Stock market strategy: According to Sumeet Bagadia, the Nifty 50 index’s ability to hold above the 22,000 mark will be crucial in the shortened coming week.
Invest in stocks or sell them: Following the US Federal Reserve and Bank of England’s decision to hold steady interest rates, the Indian stock market joined the global market upswing. The BSE Sensex increased by 190 points to conclude at 72,831, the Nifty 50 index gained 84 points to end at 22,096; and the Bank Nifty index surged by 178 points to end at 46,863. In the board market, the advance-decline ratio held at 2.7:1, while the small-cap index increased more than the Nifty 50 index.
stocks to purchase the following week
The whole specifics of Sumeet Bagadia’s stock picks for the upcoming week are listed below:
ITC: Purchase at ₹428.60, aim for ₹455, and halt loss around ₹415.
1.The ITC share price, which is now trading at ₹428.60, has strong support at ₹415 levels, which is further supported by the fact that it is close to the 20-day EMA. There is a small resistance at ₹438, which is the location of recent highs. Once this resistance is broken, the stock can rise to the ₹455 target price and higher.
Over the last three days, daily chart patterns have consistently formed higher highs and higher lows with increasing volumes, indicating underlying strength. This optimistic outlook is supported by the momentum indicator RSI, which is presently climbing at 58.68. Moreover, ITC highlights its positive bias by continuing to hold positions above both its medium-term (50 Day) and short-term (20 Day) EMAs.
2. IndusInd Bank: Purchase at ₹1512, aim for ₹1610, and halt losses at ₹1440.
With a strong recovery from the significant support level of ₹1440, the IndusInd Bank share has shown incredible resiliency and is now closely aligned with its 200-day EMA. With the stock currently trading at ₹1512.10, its posture above significant short-, medium-, and long-term moving averages (EMAs) highlights its positive momentum and suggests a bullish tilt in the sentiment of the market. The strength of IndusInd Bank shares is increased by the ongoing buying interest, which is demonstrated by steady volumes and upward price movement. Moreover, the RSI indicator, which is currently at 52.13, provides extra evidence in favour of the bullish outlook by indicating favourable conditions for additional upward advance.
3.Mahindra & Mahindra (M&M): Purchase at ₹1879, aim for ₹2020, and halt loss at ₹1800.
The M&M share price has demonstrated remarkable fortitude by mounting a strong comeback from the vital support level at ₹1800, which also happens to be its pivotal 50-day EMA. With a current price of ₹1878.80, the M&M share price has successfully broken above its 20-day moving average (EMA) and the resistance at ₹1860, indicating a positive trajectory above important moving averages.
The continuation of the M&M share price’s increase is further supported by the momentum indicator RSI’s bounce back from lower levels, which is currently at 53.54. This positive momentum points to favorable circumstances for possible upside growth.
Potential pullbacks close to the ₹1860 level offer entry opportunities and a tactical buying window for positional traders. The company has considerable upside potential, as evidenced by the target price of ₹2020, which according to Fib extensions represents a new all-time high.