Sumeet Bagadia Recommends Three Stocks for Trading on Monday, December 8

Stock markets registered gains on Friday after the RBI cut the repo rate by 0.25 percent. The Sensex rose 447 points to 85,712. The Nifty rose 153 points to close at 26,186. However, the indices remained flat for the week as a whole. But investors are eagerly waiting for the US Fed to announce interest rates next week. The Fed is also likely to cut by 25 basis points. In the current situation, the Nifty sentiment remains positive and if it crosses the 26,300 mark, it will go up to 26,500-26,800, said Sumeet Bagadia, Executive Director of Choice Broking. Investors are advised to buy strong stocks. Three stocks were recommended for trading on Monday, December 8.

L&T (Larsen & Toubro)

Purchase price: Rs. 4,038

Target price: Rs. 4,300

Stop Loss: Rs. 3,900

Bagadia said that the stock is looking bullish with a higher high and higher low formation on the daily chart. He said that it is trading above the 20, 50, 200 EMAs. He said that there is a possibility of further upside at the Relative Strength Index (RSI) of 55.95. Resistance is at Rs. 4,050 and support is at Rs. 3,950-4,000. He said that this is best for short-term traders.

JSW Steel

Purchase price: Rs. 1,162

Target price: Rs. 1,250

Stop Loss: Rs. 1,115

The stock has rebounded from the Rs. 1,100-1,105 support. It is trading above the 20, 50, 200 EMAs. Resistance is at Rs. 1,170. Support is available at Rs. 1,125. There is a chance of a trendline breakout. Bagadia analyzed that the bullish trend will continue.

Mariko

Purchase price: Rs. 736

Target price: Rs. 800

Stop Loss: Rs. 700

The stock has formed a bullish closing candle. It is getting good support at Rs. 710. It is trading on 20, 50, 200 EMAs. RSI is at 58.96. It has recovered from oversold. It is in good momentum. Resistance is at Rs. 740. Support is at Rs. 710.

Note: This article is for informational purposes only. It is not investment advice. Please consult a financial expert before investing in the stock market.