Nifty 50 Plummets: Sumeet Bagadia’s Top Stock Picks for Monday — Asian Paints, COLPAL, and Glenmark Pharmaceuticals | Stock Market News

The Indian stock market ended lower on Friday due to weak global market trends and rising US-China tension. The Nifty 50 index dropped 269 points to close at 24,530, while the BSE Sensex lost 738 points to finish at 80,604. The Bank Nifty index fell by 355 points, ending at 52,265. Tech outages, down 8.8 percent, affected cash market volumes on the NSE. The broad market indices fell more than the Nifty 50 index, and the advance-decline ratio dropped to 0.18:1, the lowest in 1.5 months.

Sumeet Bagadia’s Stock Recommendations

Sumeet Bagadia, Executive Director at Choice Broking, noted that the Nifty 50 index formed a bearish candle after significant selling at the 24,850 level. He mentioned that the crucial support level for the index is now at 24,200. If the Nifty falls below this level, the market sentiment could turn weak.

ADVERTISEMENT

Be part of our community by downloading and registering on the Angel One app. Your support helps us keep delivering quality content.

For Monday, Sumeet Bagadia recommends buying the following three stocks:

1. Glenmark Pharmaceuticals

• Buy at: ₹1412.95
• Target: ₹1525
• Stop Loss: ₹1350

Glenmark Pharmaceuticals is trading at ₹1412.95, showing a strong upward trend. The stock is above all major moving averages, indicating strength and potential for more gains. If it breaks through the resistance at ₹1425, it could reach the target price of ₹1525. Investors should buy at the current price and keep a stop loss at ₹1350.

2. Colgate Palmolive (COLPAL)

• Buy at: ₹3120.95
• Target: ₹3370
• Stop Loss: ₹2980

COLPAL is trading at ₹3120.95, rebounding from the support level of ₹2980. The stock is above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMA), indicating a positive trend. If it breaks the resistance at ₹3150, it could reach the target price of ₹3370. Investors should buy at the current price and keep a stop loss at ₹2980.

3. Asian Paints

• Buy at: ₹2946
• Target: ₹3190
• Stop Loss: ₹2840

Asian Paints is trading at ₹2946.05, above the 20-day and 50-day EMA, indicating short-term strength. The stock has a resistance at ₹3030. If it sustains above this level, it could move towards the ₹3190 target. The Bollinger Bands suggest potential for increased volatility, and the RSI indicator is near 52.40, indicating room for upward movement. Investors should buy at the current price and keep a stop loss at ₹2840.