Best 3 stocks to buy: SBI, Britannia, Biocon by Ganesh Dongre of Anand Rathi | Targets, stop-loss, stock market views
The Pharma sector emerged as the top performer, rallying nearly 7% during the week. However, despite the recovery in domestic equities, Brent crude oil remains elevated, hovering in the $110–$115 per barrel range, keeping inflationary concerns and global uncertainties in focus.
Ganesh Dongre, AVP — Equity Research at Anand Rathi, believes a sustained weekly close of the Nifty 50 index above 23,200–23,400 would improve the near-term technical outlook of the Indian stock market. Ganesh Dongre of Anand Rathi said that both the Nifty 50 and Bank Nifty index remain in a cautious technical phase. The rebound from oversold levels has improved near-term sentiment; however, a sustained recovery will require the Nifty to establish itself above the 23,200–23,400 resistance zone and subsequently reclaim the 24,000–24,200 range. Similarly, the Bank Nifty needs to move decisively above 56,400–56,500 to strengthen its technical outlook.
“Until these crucial resistance levels are convincingly breached, markets are likely to remain volatile, with intermittent recovery attempts, range-bound consolidation and selling pressure at higher levels. Traders should therefore maintain a cautious approach and closely monitor key support and resistance levels, along with Brent crude oil prices and geopolitical developments, for confirmation of the next directional move,” Ganesh Dongre of Anand Rathi said.
Speaking on the Nifty 50 outlook for next week, the Anand Rathi expert said the 50-stock index witnessed a notable rebound from the 22,500–22,200 support zone and recovered towards the 23,200 level by the end of the week. This support area remains crucial, as it represents a significant historical support zone near previous yearly and quarterly lows. On the upside, immediate resistance is placed in the 23,200–23,400 range, followed by the 24,100–24,200 zone, where the 200-day EMA is positioned.
“A sustained weekly close above 23,200–23,400 would improve the near-term technical outlook and could pave the way for a further recovery towards the 23,500–23,800 zone, which coincides with the 61.8% Fibonacci retracement level of the recent decline. On the downside, the 22,500–22,800 range is expected to act as an important support zone in the coming week. A decisive break below this range could revive selling pressure and weaken the ongoing recovery,” said Ganesh Dongre of Anand Rathi.
On the outlook for the Bank Nifty index, Ganesh Dongre said the key benchmark index witnessed buying interest during the week, closing at 54,686, up 0.75%. However, the index is approaching a significant resistance zone around 56,400–56,500, where the 200-day EMA is positioned.
“A decisive and sustained breakout above 56,500 would strengthen the near-term technical structure and could open the door for a further recovery. On the downside, 53,000 remains an important support level, and a sustained break below this zone could weaken the ongoing recovery and trigger renewed selling pressure,” the Anand Rathi expert said.
Regarding stocks to buy on Monday, Ganesh Dongre of Anand Rathi recommended these three shares: SBI, Britannia, and Biocon.
1] SBI: Buy at ₹950 to ₹960 | Target ₹995 | Stop-loss ₹930;
2] Britannia: Buy at ₹4620 to ₹4640 | Target ₹4720 | Stop-loss ₹4580; and
3] Biocon: Buy at ₹345 to ₹350 | Target ₹370 | Stop-loss ₹330.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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