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The Indian stock market, despite its recent performance, remains in a state of cautious optimism. This is reflected in the narrow trading range of the Nifty 50 index, currently fluctuating between 24,900 and 25,300 points. Sumeet Bagadia, Executive Director at Choice Broking, believes that a decisive break out of this range, either upwards or downwards, will likely trigger a significant 200-point movement in the index.
Bagadia has identified three stocks that he believes are poised for growth on Monday: Divi's Laboratories, HCL Technologies, and Hindalco Industries. Each of these companies has demonstrated technical indicators that suggest a bullish trajectory, supported by strong momentum and favorable market conditions.
Divi's Laboratories, currently trading at ₹6142.25, is seen as a potential winner due to its recent breakout from a consolidation range, exceeding crucial EMA levels and exhibiting robust trading volume. Bagadia recommends buying at this price point, targeting ₹6555 with a stop loss at ₹5925. This strategy suggests a potential upside of approximately 6.7%.
HCL Technologies, currently at ₹1839.65, is another strong candidate. Its recent consolidation in the ₹1775 to ₹1815 range has built momentum for a potential upward move, supported by positive candlestick patterns and strong positioning above EMA levels. With a target of ₹1950 and a stop loss of ₹1777, Bagadia's recommendation highlights a potential upside of approximately 6%.
Hindalco Industries, trading at ₹747.35, presents a third opportunity. This stock has exhibited a notable uptrend from support levels, breaking through resistance at ₹750 and demonstrating strong volume. Bagadia advises buying at the current price, aiming for a target of ₹800 with a stop loss at ₹720, indicating a potential upside of approximately 7%.
Overall, Bagadia's recommendations reflect a bullish sentiment for the selected stocks, highlighting their technical strength and potential for further gains. However, it is crucial to remember that these are merely recommendations, and investors should always conduct their own research and assess their risk tolerance before making any investment decisions. The stock market is inherently volatile, and the recommendations should not be considered guarantees of future performance.
Source: Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — Oct 14