3 days ago
Sumeet Bagadia Recommends HDFC Life, Cummins India, CG Power
The Indian stock market had a difficult week, with major indexes falling.
Foreign investors sold shares, while higher US bond yields and crude oil prices added pressure.
The rupee also weakened against the dollar.
Sumeet Bagadia said the Nifty 50 still looks weak in the short term.
He identified 22,100–22,200 as an important support area.
He said the market could recover more strongly if the Nifty closes above 22,600 for two sessions.
Bagadia recommended HDFC Life, Cummins India, and CG Power based on their chart patterns.
The article lists one CG Power target below its recommended buying price, which appears inconsistent but is reported as stated.
Sumeet Bagadia recommended HDFC Life, Cummins India, and CG Power for buying on Monday.
HDFC Life was recommended at ₹534, with a target of ₹586 and a stop-loss of ₹508.
Cummins India was recommended at ₹4,860, with a target of ₹5,350 and a stop-loss of ₹4,615.
CG Power was recommended at ₹879, with a stated target of ₹690 and a stop-loss of ₹838.
Bagadia said Nifty 50 support lies at 22,100–22,200, while a sustained move above 22,600 could trigger a stronger recovery.
- Who
- Sumeet Bagadia, Executive Director at Choice Broking, and investors in the Indian stock market.
- What
- Bagadia gave a cautious market outlook and recommended HDFC Life, Cummins India, and CG Power.
- Where
- The Indian stock market.
- When
- The recommendations were for buying on Monday; the article does not specify a calendar date.
- Why
- Bagadia cited technical signals in the three stocks, while the broader market was pressured by foreign fund outflows, higher US bond yields, Middle East conflict, elevated crude prices, and a weaker rupee.
Cautious Market View
Potential Recovery View
Near-term Nifty direction
Cautious Market View
Bagadia said sustained selling over the previous eight weeks has weakened the short-term structure, with support near 22,100–22,200.
Potential Recovery View
A sustained move above 22,600, especially for two consecutive sessions, could lead to a stronger pullback toward higher levels.
Bank Nifty outlook
Cautious Market View
The index has a sell-on-rise structure, and a decisive close below 53,843 could open a decline toward 53,000–52,800.
Potential Recovery View
If support at 53,843 holds, the Bank Nifty could rebound toward 55,000–55,200.
Key facts
- Nifty 50 close
- 22,421, after an eighth consecutive weekly loss.
- Sensex performance
- The BSE Sensex fell nearly 2,000 points during the week.
- Nifty support
- Immediate support was identified at 22,100–22,200.
- Nifty resistance
- Resistance was identified at 22,600 and 22,800.
- HDFC Life call
- Buy at ₹534; target ₹586; stop-loss ₹508.
- Cummins India call
- Buy at ₹4,860; target ₹5,350; stop-loss ₹4,615.
- CG Power call
- Buy at ₹879; stated target ₹690; stop-loss ₹838.
Quotes
Sumeet Bagadia
Executive Director at Choice Broking
“The setup currently reflects a clear sell-on-rise structure. The critical support zone at 53,843 holds significant importance for the ongoing trend. A decisive close below 53,843 may open the door for a further decline towards 53,000–52,800. On the other hand, if this support holds firm, the index could attempt a rebound towards 55,000–55,200 in the coming sessions.”
livemint.com
“The short-term structure continues to show weakness, with sustained selling pressure over the last eight weeks keeping the broader market under pressure. The index is currently holding around the 22,400 zone, but a sustained move above 22,600 would be important for a stronger recovery.”
livemint.com
Sources
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