Top Expert Recommends 3 Hot Stocks to Buy This Monday – August 12

The Indian stock market saw a strong finish on Friday, with positive global news calming fears of a U.S. recession. The Nifty 50 index rose by 247 points to reach 24,364, while the BSE Sensex gained 819 points to close at 79,705. The Bank Nifty index also went up by 325 points, ending the day at 50,482.

Sumeet Bagadia, Executive Director at Choice Broking, believes that the Nifty 50 index is showing signs of a further rise. He noted that Nifty holding above the 23,900 support level suggests confidence in more gains next week. If Nifty breaks through the 24,350 to 24,400 resistance range, it could soon reach 24,800.

Sumeet Bagadia’s Stock Picks for Monday:

1. Reliance Industries (RIL): Buy at ₹2,948.60, Target ₹3,100, Stop Loss ₹2,865

Reliance’s stock is strong, currently at ₹2,948.60, with support at ₹2,865. The stock is trading above its long-term average, showing solid strength. If it breaks past ₹3,000, it could rise to ₹3,100. The RSI indicator is positive, suggesting a good buying opportunity.

2. Tata Motors: Buy at ₹1,068.10, Target ₹1,155, Stop Loss ₹1,025

Tata Motors is showing strong bullish momentum, trading at ₹1,068.10. It recently broke through a key resistance level of ₹1,053, backed by strong trading volumes. The stock is above its key moving averages, indicating more upside potential. The RSI is at 54.16, supporting further gains.

3. Tech Mahindra (TechM): Buy at ₹1,506.70, Target ₹1,650, Stop Loss ₹1,430

Tech Mahindra is trading at ₹1,506.70, showing resilience after rebounding from ₹1,430 support. The stock is just above its key moving averages, with a resistance level at ₹1,515. If it breaks this resistance, it could move towards ₹1,650. The RSI is positive, indicating growing buying interest.

Bagadia recommends watching these stocks carefully and keeping an eye on key support levels to protect against potential downturns.