Indian stock markets bounced back from earlier losses, thanks to gains in private banks. The BSE Sensex went up by 218 points (0.27%) to end at 81,224, while the broader Nifty rose by 104 points (0.42%) to close at 24,854, breaking a three-day losing streak.
Expert Rupak De from LKP Securities explained that Nifty saw a strong rebound after hitting a low near 24,570. A positive trend was indicated by the RSI (Relative Strength Index), which suggests the potential for more gains if Nifty surpasses the 24,900 level. As long as Nifty stays above 24,750, the trend remains positive.
Here are two stock recommendations for Monday:
1. Buy Paradeep Phosphates at ₹95.05
- Target Price: ₹105
- Stop Loss: ₹90
On the daily chart, Paradeep Phosphates has broken out of a Rectangle Pattern, signaling an upward trend. The stock is gaining strength as it trades above its moving averages, supported by high trading volume, indicating demand. (Virat Jagad, Bonanza)
2. Buy Vishnu Prakash R Punglia at ₹312.90
- Target Price: ₹330
- Stop Loss: ₹300
The stock has been consistently rising, hitting a new high of ₹324.85 last week. The chart shows a “three white soldiers” pattern, which suggests the uptrend will continue. The RSI is above 60, reinforcing this momentum. (Drumil Vithlani, Bonanza)
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