“Indian Stock Market Witnesses Decisive Upside Breakout, Expert Recommends Stocks to Buy Next Week”
After a period of narrow range movement, the Indian stock market saw a significant intraday upside breakout on Thursday. The Nifty 50 index surged 203 points to close at 22,326, the BSE Sensex gained 655 points to end at 73,651, and the Bank Nifty index shot up 338 points to close at 47,124. In the broader market, the small-cap index rose by 0.33 percent, while the mid-cap index climbed 0.62 percent on the last trading session of FY24.
Looking ahead to next week, Sumeet Bagadia, Executive Director at Choice Broking, expressed optimism about the market. He noted that fresh buying was observed in frontline stocks of the key benchmark indices, with the Nifty 50 index showing strength and poised to reach new highs in the near future. Bagadia suggested that the Nifty could potentially reach the 22,700 to 23,200 range.
For investors looking for stock recommendations for the upcoming week, Bagadia recommended three stocks to consider: 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 stock price is currently trading at ₹1643.85 levels, showing a favorable outlook for the coming days. The stock is on the verge of breaking out above the range of ₹1640 to ₹1666 levels, with potential upside towards ₹1740. Investors are advised to consider trailing stop-loss orders near ₹1580 levels to manage risks effectively.
2. Power Grid Corporation: Buy at ₹277, target ₹298, stop loss ₹258.
Power Grid’s stock price, currently at ₹276.90 levels, has displayed strong technical performance and is trading above key moving average levels. Investors should view any dips in the stock as buying opportunities, with a target of ₹298 and potential for further gains.
3. Divi’s Laboratories: Buy at ₹3437, target ₹3650, stop loss ₹3330.
Divi’s Lab has shown a resurgence from support levels around ₹3330, with strong trading volumes and bullish momentum indicators. A breakout above resistance levels could lead to a target of ₹3650 and beyond.
It is important to note that the views and recommendations provided are those of individual analysts and experts, and investors are advised to consult with certified experts before making any investment decisions.
