Buy or sell: Sumeet Bagadia recommends buying three stocks on Monday, March 11 | Top Vip News

Sumeet Bagadia, CEO, Choice Broking, believes that the Nifty 50 index hit a new high of 22,525 despite high volatility on Dalal Street. The Choice Broking expert added that heavy buying in Tata group shares helped the 50 shares rise to a new high in the last session of the truncated week. As for stocks to buy on Monday, Sumeet Bagadia recommended three stocks to buy or sell for Monday: Chambal Fertilisers, BEL and Hindustan Unilever Ltd (HUL).

Stocks to buy next week

Here we list three buy or sell stocks recommended by Choice Broking’s Sumeet Bagadia for Monday:

1) Chambal Fertilizers: Buy in $372.75, target $400, stop loss $350.

Chambal Fertilizers share price, currently trading at $372.75 levels, has demonstrated remarkable technical strength. The stock’s bounce from crucial support levels and subsequent breakout of initial resistance in $360, aligned with the 20-day and 50-day exponential moving averages (EMA), indicates positive momentum. Notably, Chambal Fertilizers share price is trading above all significant moving averages, affirming its strong technical position. The momentum indicator, Relative Strength Index (RSI), situated at 58.30, adds more credibility to the stock’s strength.

In the immediate term, a modest level of resistance is observed around $384. A sustained break above this level is expected to push the action towards the target $400 and more. This comprehensive analysis highlights the favorable technical setup of Chambal Fertilizers stock, emphasizing support levels, moving averages and momentum indicators for informed decision making by investors and traders.

Based on the above technical analysis, we recommend buying shares of Chambal Fertilizers in CMP of $372.75, It can also be added to sauces $360 for the goal $400 with a stop loss of $350.

2) BEL: Buy in $215.40, target $234, stop loss $205.

The BEL share price, which is currently trading at an all-time high of $215.40, recently broke its range by forming a new higher high and low, indicating a strong bullish trend. The current price is showing strong bullish momentum and is expected to continue towards the $234 level. On the other hand, there is substantial support nearby $205.6.

Furthermore, BEL stock is trading above the key exponential moving averages (EMAs), including the 20, 50, 100, and 200-day EMAs, indicating strong bullish momentum and suggesting potential for further bullish price movement. The Relative Strength Index (RSI) is currently at 77.8, showing an upward trajectory and indicating increasing buying momentum.

Furthermore, the Stochastic Relative Strength Index (Stoch RSI) shows a positive crossover. These technical indicators collectively suggest that the BEL share price may have the potential to reach the target prices of $234 in the short term. A prudent strategy would be to consider buying on dips to levels of $210.

Overall, considering the technical analysis and current market conditions, BEL stock presents a promising buying opportunity for those looking for a $234 target price, provided prudent risk management measures are adopted.

3) HUL: Buy in $2419.55, target $2575, stop loss $2350.

HUL share price is currently trading at $2419.55 levels, showing resilient technical dynamics. The stock’s recent bounce from crucial support in $2350 has been a fundamental development. Having broken through the initial resistance at 2410, close to its 20-day EMA, the stock is showing positive momentum.

While encountering minor resistance around $2345, aligned with its 50 day EMA, a break above this level is anticipated to push the stock towards the target of $2575 levels. This forward-looking analysis considers the stock’s support levels, moving averages, and the positive signal conveyed by the Relative Strength Index (RSI), which is currently trading at 49.32, indicating underlying strength.

Investors and traders may find it useful to closely monitor stocks for potential opportunities, keeping in mind the identified support and resistance levels as well as momentum indicators, to make informed decisions in the dynamic market scenario.

Based on the above technical analysis, we recommend buying HUL stock on CMP from $2419.55, can also be added to sauces $2390 for the target $2575 with a stop loss of $2350.

Disclaimer: The opinions and recommendations above are those of individual analysts, experts and brokerage firms, not those of Mint. We advise investors to consult certified experts before making any investment decisions.

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Posted: Mar 9, 2024, 1:54 PM IST