Buy or sell: ONGC to Syrma SGS Tech—Ganesh Dongre recommends three stocks for Monday | Stock Market News
Source: Live Mint
The Nifty 50 index concluded the week at 26,178, settling comfortably above the anticipated resistance zone 26,000. At the start of the week, the index moved above 25500 and concluded the week above 26,000. The consistent close above the key support level of 25,500 suggests that the bullish trend may persist, with the potential to test resistance levels in the range of 26,500.
Market participants are monitoring whether the NSE Nifty 50 index can sustain its position above the 25,500 level, as maintaining this level could signal further upward momentum till the resistance level of 26,600.
Also Read: Week Ahead: Auto sales, SEBI board meet, FII inflows, global cues among key market triggers as Nifty eyes 26,500
Weekly Trading Overview:
The week commenced with a gap-up opening on Monday when the index approached the resistance level of 26,000. The weekly trading pattern included various index stock-specific movements, keeping the Nifty within a trading range of 25500 to 26,500. Technically, the Nifty is currently in the overbought zone. Looking ahead to next week, key support levels are projected to be around 25,500, while resistance is anticipated near 26,600.
Bank Nifty Performance:
The Bank Nifty also experienced a gap-up opening on Monday and attempted to reach the resistance level 55,000. However, by the end of the week, it relinquished its gains and closed below the 54,000 support level.
Technically, the Bank Nifty is into overbought condition so major support for this downward range is observed at 52000-52500, while immediate resistance is identified at 55,000. The strategy will buy on a dip near the support zone for the upcoming week as major private bank stocks still show bullish strength in the indices.
Stocks to buy on Monday
Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi recommends three stocks to buy on Monday, September 30
1.Buy ONGC at ₹296.. Stoploss…285 Target..320
2.Buy Syrma SGS Technology at ₹440.. Stoploss…420 Target..480
3.Buy GSPL at ₹420.. Stoploss…400 Target…445.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.
