Sumeet Bagadia Recommends 3 Stocks to Buy on Monday: Eicher Motors, Pidilite Industries, Cipla
On Friday, the Indian stock market ended its six-day winning streak due to global market trends. The Nifty 50 closed 37 points lower at 26,178, while the BSE Sensex dropped 264 points to finish at 85,571. The Nifty Bank index also fell by 541 points, closing at 53,834. Despite the losses, market expert Sumeet Bagadia from Choice Broking remains optimistic about the overall market trend and suggests buying stocks on dips.
Bagadia expects the Nifty 50 index to touch 26,900 soon and believes that investors should continue a buy-on-dips approach as long as the index stays above the 26,000 mark. He has recommended three stocks to buy for Monday: Eicher Motors, Pidilite Industries, and Cipla.
1. Eicher Motors: Buy at ₹5062.60, Target ₹5300, Stop Loss ₹4900
Eicher Motors has been showing signs of a positive breakout after consolidating for a few months. The stock is currently trading between ₹4900 and ₹5000. If it moves above this range, it could reach a target of ₹5300. Bagadia recommends buying Eicher Motors shares with a stop loss set at ₹4900.
2. Pidilite Industries: Buy at ₹3363.45, Target ₹3555, Stop Loss ₹3250
Pidilite Industries has shown strong momentum and is trading around ₹3363.45. The stock has recently consolidated between ₹3200 and ₹3300, indicating the potential for further growth. It’s also holding well above key moving averages (20-day, 50-day, and 200-day EMA). Bagadia suggests a target of ₹3555 with a stop loss at ₹3250.
3. Cipla: Buy at ₹1672.50, Target ₹1777, Stop Loss ₹1616
Cipla’s stock price is currently at ₹1672.50, with positive movement after bouncing from ₹1600. It is trading above its 50-day EMA and other key averages, showing strong upward momentum. Bagadia recommends targeting ₹1777 with a stop loss at ₹1616, especially as the stock approaches its resistance level of ₹1699.
These three stocks have shown positive trends, and Bagadia believes they have strong growth potential in the near term.
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