Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — May 6

Stock marketplace strategy for Monday

Sumeet Bagadia, a seasoned Executive Director astatine Choice Broking, believes that the bull inclination of the Indian banal market got a dent connected Friday arsenic the Nifty 50 scale erstwhile again plunged aft making a treble apical astatine astir its existent absorption placed astatine 22,800. However, the Choice Broking adept maintained that the banal marketplace inclination is expected to stay bullish till the 50-stock scale is supra its existent enactment of 22,150 to 222,200 range. On stocks to buy connected Monday, Sumeet Bagadia recommended 3 buy oregon sell stocks — Grasim Industries, SAIL, and VOLTAS.

Also Read: When volition Nifty 50 deed 25K, Sensex ascent to 1 lakh? Experts springiness this timeline

Stocks to bargain connected Monday

1] Grasim Industries: Buy astatine ₹2481.35, people ₹2680, halt nonaccomplishment ₹2380.

Grasim stock terms is presently trading astatine ₹2481.35, and it precocious broke retired supra the captious absorption level of ₹2380. This breakout indicates a important displacement successful the stock's terms dynamics, suggesting a renewed bullish momentum. The regular charts amusement higher highs and higher lows, further confirming the stock's spot and indicating a sustained uptrend. Additionally, Grasim stock terms is comfortably trading supra its important moving averages, including the short-term (20-day), medium-term (50-day), and semipermanent (200-day) exponential moving averages (EMAs). This alignment underscores the stock's robust underlying momentum and reinforces the bullish sentiment.

Furthermore, the momentum indicator Relative Strength Index (RSI) has surged higher, presently registering astatine 71.49 levels. This uptick successful RSI indicates a important summation successful buying unit and affirms the affirmative momentum successful GRASIM.

Looking ahead, the breakout level of ₹2380 is expected to enactment arsenic a formidable enactment level, providing a coagulated instauration for imaginable terms advances. In airy of these method indicators, which person been meticulously analyzed, investors whitethorn find opportunities to capitalize connected the stock's upward trajectory portion remaining vigilant for immoderate signs of reversal oregon consolidation.

Based connected the supra analysis, we urge buying Grasim shares astatine a CMP of ₹2481.35; it tin besides beryllium accumulated connected dips adjacent ₹2430 with a halt nonaccomplishment of ₹2380 for the targets of ₹2680. This strategy presents a promising accidental for imaginable profit, aligning with the affirmative marketplace sentiment.

2] SAIL: Buy astatine ₹168, people Rs

SAIL stock terms is presently trading astatine ₹167.95 levels, demonstrating a affirmative bias wrong a scope of ₹162 to ₹171. SAIL stock terms exhibits spot arsenic it maintains positions supra its short-term (20-day), medium-term (50-day), and semipermanent (200-day) exponential moving mean (EMA) levels, affirming its bullish momentum. Moreover, the momentum indicator Relative Strength Index (RSI) is connected an upward trajectory, trading astatine 70.76. This uptrend successful RSI signifies expanding buying unit and further supports the affirmative outlook for SAIL shares.

Regarding enactment and absorption levels, ₹162 look arsenic a robust enactment level, providing a instauration for imaginable terms rebounds. Conversely, a breakout supra the absorption level of ₹171 could trigger a beardown upward question successful the stock, targeting levels astir ₹178 and beyond.

Given these method indicators, investors whitethorn see opportunities to capitalize connected imaginable upward movements successful SAIL stock price, peculiarly if the banal breaches the above-level resistance. However, monitoring terms enactment astir important enactment and absorption levels is advisable to gauge the spot of the bullish momentum and negociate hazard effectively.

Based connected the supra analysis, we urge buying SAIL shares astatine a CMP of ₹167.95; it tin besides beryllium accumulated connected dips adjacent ₹165 with a halt nonaccomplishment of ₹162 for the targets of ₹178.

3] Voltas: Buy astatine ₹1491.50, people ₹1615, halt nonaccomplishment ₹1430.

VOLTAS stock terms is presently trading astatine ₹1491.50 levels, displaying robust bullish signals with higher, higher, higher, and debased enactment connected regular charts. This signifier suggests sustained upward momentum. Supported by a beardown enactment level astatine ₹1430 and trading supra cardinal moving averages, including the short-term (20-day), medium-term (50-day), and semipermanent (200-day) EMAs, the banal exhibits sizeable strength.

The Fibonacci Extension investigation besides indicates a imaginable people of ₹1615, further supporting the bullish outlook. Investors and traders holding positions are advised to support their positions with a trailing halt nonaccomplishment acceptable astatine ₹1430 levels to safeguard profits portion allowing for further upside potential. Monitoring terms enactment astir enactment and absorption levels tin supply invaluable insights for optimizing commercialized absorption strategies.

Based connected the supra analysis, we urge buying VOLTAS shares astatine a CMP of ₹1491.50; it tin besides accumulated connected dips adjacent ₹1460 with a halt nonaccomplishment of ₹1430 for the targets of ₹1615.

Disclaimer: The views and recommendations provided successful this investigation are those of idiosyncratic analysts oregon broking companies, and not Mint. We powerfully counsel investors to consult with certified experts earlier making immoderate concern decisions, arsenic marketplace conditions tin alteration rapidly and idiosyncratic circumstances whitethorn vary.

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Published: 04 May 2024, 12:46 PM IST