Buy or sell stocks: The Indian stock market benchmark indices, Sensex and Nifty 50, ended higher on Friday, after witnessing five straight sessions of losses. For the week ended May 10, both the frontline indices declined about 2% each, while the selloff was deeper in the broader midcap and smallcap indices, which fell 3% and 4%, respectively. The Bank Nifty index also declined by around 3%, concluding the week at 47,421.
The domestic equity market has been underperforming its major global peers amid sharp selling by foreign portfolio investors (FPIs), the delay in a US interest rate cut, cautiousness ahead of the Lok Sabha election outcome, muted Q4 results and a substantial increase in the India VIX.
Over the past few months, the benchmark Nifty 50 index has been trading within a broad range of 21,750 to 22,800, and is currently approaching the lower end of this range. The Bank Nifty index is nearing its next immediate support level at 47,200, analysts said.
Also Read: Lok Sabha Election 2024: Market erases nearly ₹10 lakh crore in a week; will the selloff continue after result?
Stocks to buy on Monday
Sumeet Bagadia, Executive Director at Choice Broking has recommended three stocks to buy on Monday which he believes are technically placed to see a decent upmove. This list of stocks to buy include Eicher Motors, Zomato and Bharti Airtel.
Eicher Motors | Buy | Target Price: ₹4,930
Eicher Motors, presently trading at ₹4,657.85 levels, displays a favourable technical setup on the daily charts. The stock recently formed a bullish…
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