Bagadia’s Top Stock Picks: Nifty 50’s Leap

Mark Eisenberg
Photo: Finoracle.net

Indian Stock Market Outlook: Positive Momentum Continues

Sumeet Bagadia, Executive Director at Choice Broking, advises investors to maintain a positive outlook on the Indian stock market as it successfully stays above the 22,000 level. Bagadia identifies crucial support for the Nifty 50 index at the 21,800 mark, with short-term targets set at 22,400 and 22,800.

Top Stock Recommendations

  1. Dr. Reddy's Laboratories (BUY):
    • Purchase Price: ₹6317.15
    • Target: ₹6780
    • Stop Loss: ₹6145

The stock for Dr. Reddy's Laboratories is trading near its all-time high, displaying a pattern of continuous higher highs and higher lows on weekly charts, signaling strong momentum. Additionally, it is trading above major exponential moving averages (EMAs), further enhancing its optimistic outlook. To effectively manage risk, it is recommended to set a stop loss at ₹5950.

  1. LT (BUY):
    • Purchase Price: ₹3384
    • Target: ₹3800
    • Stop Loss: ₹3240

LT's share price demonstrates a strong reversal from the bottom level, as indicated by a bullish engulfing pattern accompanied by significant volume. It currently positions itself above key EMAs, suggesting a sustained upward price movement. To protect investments, consider setting a stop loss at ₹3240.

  1. Adani Ports (BUY):
    • Purchase Price: ₹1310
    • Target: ₹1520
    • Stop Loss: ₹1260

Adani Ports is currently trading near its all-time high, exhibiting a strong momentum pattern of higher highs and lows. Moreover, it is above key EMAs, further enhancing its bullish outlook. Safeguard against market reversals by setting a stop loss at ₹1260.

Investors are advised to make informed decisions and consider these recommendations while practicing prudent risk management.

Analyst comment

Neutral news. The analyst suggests maintaining a positive outlook on the Indian stock market. Short-term targets are set for Nifty 50 index. Stock recommendations include buying Dr. Reddy’s Laboratories, LT, and Adani Ports, with specific buy, target, and stop loss prices given. Investors should consider these recommendations with prudent risk management.

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Mark Eisenberg is a financial analyst and writer with over 15 years of experience in the finance industry. A graduate of the Wharton School of the University of Pennsylvania, Mark specializes in investment strategies, market analysis, and personal finance. His work has been featured in prominent publications like The Wall Street Journal, Bloomberg, and Forbes. Mark’s articles are known for their in-depth research, clear presentation, and actionable insights, making them highly valuable to readers seeking reliable financial advice. He stays updated on the latest trends and developments in the financial sector, regularly attending industry conferences and seminars. With a reputation for expertise, authoritativeness, and trustworthiness, Mark Eisenberg continues to contribute high-quality content that helps individuals and businesses make informed financial decisions.​⬤