Buy or sell stocks: Following weak global market sentiments on rising fears of the Iran-Israel war , the Indian stock market snapped its four-week winning streak.
On stocks to buy on Monday, Sumeet Bagadia recommended three buy or sell stock ideas — ICICI Bank, Maruti Suzuki India Ltd or MSIL, and Hindustan Copper.
Sumeet Bagadia's stocks to buy on Monday1] ICICI Bank: Buy at ₹1067.25, target ₹1140, stop loss ₹1030.
On the daily scale, ICICI Bank share price is showing a pattern of higher highs and higher lows, suggesting a strong uptrend.
Once the Maruti share price crosses the mentioned all-time high levels we can witness a sharp up move in Maruti shares.
Buy or sell stocks: Following weak global market sentiments on rising fears of the Iran-Israel war , the Indian stock market snapped its four-week winning streak. The Nifty 50 index ended 1.65 percent lower in the week gone by at the 22,147 mark, the BSE Sensex logged a weekly loss of 1.56 percent and finished at 73,088 level while the Bank Nifty index lost 2.65 percent last week and closed at 47,574 mark. In the broad market, the small-cap index finished 1.73 percent lower last week whereas the mid-cap index corrected over 3 percent in the truncated week.
Sumeet Bagadia, Executive Director at Choice Broking believes that the Indian stock market bias has improved after the Nifty 50 index closed above the 50-DEMA level of 22,110 zone. However, the Choice Broking expert maintained that the 50-stock index needs to close above 22,350 to 22,400 levels for further improvement of the Dalal Street trends. On stocks to buy on Monday, Sumeet Bagadia recommended three buy or sell stock ideas — ICICI Bank, Maruti Suzuki India Ltd or MSIL, and Hindustan Copper.
Sumeet Bagadia's stocks to buy on Monday
1] ICICI Bank: Buy at ₹1067.25, target ₹1140, stop loss ₹1030.
ICICI Bank share price is currently trading at ₹1067.25, having recently retested the daily trendline and formed a bullish piercing pattern, indicating a potential bullish reversal. On the daily scale, ICICI Bank share price is showing a pattern of higher highs and higher lows, suggesting a strong uptrend.
The Relative Strength Index (RSI) for ICICIBANK stands at 45.10, indicating room for potential upside in ICICI Bank shares. Additionally, the Stochastic RSI shows a positive crossover, further supporting the bullish sentiment. Notably, the stock is trading above all major moving averages, highlighting its strength in the market.
Considering these technical indicators and the prevailing market conditions, the current level of ₹1067.25 presents a favorable buying opportunity for ICICI Bank share price. The trade's target is set at ₹1140, with a recommended stop-loss at ₹1030 to manage potential risks.
In summary, based on the technical analysis and current market dynamics, initiating a long position on ICICI Bank share price at the current market price is advantageous, with a target of ₹1140 and a prudent stop-loss set at ₹1030. Traders should stay vigilant and adjust their strategies in response to changing market conditions.
2] Maruti Suzuki: Buy at ₹12711, target ₹13700, stop loss at ₹12050.
Maruti share price displays an intriguing technical landscape. Currently, the stock is trading very close to its all-time high levels of ₹12895.70 at ₹12710.95 levels. Once the Maruti share price crosses the mentioned all-time high levels we can witness a sharp up move in Maruti shares. The critical support level at ₹12050 levels signifies historical buying interest and provides a foundation for the stock's price stability. This level serves as a potential stop for downward movements.
The Relative Strength Index (RSI) currently stands at 61.53, indicating a supportive environment for price gains. It's not yet in overbought territory, suggesting room for further growth. Crucially, Maruti share price is trading above all significant moving averages, emphasizing its underlying strength and positive sentiment.
Based on the above analysis we recommend buying Maruti share price at the CMP of ₹12710.95, it can also be purchased on dips near ₹12350 with a stop loss of ₹12050 for the targets of ₹13700 and above.
3] Hindustan Copper: Buy at ₹364.10, target ₹430, stop loss ₹320.
Hindustan Copper share is currently trading at ₹364.10, consolidating above the 345 level for the last weak, reaching an all-time high, indicating price stability. This upward momentum is supported by a consistent pattern of higher highs and higher lows on the daily chart, accompanied by robust trading volume. These patterns underscore a strong upward trajectory in the stock.
The Relative Strength Index (RSI) Hindustan Copper shares stand at 73.25 and are on an upward trend, signifying a significant surge in buying momentum. Both RSI and Stochastic RSI in the overbought region suggest that positional traders may consider holding their positions, and implementing a trailing stop-loss.
The overall trend for HINDCOPPER is bullish, with confluence from various technical indicators reinforcing the optimistic outlook. Given these signals, there is potential for the stock to achieve a target price of ₹430 in the near term.
It is advisable to consider buying on dips, particularly around ₹340, capitalizing on potential retracements in the stock price. To prudently manage risk, implementing a stop-loss (SL) at ₹320 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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