Stocks to Buy Today: Sumeet Bagadia’s Top Picks Include Bharti Airtel, Tata Motors, and Coal India Amid Market Gains
The Indian stock market ended the week on a high note, even though it was mostly flat during the week. The Nifty 50 index closed at 24,823, gaining 283 points or 1.15%. Meanwhile, the BSE Sensex added 650 points or 0.80%, finishing at 81,086. The Bank Nifty index also saw a rise of around 0.83%, closing at 50,933. The broader market did better, with the Small-cap index going up by about 3.40% and the Mid-cap index by 1.95%.
Sumeet Bagadia, Executive Director at Choice Broking, thinks the Indian stock market might respond well after Jerome Powell hinted at a possible US Fed rate cut in the upcoming September meeting. He believes the Nifty 50 index could reach the 25,000 mark soon if it can break through the 24,800 to 24,850 range.
Bagadia suggests buying three stocks on Monday: Tata Motors, Coal India, and Bharti Airtel.
- Tata Motors: Buy at ₹1085.15, with a target of ₹1175 and a stop loss of ₹1040. Tata Motors is showing strong upward momentum, trading at ₹1085.15. The recent rebound from the crucial support level of ₹1070 is a good sign, supported by solid trading volumes. The stock is trading above key moving averages, reinforcing its bullish stance. The RSI is at 55.44, indicating positive momentum. However, it’s essential to watch the support near ₹1040, as falling below this could change market sentiment.
- Coal India: Buy at ₹538.85, with a target of ₹575 and a stop loss of ₹520. Coal India is currently trading at ₹538.85 and has been showing a strong bullish trend with higher highs and higher lows on the daily chart. The stock is above all major moving averages, indicating strength. If it stays above ₹540, it could move up quickly to ₹575. The strong support at ₹520 gives investors some protection.
- Bharti Airtel: Buy at ₹1506.75, with a target of ₹1575 and a stop loss of ₹1445. Bharti Airtel is trading at ₹1506.75. The stock has rebounded from the strong support at ₹1445 and is now in a higher high and higher low formation, suggesting strength. The stock is comfortably above all its key moving averages, which points to strong momentum. If it breaks through the resistance zone of ₹1525 to ₹1540, it could see a significant rise towards ₹1575. The RSI is at 59.28, supporting this positive outlook.
Based on this analysis, Bagadia recommends buying these three stocks with the specified target prices 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.
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