Sumeet Bagadia’s Top Stock Picks for Monday Amid Market Dip: Buy or Sell? | Stock Market News

After five days of gains, the Indian stock market took a hit on Friday due to weak global market sentiments. The Nifty 50 index dropped by 311 points, closing at 24,699, while the BSE Sensex fell by 885 points to end at 80,981. The Bank Nifty index also declined by 226 points, finishing at 51,337. This decline was largely influenced by negative global cues and higher jobless claim data from the US.

Sumeet Bagadia, Executive Director at Choice Broking, advised investors to be cautious as the Indian stock market is expected to be highly volatile on Monday. He pointed out that the Nifty has crucial support at 24,400; if it stays above this level, a rebound is possible. However, if it falls below this support, market sentiment could weaken further.

Sumeet Bagadia’s Stock Picks:

1. Divi’s Laboratories
   • Buy at: ₹4991.25
   • Target: ₹5370
   • Stop Loss: ₹4780
   Divi’s Laboratories is showing a strong upward trend on its daily chart, forming higher highs and lows with significant trading volumes. The Relative Strength Index (RSI) is at 75.18, indicating strong buying momentum. The stock is trading above its key moving averages, suggesting continued bullishness. Bagadia recommends buying Divi’s Laboratories at the current market price (CMP) of ₹4991.25, with a target of ₹5370 and a stop loss of ₹4780.
2. Nestle India
   • Buy at: ₹2495.10
   • Target: ₹2650
   • Stop Loss: ₹2410
   Nestle India is in a consolidation phase, finding support near its 200-day EMA with decent trading volumes. The RSI at 42.85 suggests moderate recovery. The stock is facing a minor resistance at ₹2530, close to its 20-day and 50-day EMAs. Bagadia suggests buying Nestle India at ₹2495.10, with a stop loss of ₹2410 and a target of ₹2650.
3. Naukri
   • Buy at: ₹7220.50
   • Target: ₹7800
   • Stop Loss: ₹6925
   Naukri has formed a bullish engulfing pattern on the daily chart, indicating a continuation of the uptrend. The stock has broken above its recent high with strong trading volumes, and the RSI at 63.44 signals increasing buying momentum. Naukri is also trading above its 20-day and 50-day EMAs. Bagadia recommends buying Naukri at ₹7220.50, with a stop loss of ₹6925 and a target of ₹7800.

These recommendations are based on current market trends and technical analysis. Investors should consider their risk tolerance and investment goals before making any decisions.