24 Jun Buy or Sell: 3 Stocks to Watch This Week
Sumeet Bagadia’s 3 Stock Recommendations for the Market next week
In the past week, the Indian stock market experienced two consecutive sessions of BSE Sensex reaching record highs on Wednesday and Thursday. However, the NSE Nifty missed reaching a new peak by just one point in three out of five sessions.
The BSE Sensex reached a new all-time high of 63,601, while the NSE Nifty’s record high of 18,887 remained untouched. However, the Bank Nifty closed below 44,000 levels.
The Indian stock market ended lower for the second consecutive day on Friday, influenced by weak global market sentiments attributed to a hawkish US Federal Reserve. The index closed 106 points lower on Friday, showing weakness in the market. To learn more about stock market basics and stock analysis one can consider enrolling in our Stock Market Learning Courses, here.
The Technicals this week
-The Nifty index formed a bearish dark cloud cover pattern on the weekly charts.
-It is crucial for the Nifty index to remain above the support level at 18,666.
-Option data suggested a shift in lower trading ranges between 18,500 and 19,000 zones.
-The Relative Strength Index (RSI) showed negative divergence, indicating weakening momentum.
Resistance & Support Level:
The index may move towards resistance levels at 18,750 and 18,888 if the support is maintained.
Traders should monitor the 20-day Simple Moving Average (SMA), with 18,650 acting as a crucial support level.
Bank Nifty is facing a hurdle at 44,000 levels, and a breakthrough on a closing basis is needed for fresh momentum.
Sumeet Bagadia, Executive Director at Choice Broking, believes NSE Nifty may reach a new peak if it stays above 18,650 levels.
Also Read: 3 High Dividend Stocks – Consistently Paying High Dividend Up to 25% with Potential Returns
According to Sumeet Bagadia’s recommendation, there are 3 stocks that he believes may provide significant returns in the upcoming week as specified in the Livemint article.
Sun Pharma
Buy at – Rs 991
Target Price – Rs 1023
Stop Loss – Rs 975
The Technicals:
-The Bollinger Band is displaying expansion, indicating increased volatility and potential upward momentum in Sun Pharma’s stock.
-Based on this analysis, Sun Pharma is considered a favorable buying opportunity at the current price of Rs 991.
-The stock has recently broken out from its previous range of Rs 981 to Rs 995, which persisted for a week.
-Sun Pharma’s price has consolidated above Rs 980 levels, signaling a good buying opportunity.
-The Relative Strength Index (RSI) is trending upward and on the verge of a positive crossover, indicating potential increased buying pressure.
-Sun Pharma’s price is currently positioned above its 20-50-100-200 Exponential Moving Averages (EMA), suggesting underlying strength in the stock.
Company Overview:
Sun Pharmaceutical Industries Limited is an Indian multinational pharmaceutical company founded by Dilip Shanghvi in 1983.
It is headquartered in Mumbai, India.
Sun Pharma is one of the largest pharmaceutical companies in India and has a strong presence in the global pharmaceutical market.
Promoters Background:
The company’s promoters include Dilip Shanghvi and his family. Dilip Shanghvi, the founder and managing director of Sun Pharma, has been instrumental in the growth and expansion of the company.
Business Overview:
Sun Pharmaceutical Industries is a leading pharmaceutical company headquartered in India. It specializes in the
-Development, manufacturing, and marketing of pharmaceutical formulations and active pharmaceutical ingredients (APIs) globally.
Products and Services:
Sun Pharma offers a wide range of prescription and over-the-counter (OTC) pharmaceutical products across various therapeutic categories, including
-Cardiovascular,
-Central nervous system,
-Dermatology,
-Gastroenterology, and
-Respiratory.
The company’s product portfolio includes both branded and generic pharmaceuticals.
Asian Paints
Buy at – Rs 3297.70
Target Price – Rs 3460
Stop Loss – Rs 3200
The Technicals:
-The stock has corrected from the resistance level of Rs 3345 but has shown a sharp bounce from the initial support level of Rs 3240, which coincides with the 20-day Exponential Moving Average (EMA).
-A bullish candle has been formed on the daily charts, indicating positive price momentum.
-Once the stock crosses its resistance level at Rs 3345, it is expected to move towards the further resistance level of Rs 3460.
-The Relative Strength Index (RSI) indicator is comfortably trading at 64 levels, indicating strength for the stock to move upwards.
-We recommend buying Asian Paints shares at the current market price (CMP) of Rs 3297.70, and it can be added up to Rs 3230.
Company Overview:
Asian Paints Limited is an Indian multinational paint company established in 1942.
It is headquartered in Mumbai, India.
Asian Paints is one of the leading paint manufacturers in India and operates in over 15 countries.
Promoter Background:
The company’s promoters include the families of Ashwin Dani, Champaklal H. Dani, and Suryakant C. Dani. These families have been associated with Asian Paints for several decades and have played a key role in its success.
Business Overview: Asian Paints is a prominent paint and coatings manufacturer based in India.
It operates in the Decorative Paints and Industrial Paints segments and has a strong presence in both domestic and international markets.
Products and Services:
Asian Paints offers a comprehensive range of
-Decorative paints for interior and exterior applications,
-Wood finishes, and
-Other surface coatings.
The company also caters to industrial customers with a variety of protective and specialty coatings.
Bharti Airtel
Buy at – Rs 854.80
Target Price – Rs 882
Stop Loss – Rs 832
The Technicals:
-Bharti Airtel share price is displaying strong bullish signals based on its price action.
-The stock is trading above the 20-day Simple Daily Moving Average (DMA), confirming the current support level.
-The price has also traded above the Ichimoku Cloud, indicating a bullish trend.
-Positive crossovers are observed in both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators, further supporting the bullish momentum.
-The breadth indicator shows a rise in On Balance Volume (OBV), confirming positive volume flow in the stock.
-Based on the technical structure, one can consider initiating a long position at the current market price (CMP) of Rs 854.80.
-For a more conservative approach, entering the trade within the range of Rs 847 to Rs 850 would be preferable.
-If the stock closes and sustains above Rs 860, it is likely to move towards the price levels of Rs 878 to Rs 882 in the coming days.
Company Overview:
Bharti Airtel Limited is a telecommunications company founded by Sunil Bharti Mittal in 1995.
It is headquartered in New Delhi, India.
Bharti Airtel is one of the largest telecom service providers in India and operates in multiple countries across Asia and Africa.
Promoters Background:
Sunil Bharti Mittal is the founder and chairman of Bharti Airtel. He has played a significant role in the growth and expansion of the company over the years.
Business Overview:
Bharti Airtel is one of the leading telecommunications companies in India.
It operates in various segments, including
-Mobile Services, Telemedia Services, Digital TV Services, and Airtel Business.
Products and Services:
Bharti Airtel offers a wide range of telecom services, including
-Mobile voice and data services,
-Broadband and fixed-line services,
-Digital TV services,
-Enterprise solutions, and
-Digital payments.
Please note that the market is subject to fluctuations and it is essential to conduct thorough research and consider individual investment goals before making any investment decisions. It’s important to conduct thorough research and analysis before making any investment decisions.
Please note that we are not SEBI-registered advisors or analysts. All the views shared in this article and all the content shared on aceink.com are only for learning and educational purposes. Any part of the article or any information on Aceink.com should not be interpreted or considered as investment advice. None of the opinions, views, or content posted on Aceink.com constitutes investment advice, as we are not SEBI-registered advisors or analysts.
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