Purchase or sell: Sumeet Bagadia suggests three stocks for the next week

 Purchase or sell: Sumeet Bagadia suggests three stocks for the next week

Purchase or sell stocks: During Friday's trading, the Indian stock market saw a trend turnaround after six consecutive sessions of severe beatings. Purchasing equities in small-, mid-, and large-cap sizes helped bulls outperform bears. The Nifty 50 index increased by 190 points to conclude at 19,047, the BSE Sensex gained 634 points to settle at 63,782, and the Bank Nifty index increased by 501 points to close at 42,782 levels. The Nifty fell less than broad market indexes, but the advance decline ratio increased to 4.3:1.

Monday's stock market strategy

The Indian stock market, in the opinion of Choice Broking's Executive Director Sumeet Bagadia, is improving. The Choice Broking analyst continued by saying that after a strong rise on Friday, the Nifty 50 index finished over 19,000 levels. However, he said that a positive trend can only be presumed after the closing-day 50-stock index clears the 19,200 barrier. Sumeet Bagadia gave three stock recommendations for next week: Tata Motors, HCL Technologies, and Axis Bank. He made these recommendations on Monday.

Here is a complete list of the stocks that Sumeet Bagadia recommends:

1] Tata Motors: Purchase at ₹641, aim for ₹680, and halt loss at ₹624.

The share price of Tata Motors is now at ₹641.05. The price is forming fresh, higher highs and higher lows on the daily chart, suggesting a robust uptrend. The price is probably going to rise higher more, with ₹680 serving as the target objective, if it closes over ₹652. As of right now, the stock is trading between ₹609 and ₹652.

Moreover, the 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) are among the crucial EMAs that the share price of Tata Motors is trading above. This indicates the possibility of a prolonged higher price movement and validates its bullish momentum. With a rising trend and a current value of 51.35, the Relative Strength Index (RSI) suggests that purchasing momentum is increasing. Tata Motors shares might potentially hit a target price of ₹680 in the near future, according to technical indications.

In order to minimize risk, you should place a stop-loss (SL) around ₹624 to safeguard your investment in the event of an unanticipated market turndown. In conclusion, if careful risk management is implemented, the Tata Motors share seems to provide an alluring purchasing opportunity for investors targeting a price objective of ₹680 based on the technical analysis and the state of the market.

HCL Technologies: Purchase at ₹1268, aim for ₹1347, and halt losses at ₹1212.

The current market price of HCL Technologies' shares is ₹1268.70. The price has established a double bottom pattern on the daily chart, with a notable volume support and a strong reversal from the bottom. With a short-term objective of ₹1347, the stock is ready to pick up steam if the price closes over ₹1280. Conversely, major support levels are located at ₹1200 and ₹1210, while the levels of immediate resistance are located at ₹1300 and ₹1320.

Additionally, the 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) are among the critical EMAs that HCL Tech share is trading above, confirming its bullish momentum and pointing to the possibility of continued higher price movement. With a current value of 56.5 and an upward trend, the Relative Strength Index (RSI) suggests growing purchasing enthusiasm. Technical indications suggest that the share price of HCL Technologies might potentially hit ₹1347 in the near future as a target price. Furthermore, there has been a recent bullish crossing from the oversold level in the Stochastic Relative Strength Index (Stoch RSI). The possibility that HCLTECH might soon hit a target price of ₹1347 is further supported by this combination of technical indications.

Setting a stop-loss (SL) at ₹1212 can safeguard your investment in the event of an unanticipated market reversal, which is a recommended risk management strategy. In conclusion, if careful risk management is implemented, HCL Tech share seems to provide an alluring purchasing opportunity for investors targeting a price objective of ₹1347, given the technical analysis and present market circumstances.

SBI: Purchase at ₹1002, aim for ₹1065, and halt loss at ₹985.

Technical indicators and recent price movements of Axis Bank's shares point to a promising future for the company. Investor interest at that price point is seen in the stock's ability to recover from a support level around ₹955, suggesting underlying strength. It has recovered from the support level and is now trading at around ₹1002.75, which is positive for possible upward momentum.

Another positive sign is that the price of Axis Bank's shares is above significant moving averages. Technical analysts often use moving averages to determine a stock's trend; trading above them usually indicates that the market is feeling optimistic. Although there seems to be a slight obstacle at the ₹1015 level, it is seen to be a very minimal barrier that the stock might easily clear. In the event that the price of Axis Bank shares surpasses this barrier, a higher trajectory is anticipated, which might provide chances for traders and investors to profit from the stock's strength and optimistic outlook on the market. Before making any trading choices, however, like with any investment, careful study and careful consideration of possible dangers are necessary.

Based on the aforementioned analysis, we believe that the price of Axis Bank's shares will grow towards ₹1065, hence we recommend buying it at the CMP of ₹1002.75. It may also be added with a stop loss of ₹955 up to 985.