1 day ago
Bagadia recommends Axis Bank, Dr Reddy’s Labs and Indus Towers
Sumeet Bagadia suggested three shares that investors could consider buying on Tuesday.
They are Axis Bank, Dr Reddy’s Labs, and Indus Towers.
He expects the overall market to move sideways rather than strongly up or down.
He identified support and resistance levels for the Nifty 50 index.
Axis Bank is near a trendline that has supported its price.
Dr Reddy’s Labs is finding support near a longer-term average price level.
Indus Towers has moved above a downward trendline, which may indicate easing selling pressure.
These recommendations include target prices and stop-loss levels, but they are not guarantees of profit.
Sumeet Bagadia recommended Axis Bank, Dr Reddy’s Labs, and Indus Towers for Tuesday trading.
He expects the Nifty 50 to trade sideways, with support at 23,250–23,300 and resistance at 23,500–23,600.
Axis Bank was recommended at ₹1,246, with a target of ₹1,375 and a stop-loss of ₹1,180.
Dr Reddy’s Labs was recommended at ₹1,165, with a target of ₹1,290 and a stop-loss of ₹1,100.
Indus Towers was recommended at ₹388, with a target of ₹425 and a stop-loss of ₹368.
- Who
- Sumeet Bagadia, Executive Director at Choice Broking, made the recommendations.
- What
- Bagadia recommended buying Axis Bank, Dr Reddy’s Labs, and Indus Towers, while giving a sideways outlook for the Nifty 50.
- Where
- The recommendations concern stocks traded on India’s NSE and BSE exchanges.
- When
- The recommendations were for Tuesday, after the NSE and BSE remained closed on Monday for Ganesh Chaturthi.
- Why
- Bagadia cited technical support, trendline patterns, and possible bullish reversals in the three stocks.
Technical buying case
Market risk case
Overall market direction
Technical buying case
Bagadia said the Nifty 50’s chart indicated a potential turnaround and that a sustained move above 23,600 could support recovery, particularly if short covering continues.
Market risk case
The Nifty 50 had extended its losing run to five weeks, while global headwinds, crude oil near $105 a barrel, and elevated US 10-year bond yields kept sentiment fragile.
Stock outlook
Technical buying case
Bagadia identified technical support and constructive chart signals in Axis Bank, Dr Reddy’s Labs, and Indus Towers as reasons to recommend the shares.
Market risk case
The article also describes a broader market under pressure, with Realty, Metal, Chemical, Auto, and Oil & Gas among the lagging sectors.
Key facts
- Analyst
- Sumeet Bagadia, Executive Director at Choice Broking
- Nifty outlook
- Sideways bias
- Nifty expected range
- 23,250–23,600
- Nifty support
- 23,250–23,300
- Nifty resistance
- 23,500–23,600
- Axis Bank call
- Buy at ₹1,246; target ₹1,375; stop-loss ₹1,180
- Dr Reddy’s Labs call
- Buy at ₹1,165; target ₹1,290; stop-loss ₹1,100
- Indus Towers call
- Buy at ₹388; target ₹425; stop-loss ₹368
Quotes
Sumeet Bagadia
Executive Director at Choice Broking and the analyst providing the market outlook
“From a technical perspective, Nifty is likely to maintain a Sideways bias, with the 23,250–23,300 zone acting as the immediate support area. Resistance is placed at 23,500–23,600, and a sustained move above 23,600 could support further recovery, particularly if short covering continues.”
livemint.com
Sources
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