Summary: Sumeet Bagadia recommends buying ITC, Cipla, and UltraTech Cement stocks on Monday. This news is positive for the individual stocks mentioned.
From Mint: 2024-04-28 07:59:19
Last week saw the Indian stock market ending higher, with the Nifty 50 and BSE Sensex rising by nearly 0.60% and 0.75% respectively. The Bank Nifty index also saw a climb of almost 0.95%. Small-cap and mid-cap indices outperformed the frontline indices, with gains of over 2.75% and 3.25% respectively.
Stock market strategy for the coming week suggests maintaining a buy-on-dips approach for the Nifty 50 index, with strong support at 22,100 to 22,150. Stocks to consider buying on Monday include ITC, Cipla, and UltraTech Cement.
ITC presents a bullish technical setup with support levels at ₹422 to ₹428, facing resistance at ₹448, and targeting ₹475. Continuous formation of higher highs and higher lows, along with a rising RSI, indicates positive momentum.
Cipla is trading at ₹1409.15, with strong support at ₹1340 and resistance at ₹1420. The RSI hovering at 48.09 suggests a sustainable uptrend, with a target of ₹1520.
UltraTech Cement, currently at ₹9700.90, has bounced from support at ₹9255 and faces resistance at 10000, targeting ₹10530. RSI at 51.02 supports a positive trajectory, offering potential gains with prudent risk management.
Read more at Mint: Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — April 29