Purchase or sell: Sumeet Bagadia suggests three stocks for Monday, December 23, 2024.

Purchase or sell: Titan Company, Petronet LNG, and Dr. Reddy's Laboratories are the three companies that Sumeet Bagadia suggests purchasing on Monday.

Purchase or sell stocks: The Indian stock market ended its four-week winning streak after the hawkish U.S. Federal Reserve view on the interest rate drop and FIIs' selling. In the past week, the major benchmark indices lost their gains from the previous four weeks. The Nifty 50 index saw a weekly decline of 1,181 points, falling from 23,768 to 23,587. Last week, the BSE Sensex fell more than 4,000 points, from 82,133 to 78,041. Similarly, the Nifty Bank index saw a weekly loss of 2,824 points last week, plunging from 53,583 to 50,759.

The Nifty 50 index may have raised the spirits of Indian stock market bearish during this drop by breaking below its 200-DEMA support and closing at 23,800. The Nifty 50 index is at its most recent swing low of 23,250 in this bear market, and there are a lot of wagers on whether this support will hold firm or if the 50-stock index will drop to a new bottom.

Purchase or sell stocks for the upcoming week.
The Nifty 50 index has closed below the 200-DEMA support of 23,800, which suggests that the overall bias in the Indian stock market has deteriorated, according to Sumeet Bagadia, Executive Director at Choice Broking. Investors should exercise extreme caution, according to the Choice Broking analyst, as the 50-stock Index might attempt to approach its most recent swing lower range of 23,250. Bagadia pointed out that if the frontline index drops below 23,250, the market might sell off significantly. At 23,800, Nifty can encounter a significant obstacle in the event of a trend reversal. If either side of the current range breaks, a bullish or bearish trend might be presumed.

Sumeet Bagadia suggested purchasing Titan Company, Petronet LNG, and Dr. Reddy's Laboratories as bull or sell stocks for Monday.

Titan Company is one of the stocks to purchase on Monday: purchase at ₹3356.25, goal at ₹3555, stop loss at ₹3222.

Although there are some indications of a comeback, the Titan share price is still declining. At the moment, it costs about ₹3356.25. After a lengthy downturn, the current increase from the support levels at ₹3200 suggests that things can get better if additional investors keep buying the stock.

The 20-day, 50-day, and 100-day moving averages are the three main moving averages that Titan's share price is still trading below. If the stock closes above these levels, it may indicate the start of a reversal, but if it closes below them, it typically indicates a bearish trend. Crossing the 50-day EMA would reinforce a closing above the 20-day EMA, which would be encouraging. If the stock remains below these levels, though, it might find it difficult to rise.

For some purchasers, the recent low of about ₹3200 serves as a support level. Titan's stock may continue to decline if it drops below this support. However, it may advance toward ₹3500, which would be a more significant recovery indicator, if it breaks above the resistance at the 20-day and 50-day EMAs. The goal is set at ₹3555 for more movement, while a suggested stop loss (SL) could be put at ₹3222 to limit downside risk.

Petronet LNG: Purchase at ₹336.45, aim for ₹355, and exit at ₹323.

The price of Petronet LNG shares is currently trading at about ₹336.45, having just recovered from support at about ₹320, which is near its 200-day EMA. This suggests that the stock can be stable at present levels. According to the stock's recent price action, a support zone has formed around ₹330, with ₹320 serving as a crucial downside support level. ₹340 appears as an instant resistance level on the upswing. After a period of stabilization, a sustained move over ₹340 would spark positive momentum and raise prices toward the goal of ₹355.

At 51.28, the Relative Strength Index (RSI) indicates moderate strength that is not yet overbought. Numerous technical indications support the overall sideways to bullish trend of Petronet LNG shares, which furthers the optimistic outlook.

To take advantage of possible price retracements, think about purchasing on CMP, especially around ₹336.45. It is recommended to use a stop-loss at ₹323 in order to efficiently manage risks and protect investments from unforeseen market fluctuations.

Dr. Reddy's Laboratories: Purchase at ₹1343.65, aim for ₹1425, and exit at ₹1295.

Near its 20-Day Exponential Moving Average (EMA), the share price of Dr. Reddy's Laboratories is currently trading at ₹1343.65, indicating a noteworthy increase from the support levels around ₹1280. The stock's positioning above the short-term (20-day), medium-term (50-day), and long-term (200-day) EMA levels further supports its technical resilience and validates its upward momentum.

The stock's success is highlighted by a noteworthy breakout over the resistance at 1370, which also happens to be its all-time high, and is backed by strong volumes. A short-term rally towards the target of ₹1425 can be initiated by a breakout above this significant resistance. It is recommended that traders and investors who entered at lower levels protect their positions by following stop losses close to ₹1295, with an eye toward ₹1425 and above.

Positive momentum in the stock is indicated by the Relative Strength Index (RSI), a momentum indicator, which is currently at 69.74 levels. Buying at the current market price (CMP), which aims for ₹1425, is a good choice for individuals thinking about making new investments. To successfully limit risk, a strict stop loss should be placed at ₹1295 levels.

Disclaimer: Mint does not endorse the opinions or suggestions expressed here; rather, they represent the opinions of individual analysts, specialists, and brokerage firms. Before making any financial decisions, we suggest investors to speak with qualified professionals.