Are you looking to buy or sell stocks in the Indian stock market? If your answer is yes, then you have come to the right place. Market expert Sumeet
Key Highlights :
The Indian stock market finished higher on Friday with the NSE Nifty and BSE Sensex closing at record highs respectively. Nifty ended 137 points higher at 18,826 levels and BSE Sensex gained 466 points and closed at 63,384 mark. Bank Nifty index also finished 494 points higher at 43,938 levels.
Sumeet Bagadia, Executive Director at Choice Broking believes that Nifty has strong support placed at 18,650 whereas it is facing resistance at 18,900 levels. He further added that Nifty is just 61 points away from its life-time high of 18,887 levels and it may soon climb to a new peak.
Now let’s take a look at the three stocks that Sumeet Bagadia has recommended for next week.
1] M&MFIN: M&M Finance share is currently trading at ₹ 305 levels and has strong resistance near ₹ 299 levels, which is the upper range of the consolidation. The stock has strongly moved on higher side and hence we can witness a breakout on charts. Any dip in the stock around 300 levels will be a buying opportunity. The stock is trading above all important moving averages indicating strength. The investors holding from lower levels should keep trailing stop loss.
2] ITC: ITC share price currently trading at ₹ 453, has experienced a breakout at ₹ 450 following a brief consolidation phase. Technical indicators suggest a bullish outlook, with the stock finding support at the mean of the Bollinger band and the band expanding, indicating increased volatility and potential upward movement. The positive crossover in the DMI at 30 signifies strength, while the RSI reading of 67 with a positive crossover indicates growing momentum. A buy position is recommended at the current level with a target of ₹ 479, while a drop below ₹ 439 would invalidate the bullish view.
3] Cipla: Cipla share price has strong support zone around the ₹ 970 zone after rising from lower levels. Additionally, the stock has surpassed resilient levels of ₹ 1000. On weekly charts, the stock displayed a bullish candle, indicating strength. The RSI indicator is also maintaining above 65 levels, showing that there is much room available for the stock to inch higher. The stock is maintaining the 20 EMA on the daily chart, indicating further solid traction. Therefore, one can start a long position at CMP ₹ 1006 based on the technical framework. However it would be better to enter within the ₹ 990 to ₹ 995 level range.
Before investing in any of the stocks, we advise investors to check with certified experts and conduct thorough analysis. It is important to have a clear understanding of the risks associated with investing in stocks and to have a well-defined investment strategy. With the right approach and knowledge, one can make informed decisions and reap the maximum benefits from the stock market.
TITLE:
Expert Market Advice: Buy M&MFIN, ITC and Cipla Stocks for Maximum Returns Next Week
