Financial Analyst Sumeet Bagadia Identifies Five Stocks for Immediate Market Consideration
Indian Stocks Recover Marginally Amid Buying Interest
On Monday, May 18, India's benchmark indices, Sensex and Nifty 50, closed marginally higher after a sharp recovery from their intraday lows. The Sensex staged a strong comeback, rallying over 1,100 points from its lowest level to end in positive territory. The Nifty 50, which hit an intraday low of 23,317, recovered over 300 points from its lowest level of the session.
The Sensex ended 77 points, or 0.10%, higher at 75,315.04, while the Nifty 50 edged up 6 points, or 0.03%, to settle at 23,649.95.
Market Analysis
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According to Sumeet Bagadia, Executive Director at Choice Broking, the formation of a bullish candlestick pattern after filling the opening gap-down indicates buying interest emerging at lower levels and improving sentiment from intraday lows. Bagadia noted that immediate support is placed in the 23,300–23,400 range, while resistance is observed between 23,900 and 24,000 levels.
| Index | Opening | Intraday Low | Intraday High | Closing |
|---|---|---|---|---|
| Sensex | 75,238.04 | 74,127.04 | 75,338.04 | 75,315.04 |
| Nifty 50 | 23,482.20 | 23,317.10 | 23,695.65 | 23,649.95 |
| Bank Nifty | 53,282.15 | 52,783.45 | 53,667.55 | 53,537.00 |
Stock Recommendations
Sumeet Bagadia recommends five shares to buy on Tuesday, 19 May:
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- Knowledge Marine & Engineering Works: Buy at ₹2065, Target ₹2250, Stop Loss ₹1948
- Shipping Corporation of India: Buy at ₹344, Target ₹370, Stop Loss ₹325
- PB Fintech: Buy at ₹1748, Target ₹1900, Stop Loss ₹1650
- Kingfa Science and Technolgy (India): Buy at ₹5303, Target ₹5700, Stop Loss ₹5035
- Dr. Lal PathLabs: Buy at ₹1646, Target ₹1777, Stop Loss ₹1575
Bagadia noted that these stocks have shown strong bullish momentum and are expected to continue their upward trend in the coming sessions. However, traders should closely monitor key resistance zones and sustain above immediate support levels to confirm continuation of the recovery momentum.
Investor Takeaway
Investors should consider buying stocks in select heavyweight stocks.
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