Stocks to buy: Ganesh Dongre of Anand Rathi recommends Larsen and Toubro, Equitas, Bajaj Finance shares | Target, SL
Ganesh Dongre, AVP — Equity Research at Anand Rathi, believes the recovery during the week was supported by buying interest at lower levels, although global uncertainties continue to weigh on overall market sentiment.
“Concerns surrounding the US Federal Reserve’s interest-rate outlook, the possibility of further rate hikes by the Fed and the RBI in the coming quarters, and the upward bias in US 10-year Treasury yields remain key factors influencing global risk appetite and foreign institutional investor (FII) flows into emerging markets, including India,” Ganesh Dongre of Anand Rathi said.
Factors that may dictate the Indian stock market next week, Ganesh Dongre of Anand Rathi said, traders should closely monitor Brent crude oil prices, which are approaching their previous highs near $110 per barrel. A sustained move above this level could push crude prices towards $114 per barrel, potentially increasing inflationary concerns and adding pressure on equity markets. So any fresh geopolitical developments, particularly those involving the Middle East and US–Iran relations, could further influence crude oil prices and market sentiment. Therefore, movements in crude oil and developments on the geopolitical front will remain critical factors in determining the market's next directional move.
The Anand Rathi expert believes the Nifty witnessed a notable rebound from the 22,000–22,200 support zone and recovered towards the 23,200 mark by the end of the week. This support zone remains crucial, as it represents a significant historical support area near previous yearly and quarterly lows. On the upside, the 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 would improve the near-term technical outlook and could pave the way for a recovery towards 24,000–24,200. On the downside, the 22,500–22,800 range is expected to act as an important support zone in the coming week, and a decisive break below this range could revive selling pressure,” Dongre added.
On the outlook for the Bank Nifty index, the Anand Rathi expert said, the key benchmark index witnessed buying interest during the week, closing at 55,844, up 0.79%. 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, 55,000 remains an important support level, and a sustained break below this zone could weaken the recovery and trigger renewed selling pressure,” Ganesh Dongre of Anand Rathi said.
Regarding stocks to buy on Monday, Ganesh Dongre of Anand Rathi recommended these three shares: Larsen and Toubro, Equitas Small Finance Bank, and Bajaj Finance.
1] Larsen and Toubro: Buy at ₹3620 to ₹3640 | Target ₹3860 | Stop Loss ₹3560;
2] Equitas Small Finance Bank: Buy at ₹70 to ₹71 | Target ₹77 | Stop Loss at ₹65; and
3] Bajaj Finance: Buy at ₹975 to ₹985 | Target ₹1020 | Stop Loss ₹950.
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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