Stocks to buy | Ganesh Dongre’s stock recommendations | Shares to buy: The Indian equity benchmarks ended the week on a negative note, with the Nifty declining nearly 2.36% to close at 22,600, while the Bank Nifty fell approximately 2.79% to settle around 54,287. Sectoral performance remained broadly weak, with most major sectors witnessing losses ranging from 1% to 7% during the week. The Infrastructure sector emerged as the top loser, reflecting the prevailing weakness in the broader market and subdued investor sentiment.
As highlighted in our previous weekly outlook, the Nifty had entered oversold territory following the recent sharp correction, creating the possibility of a technical rebound. However, despite intermittent recovery attempts and buying interest at lower levels, the index failed to sustain its upward momentum and faced selling pressure near the 23,200 resistance level. Global uncertainties, particularly concerns surrounding the sharp rise in Brent crude oil prices and escalating geopolitical tensions, continued to weigh on market sentiment. The possibility of crude oil prices exceeding $110 per barrel has further intensified concerns about inflation and its potential impact on the Indian equity market.
Ganesh Dongre, AVP — Equity Research at Anand Rathi, believes the Indian stock market mood is cautious after a continuous slide in the Nifty 50 index despite being in the oversold zone.
Speaking on the outlook for the Nifty 50 index, Ganesh Dongre of Anand Rathi said, the 50-stock index witnessed profit booking near the 23,200 mark and ended the week around the crucial support zone of 22,500–22,600. This zone remains significant, as it represents an important historical support area near previous yearly and quarterly lows.
“On the upside, the immediate resistance is placed in the 23,200–23,400 range, followed by the 24,100–24,200 zone, where the 200-day Exponential Moving Average (EMA) is positioned. A sustained weekly close above 23,200–23,400 would improve the near-term technical outlook and could pave the way for a recovery towards 24,000–24,200,” said Ganesh Dongre of Anand Rathi.
The Anand Rathi expert said that on the downside, the 22,500–22,200 range will remain an important support zone in the coming week. A decisive breakdown below this range could revive selling pressure and drag the index towards its previous low and support of 21700-22,000.
Stock market outlook | Bank Nifty prediction
On the outlook for the Bank Nifty index, Ganesh Dongre of Anand Rathi said, the immediate support for the key benchmark index is around 53,500, which corresponds to the recent weekly low, while the next important support stands near 53,000. A sustained breakdown below 53,000 could weaken the technical structure further and trigger renewed selling pressure. On the upside, the immediate resistance zone is placed around 56,400–56,500, where the 200-day EMA is positioned. A decisive, sustained breakout above 56,500 would strengthen the near-term technical outlook and could open the door to a further recovery.
On the Indian stock market outlook and key levels regarding Nifty 50 and Bank Nifty, Ganesh Dongre of Anand Rathi said, “Overall, both the Nifty and Bank Nifty remain in a cautious technical phase following the recent correction. For the market to establish a meaningful recovery, the Nifty needs to reclaim and sustain above the 23,200–23,400 resistance zone, while the Bank Nifty must move decisively above 56,400–56,500 to improve its technical outlook.”
Shares to buy | Ganesh Dongre’s stock recommendations today
Regarding stocks to buy on Monday, Ganesh Dongre of Anand Rathi recommended these three shares: Eternal, Bank of Baroda, and Apollo Hospitals Enterprises.
1] Eternal: Buy in ₹315 to ₹320 range | Target ₹330 | Stop Loss ₹305;
2] Bank of Baroda (BoB): Buy in ₹230 to ₹233 range | Target ₹242 | Stop Loss ₹225; and
3] Apollo Hospitals Enterprises: Buy in ₹7700 to ₹7730 range | Target ₹8100 | Stop Loss ₹7550.
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.
