Buy or Sell: Sumeet Bagadia recommends buying three stocks on Monday

Sumeet Bagadia, Executive Director, Choice Broking believes indian stock market Going up and ‘Buy on the decline’ would be an idea strategy. However, he advised positional and short term investors to be cautious about the Q4 results as it would help them to maintain stock specific trading and investment strategy. When asked about buying stocks once the stock market opens after the weekend holidays, Sumeet Bagadia of Choice Broking on Monday recommended three stocks to buy – Hindustan Unilever Ltd (HUL), Polycab and Cipla.

Sumit Bagadia listed the following details regarding who bought or sold the stock:

1]Hindustan Unilever Limited or HUL: HINDUNILVR or HUL share price is currently trading around 2623, on the daily chart, signals a higher higher lower formation. The current trading range of the Strength RSI indicator is shown by the 68.48 levels. The stock is currently trading above all major moving averages. The Bollinger bands continue to expand on the weekly chart, with price trading above the center line of the bands, indicating strength for the stock.

a small resistance is placed near 2650 level; If the stock surpasses this level, it can witness further upside movement towards 2760 levels. With a medium term target price of 2760, Sumeet Bagadia has a Buy call on HINDUNILVR at CMP. Can also accumulate near 2620 2570 level. If the price closes below 2500, our analysis will be considered invalid, said Sumeet Bagadia.

2]Polycab: Polycab share price is currently trading at all-time high 3389, with a daily breakout over 3360 signaling strength. The stock is currently trading above all important moving averages. Stock has a solid support base 3200. Polycab can be bought on every drop as support is being taken on breakout of huge volumes.

Weekly closings at all-time highs always indicate that the stock is strong. Following a squeeze, the Bollinger Bands continue to rise on the weekly chart, with price trading near the upper line of the bands. A break of the higher line on the band will propel the stock higher.

Sumeet Bagadia recommends Buy Polycab shares at the current market price of Rs. With a medium term price target of 3389 Can also accumulate near 3620. 3320 level. if the price closes below Bagadia said, 3200, the analysis would be considered invalid.

3]Cipla: Cipla Share price is currently trading at 937, demonstrating a continuing upward trend within a positive ascending channel. This bullish movement is supported by its trading position above its short-term moving averages 20 and 50, indicating a favorable short-term momentum.

Additionally, the Relative Strength Index (RSI) stands at 61 and is trending upwards, indicating increasing buying pressure and positive investor sentiment.

Moreover, Cipla recently overcame a key trendline resistance, which had been acting as a formidable supply zone since October last year.

This breakout is a strong indication of a possible upward move in the stock’s price. Considering the above technical indicators and breakouts, this appears to be an opportune time to consider Cipla at its current market price for the target range. since 980 1005. Our thoughts will be denied below 900, said the Choice Broking expert.

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.