Indian Stock Market Witnesses Decisive Upside Breakout, Experts Recommend Buying Bajaj Finserv, Power Grid Corporation, and Divi’s Lab
After a period of narrow range movement, the Indian stock market saw a significant intraday upside breakout on Thursday. The Nifty 50 index gained 203 points, closing at 22,326, while the BSE Sensex surged 655 points to close at 73,651. The Bank Nifty index also shot up 338 points to end at 47,124. In the broader market, the small-cap index gained 0.33 percent, and the mid-cap index rose by 0.62 percent on the last trading session of FY24.
Sumeet Bagadia, Executive Director at Choice Broking, noted that fresh buying was observed in frontline stocks of the key benchmark indices. He expressed confidence in the Nifty 50 index’s strength, suggesting that it is poised to reach new highs in the near future. Bagadia predicted that the Nifty could potentially reach the 22,700 to 23,200 range.
For the upcoming week, Bagadia recommended three stocks to buy: Bajaj Finserv, Power Grid Corporation, and Divi’s Lab. Here are the details of his recommendations:
1. Bajaj Finserv: Buy at ₹1644, target ₹1740, stop loss ₹1580.
Bajaj Finserv’s share price is currently trading at ₹1643.85 levels. The stock has shown a favorable outlook in recent weeks, with a potential upside breakout on the horizon. Bagadia suggested that investors consider buying the stock at current levels or on dips near ₹1620, with a stop loss at ₹1580 for a target of ₹1740.
2. Power Grid Corporation: Buy at ₹277, target ₹298, stop loss ₹258.
Power Grid Corporation’s share price is currently at ₹276.90 levels, showing strength and trading above key moving averages. Bagadia recommended buying the stock at current levels or around ₹267, with a stop loss at ₹258 for a target of ₹298.
3. Divi’s Laboratories: Buy at ₹3437, target ₹3650, stop loss ₹3330.
Divi’s Lab’s share price has rebounded from support levels around ₹3330 to ₹3436.75. Bagadia suggested buying the stock at current levels, with a stop loss at ₹3330 for a target of ₹3650.
Investors are advised to consult with certified experts before making any investment decisions.
