Buy or Sell: Sumeet Bagadia recommends three stocks to buy on Monday – May 13


The domestic equity market is underperforming its key global peers amid sharp selling by foreign portfolio investors (FPIs), delay in US interest rate cut, caution ahead of Lok Sabha election results, weak fourth quarter results and strong growth in India. . VIX.

Over the past few months, the benchmark Nifty 50 index has been trading within a wide range of 21,750 to 22,800, and is currently moving near the lower end of this range. Analysts said the Bank Nifty index is near its next immediate support level of 47,200.

Also read: Lok Sabha Elections 2024: Market almost wiped out! 10 lakh crore in a week; Will the selling continue even after the results?

Stocks worth buying on Monday

Choice Broking Executive Director Sumeet Bagadia on Monday recommended buying three stocks which he believes may see good technical upside. This list of stocks to buy includes Eicher Motors, Zomato and Bharti Airtel.

Eicher Motors Buy | target price: 4,930

Eicher Motors, currently doing business The level of 4,657.85 displays a favorable technical setup on the daily chart. The stock recently formed a bullish candle after establishing a supporting base 4,485, which is a level close to its 20-day exponential moving average (EMA). This convergence underlines the importance of the support zone, indicating a strong base for potential upward movement. The Relative Strength Index (RSI) is at a comfortable level of 72.90, indicating underlying strength in the stock.

a slight resistance at The level of 4,708 may act as a hurdle, but once crossed, the stock has the potential to move towards the target. 4,930 and above as per Fib Extension. This projection is supported by bullish candle formation, strategic position above key EMAs, and RSI indicating enough strength for upward movement.

Also read: Best Midcap IT Stock: Tata Elxsi vs KPIT Technologies

Based on the above analysis, we recommend buying Eicher Motors at CMP 4,657.85; It can also be added to nearby dips 4,575 with short to medium term target price 4,930; If the price closes below 4,485; Our analysis will be considered invalid.

Zomato Buy | target price: 215

Zomato has demonstrated notable strength in its recent price action, marked by a significant breakout above the resistance level. 201. This breakout indicates a bullish sentiment and suggests the possibility of further upside. Furthermore, the stock is currently trading at all-time highs, highlighting its positive momentum and investor interest.

Supporting its bullish outlook, Zomato is trading above key moving averages including short-term (20-day), medium-term (50-day), and long-term (200-day) exponential moving averages (EMA). Additionally, the stock has received strong support from around The 192 level, close to its 20-day EMA, further strengthens its bullish trend. The momentum indicator, Relative Strength Index (RSI), is also showing strength, with a reading of 65.55, indicating bullishness on the stock.

Given these technical factors, Zomato is well positioned for further prospects. Based on the above analysis, we recommend buying Zomato at CMP 201.30; It can also be added to nearby dips With a medium term target price of 196 215. If the price closes below 192, our analysis will be considered invalid.

Also read: Zomato share price: MK Global raises target driven by Blinkit; 17% more rise seen

Bharti Airtel Buy | TP: 1,350 | Fall off: 1,270

Bharti Airtel has displayed resilience in its recent price action, rising above support levels 1,270, which coincides with its 20-day exponential moving average (EMA). This bounce suggests renewed buying interest at lower levels and strengthens the stock's bullish momentum.

Furthermore, Bharti Airtel is currently trading above all major moving averages including short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs. This indicates a strong underlying trend and reinforces the positive sentiment around the stock. The momentum indicator, Relative Strength Index (RSI), has also improved, currently standing at 58.47. This signals an improvement in bullish momentum and supports a bullish outlook for the stock.

Looking ahead, Bharti Airtel has the potential to move towards its goal of The 1,350 level represents the possibility of further upside. Investors can spot any shortcomings 1,280 as potential buying opportunities given the stock's strong technical setup and positive momentum. Based on the above analysis we recommend buying Bharti Airtel at CMP 1301.15, it can also be added on dips With stop loss of 1,280 Rs 1,270 for target price 1,350 and above.

Read all the stock market news here

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We recommend investors to check with certified experts before taking any investment decision.

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Published: May 11, 2024, 12:37 pm IST

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