Indian Stock Market Rallies Following Global Trend, Expert Recommends Stocks to Buy Next Week
The Indian stock market saw a surge in trading activity as it joined the global market rally after the US Federal Reserve and Bank of England decided to keep the interest rates unchanged. The Nifty 50 index added 84 points to close at the 22,096 level, while the BSE Sensex gained 190 points to finish at the 72,831 mark. The Bank Nifty index also saw a significant increase, shooting up 178 points to close at 46,863.
In the board market, the small-cap index outperformed the Nifty 50 index, with the advance-decline ratio remaining positive at 2.7:1. Looking ahead to next week, Sumeet Bagadia, Executive Director at Choice Broking, shared his stock market strategy. With stock market holidays falling on Monday and Friday for Holi 2024 and Good Friday 2024 respectively, Bagadia emphasized the importance of the Nifty 50 index maintaining above the psychological 22,000 level.
Bagadia recommended three stocks to buy next week – ITC, IndusInd Bank, and Mahindra & Mahindra (M&M). For ITC, he suggested buying at ₹428.60 with a target of ₹455 and a stop loss at ₹415. The stock has shown strong support at ₹415 levels and is poised for further upside potential. IndusInd Bank was recommended for purchase at ₹1512 with a target of ₹1610 and a stop loss at ₹1440. The stock has rebounded from a key support level and is showing positive momentum.
Lastly, Bagadia advised buying M&M shares at ₹1879 with a target of ₹2020 and a stop loss at ₹1800. The stock has demonstrated resilience and is on a bullish trajectory. Investors are urged to consider these recommendations carefully and consult with certified experts before making any investment decisions.
