Buy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — August 26

  • Buy or sell stocks: Sumeet Bagadia has recommended three stocks to buy on Monday — Tata Motors, Coal India, and Bharti Airtel

Asit Manohar
Published24 Aug 2024, 11:39 AM IST
Stocks to buy today: Sumeet Bagadia of Choice Broking believes the Nifty 50 index will soon reach 25,000.
Stocks to buy today: Sumeet Bagadia of Choice Broking believes the Nifty 50 index will soon reach 25,000.(PHOTO: MINT)

Buy or sell stocks: The Indian stock market finished on a higher note despite trading sideways throughout the week. The Nifty 50 index finished at 24,823, logging a weekly gain of 283 points or 1.15 percent. The BSE Sensex ended with a weekly gain of 0.80 percent or 650 points at 81,086. The Bank Nifty index recorded a weekly gain of around 0.83 percent and closed at 50,933. In the broad market, the Small-cap and Mid-cap indices outperformed the frontline Indian indices. The Small-cap index recorded a weekly gain of around 3.40 percent, whereas the Mid-cap index registered a 1.95 percent rise last week.

Sumeet Bagadia's stock recommendations today

Sumeet Bagadia, Executive Director at Choice Broking, believes that the Indian stock market may react positively after Jerome Powell reinforced the US Fed rate cut in the September US Fed meeting. The Choice Broking expert said that the Nifty 50 index may touch the 25,000 mark in the near term once it breaches the immediate hurdle placed in the 24,800 to 24,850 range.

Sumeet Bagadia recommended buying Tata Motors, Cola India, and Bharti Airtel on Monday.

Shares to buy on Monday — August 2024

1] Tata Motors: Buy at 1085.15, target 1175, stop loss 1040.

Tata Motors share is exhibiting bullish solid momentum, trading at 1085.15. The recent bounce back from the crucial support of 1070 is a significant technical development, supported by decent trading volumes, reinforcing the strength in the stock. This bounce back suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, Tata Motors' share price is trading above key moving averages, including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs, further affirming its bullish stance. The momentum indicator, the Relative Strength Index (RSI), is at 55.44 levels.

For traders, keeping an eye on the solid support near 1040 is advisable, as a breach of this level could signal a shift in sentiment. Overall, Tata Motors shares' current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor critical support and resistance levels.

Based on the above analysis, we recommend buying Tata Motors shares at the CMP of 1085.15, with a stop loss of 1040 and a target of 1175.

2] Coal India: Buy at 538.85, target 575, stop loss 520.

Coal India's share price is currently trading at 538.85 and has shown a consistent pattern of higher highs and higher lows on the daily chart over the past six days, indicating a strong bullish trend. The stock is trading above all its significant moving averages, including the short-term (20-day EMA), medium-term (50-day EMA), and long-term (200-day EMA), underscoring its current strength and upward momentum. On the downside, Coal India's share price has a robust support level at 520, which aligns closely with its 20-day EMA, providing a safety net for investors.

If Coal India's share manages to sustain above the critical resistance level of 540, it could trigger a sharp upward movement, targeting the 575 mark. Given the current technical indicators and the prevailing bullish trend, we recommend buying Coal India shares at the current market price (CMP) of 538.85. To manage risk effectively, a stop-loss (SL) should be placed at 520, with a target (TGT) of 575.

3] Bharti Airtel: Buy at 1506.75, target 1575, stop loss 1445.

Bharti Airtel's share price is currently trading at 1506.75. The stock has formed a higher high and higher low formation after bouncing back from the intense support levels of 1445, indicating strength.

Bharti Airtel share price is also trading comfortably above its short-term (20-day), medium-term (50-day) and long-term (200-day) EMA levels. This positioning indicates strong momentum and potential for further gains. Additionally, the stock's volume activity suggests robust investor interest, further supporting a positive outlook.

On the higher side, the stock has a slight resistance near 1525 to 1540; once the stock surpasses this resistance zone, we can witness a strong up-move. The momentum indicator RSI is also trading comfortably at 59.28 levels, which shows bullish momentum and will help the stock move upward towards the target of 1625.

Based on the above analysis, we recommend buying the Bharti Airtel share price at the CMP of 1506.75 with a stop loss of 1445, with a target of 1175.

Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

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First Published:24 Aug 2024, 11:39 AM IST
Business NewsMarketsStock MarketsBuy or sell: Sumeet Bagadia recommends three stocks to buy on Monday — August 26

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