Despite a bumpy market, India’s Nifty 50 index ended last week with a small gain of about 0.51%, breaking a four-week losing streak. However, October was tough, marking the steepest market drop since the COVID-19 crash in March 2020. This downturn was driven by strong foreign capital outflows, disappointing Q2 earnings, and increased geopolitical tensions.
On Muhurat Day, November 1, the Nifty 50 climbed 0.41% to finish at 24,304.35. Right now, it sits 7.5% lower than its all-time high of 26,277.35 recorded on September 27.
Sumeet Bagadia, Executive Director at Choice Broking, describes the market trend as cautious. He warns that if the index falls below the key level of 24,000, it could lead to significant selling pressure, potentially dropping to 23,450 or even 23,400. On the bright side, if the index climbs above 24,500 decisively, it may indicate a positive shift.
Here are Sumeet Bagadia’s stock recommendations for Monday:
- ONGC (Oil and Natural Gas Corporation)
- Current Price: ₹271.75
- Target Price: ₹290
- Stop Loss: ₹261
- ONGC shows signs of recovery, but it’s still in a downtrend. If it manages to close above its 20-day and 50-day moving averages, it could signal a turnaround. The support level is around ₹260. If it breaks above ₹290, it would indicate a stronger recovery.
- Mahindra & Mahindra
- Current Price: ₹2,817.65
- Target Price: ₹3,000
- Stop Loss: ₹2,715
- This stock is showing potential for upward movement. If it breaks above the 20-day and 50-day moving averages, it could rise toward ₹3,000. There’s increased trading volume, indicating more market interest. Watch for price movements around ₹2,800 for buying opportunities.
- Aditya Birla Fashion and Retail (ABFRL)
- Current Price: ₹314
- Target Price: ₹335
- Stop Loss: ₹300
- ABFRL has recently bounced back from a support level near ₹295, close to its 200-day moving average. There’s resistance at ₹320, but if it breaks through, the stock could gain further. The RSI suggests moderate strength, indicating room for growth.
Bagadia advises keeping an eye on market trends and implementing stop-loss strategies to manage risks effectively.
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