Buy or sell stocks: The Indian stock market made a strong comeback from its lower levels in Thursday’s session following the surprise outcome of the Reserve Bank of India’s (RBI) monetary policy committee (MPC) meeting to cap interest rates. The NSE Nifty closed at 17,599, up 42 points, while the BSE Sensex climbed 143 points to close at 59,832. The Nifty Bank index gained 41 points and closed at 41,041. The broad market indices rose more than the Nifty, even though the advance/decline ratio was positive at 2.01:1.
buy or sell stocks for next week
After a brief weekend session on Thursday, Friday was a holiday for the stock market for Good Friday celebrations, said Anuj Gupta, vice-president – research IIFL Securities believes in smelly Immediate support for the 50 index is placed at 17,400 while strong support for the index is placed at 17,200 levels. IIFL Securities expert said that Nifty has given breakout of 17,500 level and it has managed to sustain above 17,500 level in the past week, indicating further move towards 17,700 to 17,750 levels.
On stocks to buy on Monday, Anuj Gupta recommends 5 weekly stock picks and the stocks to buy or sell for the next week are State Bank of India (SBI). Reliance Industries Limited or RIL, Sun Pharma, Tata Motors and BPCL.
Here we list down the complete details regarding those 5 IIFL Securities Stock Recommendations:
1]Tata Motors: This Tata group stock has given a strong breakout on the chart pattern and the stock has also seen a strong rise in volume. Can buy Tata Motors shares on CMP for weekly target of Rs. Maintains stop loss at 460 424 each level.
2]State Bank of India or SBI: The shares of the banking major have formed a higher top higher bottom on a chart pattern indicating an uptrend in the near term. SBI share price may increase 560 each level in the next week. Can start buying SBI shares at CMP while maintaining stop loss 509 each level.
3]Reliance Industries Limited or RIL: Reliance share price is trading above 10 DEMA after giving breakout 2340 each level. Now the share price of Reliance may increase 2400 level in the near term. Can buy RIL shares at CMP while maintaining stop loss 2284 per share level.
4]Sun Pharma: The stock of this pharmaceutical company is showing an uptrend on the chart pattern. Sun Pharma shares may rise 1060 each level in the near term. Can start accumulation and fresh purchases in scrips while maintaining stop loss 974 per share level.
5]BPCL: The share price of this PSU stock may move upwards when indian stock market Will open on Monday after an extended week off. The rally in BPCL share price is attributed to rising crude oil prices, zero windfall tax and buoyancy in volumes. One can start buying this PSU stock for short term target 380 per share while maintaining stop loss 314 each.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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