(Image source from: AP)
On Friday, stock markets with the US recession fear and US Fed rate, the Indian stock market ended with strong sentiment. BSE small cap index was up to 1.70 per cent, whereas mid cap also saw a rise of 1.80 per cent on Friday. It was set on green leaving IT and realty the top gainers over 2 per cent on the intraday market. The nifty 50 index gained 396 points and was at the 24,540 mark and the BSE market was up 1330 points and closed at 80,436. On Monday, a false breakout has turned into a sharp upside of Friday on Monday. The BSE has marked 24,700 points and then reached the 25,000 mark with immediate support of 24,350. After some initial volatility, the index also opened with a gap and buying interest slowly started showing the closing near 50,805, where 21-DEMA is positioned. The index can drive more faster soon once the negative talk comes to an end about the going recession.
Beginning from Thursday this week, there might be a positive note in the US market, that is after the US Fed news. There will also be an expected range-bound movement even in the Indian markets. However, we need to accept that Indian markets are positive while the other nations are seeing huge volatility due to the ongoing crisis. Experts suggest buying stocks in the US market is good, as they are in dips and the strategy will gain you money once the markets are up.
Suggested stocks in Indian markets:
Colgate Palmolive Or COLPAL: the stock is expected to reach the target of Rs 3710 with a stop loss at Rs 3415. There is so much potential in this stock and even the breakthrough suggests potential continuation with the optimistic news.
The second Stock in suggestion is Coromandel International: The stock target is Rs 1759.75, with a stop loss of Rs 1695. This stock might make minor corrections and the neckline levels will be Rs 1699. There is a strong buzz in this stock as well.
Bata India is also suggested to buy. The target price is Rs 1460 with a stop loss of Rs 1400. The investors are suggested to buy the stock at the current market price, as the opportunity is emerging for Bata India, currently, the share of Bata India is at crucial support.
BPCL and Hindustan Unilever Ltd or HUL are also suggested to buy. To manage risk BLCL stop loss should be at Rs 326 and Hindustan stop loss at Rs 2700.
Investing in markets is not easy and price volatility can never be judged. The views are only suggestions and not from certified experts.
