Stock Market Soars: Sumeet Bagadia’s Top Picks for Monday – Adani Port, Concor, Grasim to Watch

The Indian stock market ended on a high note last Friday, with strong global market sentiments pushing the Nifty 50 index up by 396 points to 24,540. The BSE Sensex also surged by 1,330 points to close at 80,436, while the Bank Nifty index rose by 788 points to 50,515. The broader market saw gains as well, with the BSE Small-cap index rising by 1.70% and the Mid-cap index increasing by 1.80%. All sectors finished in the green, with IT and real estate stocks leading the way, gaining more than 2% during the day.

Sumeet Bagadia’s Stock Picks for Monday

Sumeet Bagadia, Executive Director at Choice Broking, believes the Indian stock market is in a bullish phase. He pointed out that on Friday, the Nifty formed a bullish candle and broke through the 24,450 resistance level, indicating a potential move towards 24,800 and 25,000 in the near term.

For the upcoming week, Sumeet Bagadia has recommended three stocks to buy on Monday: Container Corporation of India (CONCOR), Adani Ports, and Grasim Industries.

1. Container Corporation of India (CONCOR)

• Buy at: ₹978
• Target: ₹1080
• Stop Loss: ₹930

CONCOR’s stock price is currently around ₹978, showing signs of recovery after a significant decline. The stock has bounced back from the ₹942 level, close to its 200-day EMA (Exponential Moving Average), which suggests a positive trend. If the stock breaks above the ₹1,000 level, it could reach ₹1,080. The RSI (Relative Strength Index) is at 41.43, indicating the stock may attract buyers soon. Investors should watch for resistance near the 20-day and 50-day EMA levels and ensure the stock holds above key support levels to confirm the uptrend.

2. Adani Ports

• Buy at: ₹1493.45
• Target: ₹1640
• Stop Loss: ₹1420

Adani Ports is in a long-term uptrend, forming higher highs and lows. The stock is currently consolidating near its support levels, which suggests that the bullish trend may continue. If it holds above ₹1,520 on a closing basis, it could move towards ₹1,640. The RSI is at 48.44, showing increased buying momentum. The stock is trading around key moving averages, suggesting that it might continue its upward trend. Investors could consider buying on dips with a stop loss at ₹1420.

3. Grasim Industries

• Buy at: ₹2600.35
• Target: ₹2860
• Stop Loss: ₹2500

Grasim’s share price is currently trading at ₹2,600.35. The stock has recently bounced back from a demand zone, forming a double bottom and a morning star pattern, both of which signal a potential bullish reversal. If the stock breaks above ₹2,640, it could reach ₹2,860. The RSI is at 44.25, suggesting growing buying momentum. Investors might consider buying on dips around ₹2,560, with a target price of ₹2,860.

These stock picks, based on technical analysis and current market conditions, present promising opportunities for traders looking to capitalize on potential market movements. However, it’s essential to implement sound risk management strategies to navigate any market fluctuations.