Buy/Sell: Sumeet Bagadia recommends 3 stocks to buy on Tuesday (March 26)

Buy and sell stocks: Indian stock markets also joined global markets in rising after the US Federal Reserve and Bank of England kept interest rates unchanged. The Nifty 50 index increased by 84 points to end at 22,096 levels, the BSE Sensex increased by 190 points to end at 72,831 levels, while the Bank Nifty index rose by 178 points to end at 46,863 levels. In the board market, the small cap index rose more than the Nifty 50 index, although the rise/fall ratio remained positive at 2.7:1.

stock market strategy for next week

In the shortened weeks of Holi 2024 and Good Friday 2024, when stock market holidays fall on Monday and Friday respectively, Sumeet Bagadia, Executive Director, Choice Broking, said the Nifty 50 index will cross the psychological 22,000 mark. We believe that maintaining standards is extremely important. Choice Broking experts said the 50-stock index has support at the 21,850 level but faces a hurdle at the 22,200 level. Regarding stocks to buy next week, Sumeet Bagadia recommended three stocks to buy or sell: ITC, IndusInd Bank and Mahindra & Mahindra (M&M).

stocks to buy next week

Here we list complete details about Sumeet Bagadia’s Stock Recommendations for next week.

1]ITC: buy at INR428.60, target INR455, stop loss INR415.

ITC stock price, current trading price INR428.60 level, indicating strong support. INR415 level, reinforced by its proximity to the 20-day EMA.A small resistance is noticed nearby INR438 level, consistent with recent highs. Breaking through this resistance could cause the stock price to rise towards the target price. INR455 onwards.

The daily chart pattern has consistently formed highs and lows with increasing volume over the past three days, indicating underlying strength. The momentum indicator RSI is currently rising at 58.68, supporting this bullish sentiment. Additionally, ITC maintains a position above the short-term (20-day) and intermediate-term (50-day) EMAs, highlighting its positive bias.

Considering these technical indicators, we recommend buying ITC stock at the current market price. INR428.60, additional purchase opportunities available at nearby push INR422 levels.Definitive closing price below INR415 would invalidate our analysis and warrant a reassessment of the stock’s outlook.

2]IndusInd Bank: buy at INR1512, target INR1610, stop loss INR1440.

IndusInd Bank’s stock price has shown remarkable resilience, decisively recovering from 2019’s substantial support levels. INR1440, almost matching the 200-day EMA. What is currently being traded is INR1512.10, the stock’s position above key short-, medium-, and long-term EMAs highlights its positive momentum and indicates a bullish bias in market sentiment.

Sustained buying interest, evidenced by consistent volume and upward price trends, adds to the strength of IndusInd Bank stock. Moreover, the RSI indicator, currently at 52.13, further supports the bullish trend and suggests favorable conditions for further upside.

moderate resistance INR1565 reflects recent highs and represents a small hurdle for the stock.A break above this level could push IndusInd Bank stock price even higher, with potential upside targets INR1610.

Considering these technical factors, we recommend initiating a long position in IndusInd Bank stock at the current market price. INR1512.10. Additionally, investors may consider accumulating stocks during a nearby decline. INR1470 levels.Medium-term target price is INRHowever, it is essential to note that the closing price is below an important support level. INR1440 invalidates our analysis and requires a reassessment of the stock’s trajectory.

3]Mahindra & Mahindra (M&M): buy at INR1879, Goal INR2020, stop loss INR1800.

M&M stock shows remarkable resilience and is at an important support level INR1800 coincides with the important 50-day EMA.The current price is INRAt 1878.80, M&M’s stock price clearly broke through the resistance level. INR1860 is also at that 20-day EMA, establishing a bullish trajectory above the major moving averages.

The sustained upward trend in the M&M stock price is further substantiated by the rebound in the momentum indicator RSI. The RSI currently sits at 53.54 after rebounding from the lows. This bullish momentum suggests favorable conditions for further upside potential.

The chance of entry is INRThe 1860 level provides position traders with a strategic buying opportunity. The target price is INRAccording to Fib Extension, 2020 marked new all-time highs, highlighting the potential for significant gains in stocks.

Given the bullish outlook, we recommend buying M&M stock at its current market price. INR1878.80. Additionally, investors may consider accumulating stocks during an upcoming decline. INR1860, set stop loss INR1800 to reduce downside risk and aim for potential highs INR2020.

Disclaimer: The views and recommendations expressed above are those of individual analysts, experts, and brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.