Stocks to buy | Sumeet Bagadia’s stock recommendations: The Indian stock market endured a challenging, holiday-shortened week, with benchmark indices extending their losses as inflation concerns intensified following a fresh surge in crude oil prices. The Nifty 50 index crashed from 23,146 to 22,600, logging a weekly loss of 546 points or 2.36%. The BSE Sensex nosedived from 74,729 to 73,123, clocking a weekly loss of 1,606 points or 2.15%. Likewise, the Bank Nifty index slid from 55,844 to 54,287, registering a 1,557-point, or 2.79%, loss on a weekly basis.
The broader market took the brunt of the de-risking, as valuation concerns and the unwinding of leveraged positions triggered a disproportionately sharp correction in mid- and small-caps, while large-caps held up comparatively better.
Across sectors, IT was the lone pocket of resilience, recovering from early selling to end the week largely unchanged on improving earnings visibility and renewed investor appetite. However, rate-sensitive sectors such as consumer durables, metals and realty saw the heaviest selling as input-cost and margin worries resurfaced.
Stock market prediction for next week
Sumeet Bagadia, Executive Director at Choice Broking, believes the near-term bias of the Indian stock market remains cautious unless the Nifty 50 index reclaims its immediate resistance zone, which is 22,750 to 22,800.
On the Nifty 50 prediction for Monday, the Choice Broking expert said, the 50-stock index closed at 22,600.00, declining 87.65 points (-0.39%), after a sharp intraday fall to 22,372.00 triggered buying interest and a recovery of nearly 200 points. However, the index failed to turn positive, indicating persistent selling pressure at higher levels. The daily candle’s long lower wick signals demand at lower levels, but the broader structure remains weak below the 50-day EMA near 23,229.
Speaking on the Nifty 50 prediction for the next week, Bagadia said, “Immediate support lies at 22,350–22,400, with resistance at 22,750–22,800. RSI stands at 42.38, above its average of 40.28, indicating a modest improvement in momentum, while PCR at 0.74 reflects a cautious derivatives setup.” Adding, “ Call OI is concentrated around 22,500–22,700, while Put OI is clustered at 22,400–22,500. The near-term bias remains cautious unless Nifty reclaims its immediate resistance zone.”
Bank Nifty prediction for next week
Asked about the outlook of the Bank Nifty index, Sumeet Bagadia said, the key benchmark index has immediate support at 53,900–54,000, while 54,600–55,000 is the key resistance band. RSI slipped to 37.73, below its average of 43.83, pointing to deteriorating momentum and sustained selling pressure.
“Holding above support could allow a short-term rebound, but a decisive breakdown may deepen the decline. Until the index moves back above resistance, the near-term outlook remains bearish to cautious,” Bagadia added.
Sumeet Bagadia’s stock recommendations for Monday
Regarding stocks to buy on Monday, Sumeet Bagadia recommended these three shares: Eternal, Apollo Hospitals, and Maruti Suzuki India.
1] Eternal: Buy at ₹317 | Target ₹350 | Stop Loss ₹300.
Eternal shares maintain a positive primary structure within a broader higher-high, higher-low formation, currently trading around ₹317.40. On the daily chart, the stock has taken firm dynamic support around its 100-day EMA and staged a quick recovery. This rebound is characterised by a strong bullish engulfing-like candlestick pattern, signalling active demand and aggressive buying absorption at lower levels.
2] Apollo Hospitals Enterprises: Buy at ₹7730 | Target ₹8500 | Stop Loss ₹7350.
Apollo Hospitals’ share price maintains a strong long-term structural uptrend, currently trading around ₹7,730. On the weekly chart, the stock continues to exhibit a sustained higher-high, higher-low formation, rebounding smartly from its primary support base.
The near-term bias remains cautious unless Nifty reclaims its immediate resistance zone.
3] Maruti Suzuki India: Buy at ₹11,230 | Target ₹12,300 | Stop Loss ₹10,700.
Maruti Suzuki shares are showing strong signs of a bullish reversal after consolidating near their lower demand zone, currently trading around the 11,230 level. On the daily chart, the stock has formed a strong Hammer candlestick formation over the last two trading sessions, signalling resilient buying participation at lower levels despite broader market sell-offs. The stock has successfully defended its crucial support around the 11,000 mark and has initiated a sharp bounce.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
