Dr. Reddy's, M&M, RIL; three stocks you can consider buying on Monday: Sumeet Bagadia

Sumeet Bagadia, an Executive Director at Choice Broking, recommended three stocks to consider buying. Bagadia emphasized a positive sentiment in the Indian stock market and advocated for a 'buy on dips' strategy as long as the 50-stock index remains above the 21,800 mark.

The stocks recommended by Bagadia are as follows:

Dr. Reddy's Laboratories: Bagadia suggested buying Dr. Reddy's Laboratories at the current market price of ₹6442.15, with a target price of ₹6810 and a stop loss at ₹6210. The technical analysis indicates a strong support zone near ₹6210, with the stock demonstrating bullish momentum, supported by various moving averages. The recommendation is supported by the formation of higher highs and higher lows over several weeks, alongside overbought conditions in the Relative Strength Index (RSI).

Mahindra & Mahindra (M&M): Bagadia recommended buying M&M at ₹1930, with a target price of ₹2050 and a stop loss at ₹1850. The analysis suggests a resilient base near ₹1850 and the formation of higher highs and higher lows over the past week. Additionally, M&M is positioned favorably above key moving averages, indicating a sustained uptrend.

Reliance Industries Limited (RIL): Bagadia proposed buying RIL at ₹2987, targeting ₹3180, with a stop loss at ₹2884. RIL is currently trading at an all-time high, demonstrating a pattern of forming new higher highs and higher lows. The stock is supported by significant trading volume and is trading above key Exponential Moving Averages (EMAs), signaling robust bullish momentum.

Disclaimer: It's important to note that these recommendations are based on technical analysis and individual analysts' views. Investors are advised to conduct thorough research or consult with certified experts before making any investment decisions.