Buy or sell stocks: Despite showcasing resilience against the India-Pakistan war buzz, the Indian stock market witnessed sell-off pressure on the last two sessions last week. After going off on Thursday, key benchmark indices of Dalal Street came under sharp selling pressure on Friday. The Nifty 50 crashed 265 points, or 1.1%, to close slightly above the 24,000 mark at 24,008. The BSE Sensex tumbled 880 points, or 1.10%, marking its steepest intraday fall since April 7, to settle at 79,454.
The stock market next week
Sumeet Bagadia, Executive Director at Choice Broking, believes Indian stock market sentiment has turned cautious as the Nifty 50 index slipped below 200-DEMA support at 24,050. The Choice Broking expert said the next support is placed at 23,800, and fresh upside momentum can be assumed on a decisive break above 24,400. He advised investors to maintain a stock-specific approach and look at those stocks that look strong on the technical chart pattern.
Sumeet Bagadia’s stock picks
Regarding stocks to buy on Monday, Sumeet Bagadia recommended these three buy or sell stocks: Titan, UPL, and BEL.
1] Titan Company: Buy at ₹3510.30, Target ₹3865, Stop Loss ₹3320.
Titan share price is currently trading at ₹3510.30 and has been consolidating in a range near its key support zones in recent sessions. After this consolidation phase, the stock has formed a strong bullish candle on the daily chart, supported by a noticeable rise in trading volumes, signalling renewed buying interest.
Importantly, Titan share price has given a breakout from its consolidation range, forming a well-defined Cup & Handle pattern on the daily time-frame, a classic bullish continuation setup. This breakout suggests a shift in momentum and positions the stock for further upside potential.
If the Titan share price manages to sustain above the ₹3600 level, it could soon trigger a strong upward move toward the immediate target of ₹3865.
The Relative Strength Index (RSI) is currently at 72.01 and trending upward, indicating increasing bullish momentum. Technically, Titan share price has rebounded from lower levels and is now trading above all key moving averages, including its short-term, medium-term, and long-term EMAs, confirming a positive trend shift.
Given the improving price structure, breakout confirmation, and strengthening technical indicators, traders may consider buying Titan shares at ₹3510.30, with a stop-loss at ₹3320. A sustained move above ₹3600 could unlock upside potential toward ₹3865.
2] UPL: Buy at ₹674.75, Target ₹745, Stop Loss ₹639.
UPL share price is currently trading at ₹674.75 and has been in an upward trend over the past few months. After consolidation near its demand zones, the stock broke out and is trending higher, reflecting improved strength in its price action.
During the daily timeframe, the UPL share price consistently formed higher highs and higher lows, a classic bullish structure. In the latest session, the stock opened near the lows but witnessed strong buying interest throughout the day. It ultimately closed near the day’s high while forming a strong bullish candle on the daily chart. This indicates aggressive demand at lower levels and growing bullish sentiment.
If the UPL share price delivers a sustained move above the ₹695 level, it could further accelerate its upward momentum toward the ₹745 target in the near term.
The Relative Strength Index (RSI) is at 54.49, showing signs of a reversal and trending upward, suggesting strengthening momentum. The stock has also bounced from its long-term EMA and has successfully moved above its short-term and medium-term EMAs, further confirming the positive trend.
Given the constructive setup and improving technical indicators, traders may consider buying UPL shares at ₹674.75, with a stop-loss at ₹639. A sustained breakout above ₹695 could open the path for a potential upside target of ₹745.
3] BEL: Buy at ₹315.85, Target ₹345, Stop Loss ₹300.
The BEL share price is currently trading at ₹315.85 and was previously seen consolidating within a broad falling parallel channel near its higher levels. Recently, the stock has given a decisive breakout from this pattern and is now hovering close to the breakout zone, supported by consistent trading volumes, indicating increasing market participation and bullish sentiment.
This breakout signals a potential shift in trend, with the stock showing strong potential for an upward trajectory. A sustained move above the ₹320 level could trigger further buying interest, paving the way for an upside target of ₹345 in the near term.
The Relative Strength Index (RSI) stands at 62.31 and shows signs of a potential positive crossover, reflecting strengthening momentum. The BEL share price trades above all its key moving averages, including the short-term, medium-term, and long-term EMAs, an explicit confirmation of trend strength.
Given the breakout structure, rising volumes, and favourable technical indicators, traders may consider buying BEL shares at ₹315.85, with a stop-loss at ₹300. A sustained move above ₹320 could unlock upside potential toward ₹345.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
