Stock market rebounded after losses, Sumeet Bagadia recommends buying Eicher Motors, Zomato, and Bharti Airtel.
From Mint: 2024-05-12 12:44:46
1. Indian stock market benchmark indices, Sensex and Nifty 50, rebounded after five consecutive sessions of losses. For the week ending May 10, both indices declined by about 2%, with broader midcap and smallcap indices falling further. The Bank Nifty index also dropped by around 3%, ending the week at 47,421.
2. Indian equity market underperforms global peers due to several factors, including FPI selling, US interest rate cut delay, election caution, muted Q4 results, and India VIX surge. Nifty 50 trading in the range of 21,750 to 22,800, approaching the lower end. Bank Nifty nears next support at 47,200.
3. Sumeet Bagadia, Executive Director at Choice Broking, recommends buying Eicher Motors, Zomato, and Bharti Airtel on Monday for potential upmoves. Eicher Motors targets ₹4,930, showing strong technical setup and support levels. Zomato breakout at ₹201 suggests bullish sentiment. Bharti Airtel rebounded from ₹1,270 support, aiming for ₹1,350 target.
4. Technical analysis recommends buying Eicher Motors at current levels or dips for a target of ₹4,930, purchasing Zomato around ₹201 or dips with a target of ₹215, and buying Bharti Airtel at current levels or ₹1,280 dips targeting ₹1,350. Resilient price actions and strong momentum support bullish outlook for all three stocks.
Read more at Mint: Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — May 13