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Business News/ Markets / Stock Markets/  Buy or sell: Sumeet Bagadia recommends two stocks to buy on Thursday — March 28
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Buy or sell: Sumeet Bagadia recommends two stocks to buy on Thursday — March 28

Buy or sell stocks: Sumeet Bagadia of Choice Broking recommends two stocks to buy today — NLC India and Triveni Turbine.

Sumeet Bagadia, Executive Director at Choice BrokingPremium
Sumeet Bagadia, Executive Director at Choice Broking

Buy or sell stocks: The Indian stock market indices extended the rally on Thursday, with the benchmark Nifty 50 reclaiming the 22,300 level, amid mixed global market cues. The market rally was led by across-the-board gains as all the sectoral indices traded in the green.

At 10:30 am, the BSE Sensex was up 543.96 points, or 0.75%, at 73,540.27, while the Nifty 50 was trading 160.00 points, or 0.72%, higher at 22,283.65. The Nifty Midcap 100 and the Nifty Smallcap 100 indices were also trading with decent gains.

Stock market strategy for today

Analysts believe that the Nifty 50 index sustaining above the 22,200 level may lead to further gains towards 22,400 and 22,500 levels in the coming days. Conversely, the 22,000 level is anticipated to provide strong support, bolstered by the alignment of the 20, 50, 100, and 200 EMAs (Exponential Moving Average). Moreover, Foreign Institutional Investors (FIIs) continue to show strong interest with net buying, indicating positive sentiment.

On stocks to buy today, Sumeet Bagadia, Executive Director at Choice Broking recommends two buy or sell stocks — NLC India and Triveni Turbine.

Also Read: Buy or sell: Osho Krishan of Angel One recommends buying Max Financial Services and Birlasoft today

Stocks to buy today

Here are full details of Sumeet Bagadia’s stock recommendations for today:

1] NLC India: Buy at 233.10 | Target: 250 | Stop Loss: 226 

NLC India has recently broken out of a consolidation phase that ranged between 195 and 220. This breakout, accompanied by a bullish candle and rising volume, suggests a potential uptrend in the stock. Additionally, NLC India is trading above its key EMAs, including the 20-day, 50-day, 100-day, and 200-day EMAs. This indicates a strong positive momentum, implying a sustained upward price trend. The Relative Strength Index (RSI) at 55 further supports this uptrend, indicating an increasing buying pressure, Bagadia said.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 28

For investors looking to enter the market, purchasing NLC India at 233.10 is advised. To manage risk effectively, it is recommended to set a stop-loss (SL) at 226. In conclusion, NLC India offers an enticing buying opportunity, with a target price of 250, he added.

2] Triveni Turbine: Buy at 546 | Target: 580 | Stop Loss: 530 

Triveni Turbine has been consistently establishing higher highs and higher lows, which is indicative of a bullish trend. This pattern, combined with the presence of bullish candles and increasing trading volume, suggests a potential uptrend in the stock. 

Furthermore, Triveni Turbine is currently trading above its key EMAs, including the 20-day, 50-day, 100-day, and 200-day EMAs. This indicates a strong positive momentum, implying a sustained upward price trend. The Relative Strength Index (RSI) at 71 further confirms this uptrend, indicating a growing buying pressure.

Also Read: Day trading guide for today: Seven stocks to buy or sell on Thursday — March 28

For investors seeking to enter the market, initiating a buy position in Triveni Turbine at 546 is recommended. To effectively manage risk, consider placing a stop-loss (SL) at 530. In conclusion, Triveni Turbine presents a compelling buying opportunity, with a target price of 580. 

Bagadia noted that it’s important for investors to exercise caution and implement risk management strategies, such as setting a stop-loss, to safeguard their investments.

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

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Published: 28 Mar 2024, 10:36 AM IST
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