“Buy or Sell: Ganesh Dongre’s Top 3 Stock Picks for Monday – From Bharti Airtel to Tata Steel!”

The Nifty index ended the week at 25,356, close to the key resistance level of 25,500. After crossing 24,600, the index saw a bullish trend, moving towards resistance levels between 25,200 and 25,500. Following a period of being oversold, the index experienced a pullback rally, with significant rebounds across major indices like Nifty and Bank Nifty. The Nifty moved between 24,800 and 25,500 throughout the week.

Weekly Trading Overview

The week started with the Nifty opening lower and testing support levels at 25,200, then dropping further to 24,600-24,800 before rising to 25,500 by the end of the week. The index has been in a sideways trend for almost three weeks, indicating a potential big move ahead. Upcoming events like the Federal Reserve’s rate decision might impact market direction. Traders should be cautious and consider hedging positions. Support levels are expected around 24,500 to 24,600, with resistance near 25,500.

Bank Nifty Performance

The Bank Nifty also started lower on Monday and tested the support level of 50,000. By the end of the week, it bounced back and closed above 51,000, approaching resistance at 52,000. The weekly chart shows that the Bank Nifty has broken its trend line resistance, suggesting more gains if it surpasses 52,000. Key resistance is expected at 52,000, with support around 49,500 and further resistance at 53,500.

Conclusion

Both the Nifty and Bank Nifty closed above their monthly support zones despite some volatility, showing a generally positive sentiment. Investors should keep an eye on key support and resistance levels when considering trades in the upcoming sessions.

Stocks to Buy on Monday

1. Cholamandalam Financial Holdings: Buy at ₹1911 | Target Price: ₹1980 | Stop Loss: ₹1855
2. Bharti Airtel: Buy at ₹1632 | Target Price: ₹1690 | Stop Loss: ₹1580
3. Tata Steel: Buy at ₹152 | Target Price: ₹168 | Stop Loss: ₹143