momentum. The Stochastic Relative Strength Index (Stoch RSI) supports this bullish sentiment with a positive crossover. Bagadia recommends buying Bajaj Finserv with a target price of ₹1785, with a stop loss at ₹1625.
- IndusInd Bank (BUY):
- Current Price: ₹552.40
- Target Price: ₹1680
- Stop Loss: ₹1490
- Technical Analysis: IndusInd Bank’s stock has recently formed higher highs and higher lows, signaling a strong uptrend. It is trading above key moving averages, indicating robust bullish momentum. The RSI is on an upward trajectory, indicating increasing buying momentum. Bagadia suggests buying IndusInd Bank with a target price of ₹1680, with a stop loss at ₹1490.
- BHEL (BUY):
- Current Price: ₹254.95
- Target Price: ₹275
- Stop Loss: ₹242
- Technical Analysis: BHEL’s stock exhibits a positive technical outlook, supported by a strong support level around ₹242. It is trading above all important moving averages, indicating strength in its current trend. The RSI suggests a moderate level of strength in the stock, indicating potential further upward movement. Bagadia recommends buying BHEL at the current market price, with a target price of ₹275 and a stop loss at ₹242.
Disclaimer
It’s essential to note that the views and recommendations provided by Bagadia are individual opinions and not of Mint. Investors are advised to consult certified experts before making any investment decisions.
In summary, Sumeet Bagadia’s recommendations offer valuable insights for investors looking to navigate the stock market on Monday, April 8, 2024.
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