3 hrs ago
Bagadia Recommends SBI, HCL Tech and Eicher Motors
Indian stocks bounced back on Friday, October 9, after falling for eight weeks.
Technology shares helped lead the rise, and other sectors also gained.
Sumeet Bagadia said the market’s short-term mood was improving, but it still faced important hurdles.
He also noted that high oil prices and overseas investor selling remained concerns.
Bagadia suggested three shares for investors to consider: SBI, HCL Tech, and Eicher Motors.
For each share, he gave a price to buy, a hoped-for target price, and a stop-loss price.
These are his recommendations, not a guarantee that the shares will rise.
Indian benchmark indices rebounded on Friday, October 9, ending an eight-week losing streak for the Nifty 50 and Sensex.
Sumeet Bagadia said short-term sentiment was improving, though the broader Nifty structure remained weak below key moving averages.
Bagadia recommended buying SBI at ₹959, with a target of ₹1,077 and a stop loss of ₹900.
He recommended HCL Tech at ₹1,217, with a target of ₹1,390 and a stop loss of ₹1,130.
His Eicher Motors recommendation was ₹7,050, with a target of ₹7,850 and a stop loss of ₹6,650.
- Who
- Sumeet Bagadia, Executive Director at Choice Broking, made the stock recommendations.
- What
- He recommended SBI, HCL Tech, and Eicher Motors, while assessing the Indian market rebound.
- Where
- The Indian stock market.
- When
- The rebound occurred Friday, October 9; the recommendations were for trading when markets resumed on Monday.
- Why
- Bagadia cited technical signs of recovery in the recommended shares and improving short-term market sentiment.
Key facts
- Nifty 50 move
- Rose 1.30% on Friday, October 9.
- Sensex move
- Advanced 1.23%.
- Bank Nifty move
- Gained 1.36%.
- SBI recommendation
- Buy at ₹959; target ₹1,077; stop loss ₹900.
- HCL Tech recommendation
- Buy at ₹1,217; target ₹1,390; stop loss ₹1,130.
- Eicher Motors recommendation
- Buy at ₹7,050; target ₹7,850; stop loss ₹6,650.
- Institutional flows
- October-to-date FII net outflows were approximately ₹39,779 crore; DII purchases were around ₹40,355 crore.
Quotes
Sumeet Bagadia
Executive Director at Choice Broking
“Immediate support is placed at 22,250–22,400, while 22,650–22,700 remains the key resistance zone. RSI improved to 36.50 against its average of 31.48, indicating a gradual recovery from oversold territory.”
livemint.com
“Immediate support is seen at 54,800–55,000, while 55,500–55,800 is the next resistance zone. RSI rose to 45.20 against its average of 38.02, signalling improving momentum.”
livemint.com
Sources
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