As the Indian stock market shows signs of improvement, Sumeet Bagadia, Executive Director at Choice Broking, has identified three stocks that investors should consider buying on Monday, December 2, 2024. His recommendations come in light of the Nifty 50 index reclaiming crucial support levels, signaling a potentially bullish trend.
Market Overview
The Indian stock market has experienced a positive shift recently. The Nifty 50 index closed at 24,122, up by 208 points, while the BSE Sensex recorded a gain of 699 points, finishing at 79,743. This upward movement indicates a strong buying sentiment among investors, particularly in frontline indices. Bagadia notes that despite potential hurdles at the 24,400 mark for the Nifty 50, the overall bias remains optimistic.
Recommended Stocks to Buy
Bagadia has highlighted three stocks for potential investment:
1. Mahindra & Mahindra (M&M)
- Buy Price: ₹2966.10
- Target Price: ₹3250
- Stop Loss: ₹2850
M&M’s stock is currently showing robust technical indicators, trading above its key moving averages. A significant breakout above ₹3000 could propel the stock towards ₹3150 and beyond. Investors are advised to monitor their positions closely and consider trailing stop losses to mitigate risks.
2. Tata Consumer Products
- Buy Price: ₹957.80
- Target Price: ₹1030
- Stop Loss: ₹920
Tata Consumer Products is currently positioned below its short-term moving averages but shows signs of potential recovery. A sustained move above the 20-day and 50-day EMAs could signal a bullish trend towards the target of ₹1030. Investors should watch for volume spikes that could confirm this upward momentum.
3. Oil and Natural Gas Corporation (ONGC)
- Buy Price: ₹256.70
- Target Price: ₹270
- Stop Loss: ₹245
ONGC’s stock is recovering from recent lows but remains below its major moving averages. A close above these averages could indicate a turnaround in its downtrend. Traders should be cautious and set stop losses to manage potential downside risks effectively.
Conclusion
Sumeet Bagadia’s recommendations reflect a cautious yet optimistic approach to investing in the Indian stock market as it navigates through recent volatility. Investors are encouraged to adopt a stock-specific strategy while remaining vigilant about market movements.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered as financial advice. Investors should conduct their own research or consult with a financial advisor before making investment decisions.
