Sumeet Bagadia recommends Sun Pharma, IndiGo and Infosys
Choice Broking Executive Director Sumeet Bagadia suggests three stocks as Nifty 50 ends the week higher.
The Nifty 50 ended the week at 23,053.10, rising 2 per cent, while the Sensex gained 1.8 per cent to reach 74,459.53. Foreign institutional investors recorded net purchases of ₹6,304.67 crore in the cash market, while domestic institutional investors were net buyers of ₹3,109.79 crore.
Sumeet Bagadia, Executive Director at Choice Broking, recommended Sun Pharma, IndiGo, and Infosys as stocks to buy. He suggested buying Sun Pharma at ₹1778 with a target of ₹1985 and a stop loss of ₹1690. He also recommended IndiGo at ₹4878 with a target of ₹5370 and a stop loss of ₹4635, and Infosys at ₹1185 with a target of ₹1300 and a stop loss of ₹113235.
Bagadia noted that Sun Pharma is showing strength after finding support at its 100-week EMA. He said IndiGo has formed a strong bullish candle with rising volume and is trading above its 20-day and 50-day EMAs. Regarding Infosys, he observed a potential Double Bottom pattern on the weekly chart and a bullish MACD crossover.
The expert stated that the immediate upside for the Nifty 50 is limited as it has not yet reclaimed its 50-day EMA near 23,160. He placed immediate support for the index at 22,800–22,900, while 23,150–23,200 serves as a resistance zone.
Bagadia described the Bank Nifty setup as weak, noting it trades below its 20-day EMA near 54,968 and 50-day EMA near 55,646. He identified immediate support for the index around 54,500–54,600.