Stock Market Update
The Indian stock market ended a five-day losing streak on Friday, boosted by strong global market sentiments. The Nifty 50 index rose by 428 points to close at 24,861, while the BSE Sensex jumped 1,292 points to finish at 81,332. The Bank Nifty index also gained 407 points, closing at 51,295. The small-cap index grew by 1%, and the mid-cap index saw a significant rise of 2.12%.
Expert’s View
Sumeet Bagadia, Executive Director at Choice Broking, noted that the market sentiment has improved with the Nifty 50 closing above 24,850. He mentioned that the index faces resistance at 25,000, with immediate support between 24,650 and 24,700. Bagadia predicts the Nifty 50 could reach 25,400 if it closes above 25,000.
Stock Recommendations
Bagadia recommends buying these three stocks on Monday: Cipla, Wipro, and Coal India.
1. Cipla
- Buy at: ₹1575
- Target: ₹1720
- Stop Loss: ₹1495
Cipla is trading at ₹1575, hitting a new all-time high. The stock shows a strong bullish trend with a double bottom pattern and high trading volumes. If Cipla stays above ₹1580, it could reach the target of ₹1720. The RSI is at 68.26, indicating strong buying momentum. Cipla has bounced back from its 20-day and 50-day EMAs, suggesting a positive outlook.
2. Wipro
- Buy at: ₹524.80
- Target: ₹580
- Stop Loss: ₹499
Wipro is in a long-term uptrend, currently trading at ₹524.80. It has found support near the 0.618 Fibonacci retracement level, indicating the continuation of its uptrend. The RSI is at 52.02, showing recovery and strength. Wipro has bounced back from its 50-day EMA and is above its 20-day EMA, reinforcing a bullish outlook.
3. Coal India
- Buy at: ₹509.85
- Target: ₹560
- Stop Loss: ₹483
Coal India is trading at ₹509.85 and is on the verge of breaking out from its consolidation range. Strong trading volumes support its bullish trend. A breakout above ₹512 would confirm the uptrend with a target of ₹560. The RSI is at 61.38, indicating increased buying momentum. Coal India has found support near its 20-day and 50-day EMAs, indicating strength in the bullish trend.
Conclusion
Based on these analyses, Bagadia recommends buying Cipla, Wipro, and Coal India on Monday, with the given entry points, targets, and stop losses.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
