Sumeet Bagadia, the Executive Director at Choice Broking, has made headlines with his stock recommendations for investors looking to capitalize on the recent bullish trend in the Indian stock market. Following a significant pullback rally, which saw the Nifty 50 index close above 23,700, Bagadia has identified three stocks to buy on Monday, November 25: Godrej Properties, State Bank of India (SBI), and ITC.
Market Overview
The Indian stock market experienced a notable upswing on Friday, November 22, with the Nifty 50 index recording its best single-day gain in five months, surging by 525 points to close at 23,875. The BSE Sensex also saw impressive gains, climbing 1,807 points to finish at 78,963. This rally was attributed to a broad-based recovery as investors discounted geopolitical risks stemming from the ongoing Russia-Ukraine conflict. The overall market sentiment has shifted positively, suggesting that this upward momentum may continue in the coming sessions.
Recommended Stocks
1. ITC
- Current Price: ₹474.65
- Target Price: ₹520
- Stop Loss: ₹452
ITC is showing signs of a potential breakout from a falling trendline, supported by increased trading volume. The stock has rebounded from its support zone and is trading above its long-term (200-day) exponential moving average (EMA). The Relative Strength Index (RSI) indicates upward momentum, currently at 45.57. If ITC maintains above ₹490, it could reach the target of ₹520.
2. State Bank of India (SBI)
- Current Price: ₹816.05
- Target Price: ₹892
- Stop Loss: ₹778
SBI’s stock price is consolidating after reaching record highs and has recently bounced back from key support levels. The RSI stands at 50.42, indicating potential buying interest. If SBI sustains above ₹825, it could target the ₹870 to ₹890 range.
3. Godrej Properties
- Current Price: ₹2857.15
- Target Price: ₹3150
- Stop Loss: ₹2430
Godrej Properties has broken out of a falling parallel channel and is showing strong bullish momentum with significant trading volume. The RSI is trending upwards at 52.64, reinforcing a positive outlook. If the stock holds above ₹2900, it may extend its uptrend towards ₹3150.
Conclusion
Investors are encouraged to consider these recommendations as part of their strategy to maximize gains in the current favorable market conditions. However, it is essential to conduct thorough research and consult with certified financial experts before making investment decisions.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and do not reflect the opinions of Mint or its affiliates. Investors should seek advice from certified professionals before making any investment decisions.
