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Weak market mood around the world caused the Indian stock market to fall for the second day in a row. The NSE Nifty index ended with a loss of 13 points, closing at 19,646 levels. The BSE Sensex index lost 106 points and ended at 66,160 levels, while the Bank Nifty index fell by 211 points and closed at 45,468 levels. But broad market indices did better than key standard indices. The small-cap index rose 0.49%, while the mid-cap index rose 0.55%.
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Sumeet Bagadia, the Executive Director of Choice Broking, thinks that after two days of selling off, the market has become more careful. An expert from Choice Broking said that the Nifty has direct support at 19,550, while it is facing a hurdle at 19,750. When either side of the range is broken, a bullish or negative trend is likely. Sumeet Bagadia told people on Monday to buy NMDC, Adani Ports, and Marico as stocks to buy next week.
1.Marico:Buy at Rs. 565, target Rs. 600 to Rs.608, stop loss Rs.554.
On the Daily Chart, Marico share price stock is in an uptrend with strong volume participation and a trendline breakout. It has also achieved higher highs and higher lows over a longer time period. Price action and the expansion of Bollinger Bands suggest that volatility will drive the price to higher levels. The price of the stock is above its short-term, intermediate-term, and long-term moving averages. Positive crossovers are indicated in momentum indicators RSI and MACD
Therefore, based on the above technical structure, a long position can be initiated at CMP 574.3. On the other hand, the vicinity of 565 would be a secure range to enter. Closing and sustaining above 578 will lead to 600 to 608 in the days ahead. Stop loss can be maintained at 554.
2] NMDC: Buy at Rs.112.55, target Rs.117, stop loss Rs.110.
Near 110.70, which is also 20 Day EMA, the price of NMDC shares has made a strong support. At the moment, the stock is selling around 112.55, which is above its 20-day, 50-day, and 200-day Exponential moving averages. Near 114.65, which is also a recent high, the charts show a small barrier. Once the stock breaks through the support we talked about before, it will be able to move closer to the higher levels at 117.
The momentum measure RSI is also doing well at 64, which shows strength. The stock has moved back above the middle band of the Bollinger band, and the band is also getting wider. Once the stock gets close to the upper band, which is near 114.65, it could move quickly up towards the goal of 117 or higher.
3. Adani Ports: Buy at Rs. 755, target Rs.800, stop loss Rs.720
Over the last two months, the price of Adani Ports shares seems to have been stable, staying between 714 and 760. This means that the price of the stock has been moving steadily. A trend in the right direction seems likely, especially if the stock can break out above 760 with a lot of trade volume. It is a bullish sign for the stock since it is trading above its short-, medium-, and long-term Exponential Moving Averages (EMA).
At the present market price (CMP) of 755, some investors might think that Adani Ports could be a good investment. If the stock breaks out, it could go up even more and hit the target range of 792 to 800. But buyers should be careful, and this may no longer be true if the price of the stock drops below 720.
Disclaimer: The opinions and suggestions above are from individual experts or brokerage firms, not from OTT India. Before making any investment choices, we tell people to check with certified experts.
