Stocks to Buy Monday: Indian stock market closed with a decline on Friday. However, banking stocks saw good demand throughout the trading. Nifty closed down 32 points at 25,356 points. At the same time, BSE Sensex closed 71 points weaker at 82,890. Bank Nifty closed up 165 points at 51,938. Make a strategy for day-trading on Monday today itself. Choice Broking Executive Director Sumit Bagadia has advised to buy three stocks Indusind Bank, Grasim Industries and Tata Steel on Monday.
Sumeet Bagadia believes that the Nifty 50 index will continue positive trading and touch immediate targets of 25,750 to 25,800 soon. He advises investors to maintain a buy-on-dips strategy as the support placed at 25,100 is expected to remain secure. Trend reversal can be expected anytime on Dalal Street and Nifty may get a new bull trend if it crosses the 25,500 mark.
Share Tips by Sumeet Bagadia
Indusind Bank: Buy at Rs 1464, target Rs 1600 and don’t forget to place stop loss at Rs 1400.
Why Buy: The stock has bounced back from its support zone and crossed important moving averages including the short-term (20-day) EMA, medium-term (50-day) EMA, and long-term (200-day) EMA, all of which indicate a strong trend. If IndusIndBK can maintain its position above Rs 1470 level then it can move towards higher price targets of Rs 1575 and Rs 1600.
Grasim Industries: Buy at Rs 2784.35, target at Rs 3015 and don’t forget to place a stop loss at Rs 2675.
Why Buy: The Relative Strength Index (RSI) is at 60.09 and is trending upwards, further strengthening the bullish momentum. Grasim share price is trading above key moving averages. This includes the short-term (20-day) EMA and medium-term (50-day) EMA levels. These confirm the strength of the current uptrend. Grasim shares are recommended to buy at Rs 2,784.35 with a stoploss of Rs 2,675 and a target price of Rs 3,015.
Tata Steel: Buy at Rs 153.49, target Rs 168 and don’t forget to place stop loss at Rs 146.50.
Why Buy: If Tata Steel stock can maintain its position above Rs 156.50 level, it can move upwards towards Rs 168. The Relative Strength Index (RSI) is in the lower range of the neutral zone at 50.24. Tata Steel share price has crossed both its long-term (200-day) EMA and short-term (20-day) EMA. Based on current technical indicators and price action, Tata Steel stock appears well positioned for an upward move.
(Disclaimer: Experts’ recommendations, suggestions, views and opinions are their own and not of anytv. Investing in the stock market is subject to risks and consult your advisor before investing.)
