Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — April 29

Stock marketplace strategy for adjacent week

Sumeet Bagadia, Executive Director astatine Choice Broking believes that the Nifty 50 scale is facing a hurdle astatine the ₹2,600 level and the 50-stock scale succumbed to this hurdle connected Friday past week. The Choice Broking adept said that the 50-stock scale has beardown enactment placed astatine 22,100 to 22,150 portion and 1 should support the buy-on-dips strategy connected each large dip till the Nifty 50 scale is supra this enactment zone. On stocks to bargain connected Monday, Sumeet Bagadia recommended 3 bargain oregon merchantability stocks — ITC, Cipla, and UltraTech Cement.

Also Read: IREDA stock price: Experts spot large upside successful PSU banal aft ‘Navratna’ accord

Stocks to bargain connected Monday — April 29

1] ITC: Buy astatine ₹440, people ₹475, halt nonaccomplishment ₹422.

ITC stock terms demonstrates a robust method setup, with formidable enactment levels betwixt ₹422 to ₹428 providing a coagulated instauration for its existent trading range. Despite trading astatine astir ₹440 levels, the banal faces a insignificant absorption of astir ₹448. A palmy breach of this absorption could propel it towards the people of 475 and beyond, marking a imaginable uptrend continuation.

The bullish sentiment is reinforced by the stock's accordant enactment of higher highs and higher lows implicit the past six days, indicating sustained buying interest. Furthermore, the momentum indicator Relative Strength Index (RSI) is trending upwards astatine 63.35, suggesting expanding buying unit and affirmative momentum.

Trading supra each important moving averages adds credence to the bullish outlook, supporting the likelihood of the banal reaching its people terms of ₹475. Investors whitethorn find assurance successful this setup, considering imaginable introduction points supra the absorption level portion monitoring terms enactment for confirmation. Overall, the method investigation underscores a favourable risk-reward script for investors eyeing further upside imaginable successful ITC.

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Based connected the supra method analysis, we urge purchasing ITC astatine the existent marketplace terms of ₹440, it tin besides beryllium added up to ₹430 for a people terms of ₹475. If the banal closes beneath ₹422, our investigation volition beryllium invalid.

2] Cipla: Buy astatine ₹1409, people ₹1520, halt nonaccomplishment ₹1340.

Cipla stock terms is presently trading astatine ₹1409.15 levels. On the play chart, the banal has formed a beardown bullish candle, signifying a resurgence of spot successful its terms action. A robust enactment level is situated astatine ₹1340 levels. These enactment factors heighten the stock's stableness and resilience. Furthermore, CIPLA stock is trading supra its important semipermanent (200 Day) EMA levels.

The Relative Strength Index (RSI), a momentum indicator, is hovering astir 48.09 levels aft bouncing from the little levels. This RSI speechmaking suggests that the banal possesses sizeable spot without being excessively overbought. It signifies a steadfast and sustainable uptrend.

A insignificant absorption level is noticeable successful the vicinity of ₹1420 levels which is besides its 50 Day EMA levels. Should the banal successfully surpass this resistance, it has the imaginable to beforehand towards the people level of ₹1520. This could contiguous a favourable trading accidental for investors and traders alike.

Based connected the supra investigation we urge buying CIPLA shares astatine a CMP of ₹1409.15, It tin besides beryllium added successful dips adjacent ₹1380 with an SL of ₹1340 for the people of ₹1520.

3] UltraTech Cement: Buy astatine ₹9700, people ₹10530, halt nonaccomplishment ₹9255.

UltraTech Cement stock is presently trading astatine ₹9700.90 levels, having rebounded from a robust enactment portion astatine ₹9255 levels, concomitant with its 200-day Exponential Moving Average (EMA). The banal is poised for imaginable upside, with a absorption obstruction looming adjacent 10000 levels. A palmy breach of this absorption could pave the mode for a further ascent toward the people of 10530, approaching its all-time high.

Investors whitethorn find opportune moments to accumulate positions during immoderate downward movements, peculiarly astir the ₹9560 level, which could service arsenic charismatic introduction points. The momentum indicator, Relative Strength Index (RSI), supports this outlook, presently lasting astatine 51.02 levels, reflecting a affirmative trajectory.

Given the stock's bounce from captious enactment levels and the encouraging momentum signals, investors whitethorn see initiating oregon adding to their positions, positioning themselves favorably for imaginable gains arsenic ULTRACEMCO charts its people toward higher levels. However, prudent hazard absorption strategies, specified arsenic mounting stop-loss orders, stay indispensable to mitigate downside risks.

Disclaimer: The views and recommendations made supra are those of idiosyncratic analysts oregon broking companies, and not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 27 Apr 2024, 01:57 PM IST