Stocks to Buy on Monday – Analyst Sandeep Jain picks Vidhi Specialty for buy, IRCTC for sell
Stocks markets ended the week on a negative note with BSE Sensex ending at 57,124.31, down by 190 or 0.33 per cent. Meanwhile, the broader market Nifty50 managed to close above the 17,000 level losing almost 68 points or 0.40 per cent on Friday
Stocks to Buy on Monday - The stocks markets ended the week on a negative note with BSE Sensex ending at 57,124.31, down by 190 or 0.33 per cent. Meanwhile, the broader market Nifty50 managed to close above the 17,000 level losing almost 68 points or 0.40 per cent on Friday. The banking stocks also took a severe beating as the Nifty Bank index closed the last trading session at 34,857, correcting by 334 points or almost 1 per cent.
The Nifty Midcap 100 index also settled with losses at 29,612.85, 314 points lower than the Thursday closing price.
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The Foreign Institutional Investors (FIIs) sold Indian equities worth Rs 715 cr while the Domestic Institutional Investors (DIIs) sold equities worth Rs 43 cr in the domestic markets.
Analyst Sandeep Jain said that he was not too hopeful for next week as the year is set to end and a lacklustre week is expected as the global markets will remain close over the next week.
He said that the domestic markets witnessed profit booking on Friday after a three-day rally. He said that he was not bullish on the markets.
His advice to investors is to not make too many positions over the next week.
The Nifty50 is seeing a strong resistance between 17,200 and 17,250.
He said that his recommendation for next week is a sell.
IRCTC: Buy| LTP: Rs 837| Target: Rs 820/810| Stop Loss: Rs 850| Upside 3%
Jain said that he would recommend a sell on IRCTC shares as the valuations are oh higher side. He said that the stock was showing weakness on technical front. This was an intraday Futures & Options (F&O) pick for Monday. The stock ended negatively on Friday, down 0.5 per cent or Rs 4 from the last closing price.
Vidhi Specialty: Buy| LTP: Rs 385| Target: Rs 430/450| Stop Loss: Rs 360| Upside 17%
Another pick recommended by the Tradeswift Director was Vidhi Specialty Food Ingredients which was suggested by him with a positional term view. The stock ended in the green on Friday despite the markets ending in the red.
12:06 PM IST