Indian Stock Market Remains Sideways Despite Strong Global Cues: Stocks to Buy on Monday
Despite strong global cues and rising optimism for a US Fed rate cut, the Indian stock market remained sideways on Friday last week. The Nifty 50 index finished marginally higher at 24,168, while the BSE Sensex closed at 79,478, down 53 points. The Bank Nifty index also saw a significant drop of 443 points, ending at 52,290. However, the small-cap and mid-cap indices outperformed the frontline indices.
Looking ahead to Monday, Sumeet Bagadia, Executive Director at Choice Broking, believes that the overall sentiment in the Indian stock market is positive, with the Nifty 50 index sustaining above 24,000. Bagadia recommended a buy-on-dips strategy as long as the Nifty 50 index remains above 23,900.
For Monday’s trading session, Bagadia recommended buying three stocks: State Bank of India (SBI), Marico, and ONGC. He highlighted the technical analysis for each stock, providing buy levels, target prices, and stop losses for investors to consider.
Bagadia also shared his stock market strategy for the upcoming week, emphasizing the positive sentiment on Dalal Street and advising investors and traders to maintain a buy-on-dips strategy. He noted that the Nifty 50 index had gained over 300 points the previous week and was looking set to reach its near-term target of 24,500.
Investors and traders are advised to closely monitor the performance of these recommended stocks on Monday and consider the technical analysis provided before making any investment decisions. As always, it is important to consult with certified experts before making any financial moves in the stock market.
