As India's equity markets hold above a closely watched threshold, a technical analyst at Choice Broking sees the current stillness not as hesitation but as preparation — the kind of pause that precedes purposeful movement. With the Nifty 50 sustaining above 24,000 and smaller stocks quietly outperforming their larger peers, Sumeet Bagadia has identified three companies — SBI, Marico, and ONGC — whose price charts suggest the market's next chapter may be written upward. In the language of technical analysis, momentum and support levels are telling a story of resilience, and those who read it ca
Analyst picks SBI, Marico, ONGC as buys amid positive market sentiment
The Nifty 50 has climbed more than 300 points over the past week
Mark
So Bagadia is saying buy three stocks on Monday. What's the actual case for each one?
Mimi
He's reading the charts. SBI has support at ₹825 and is holding above its moving averages. If it breaks ₹895, he sees it going to ₹940. Same pattern with Marico and ONGC—they've all bounced from support and are trading above their key moving averages.
Luke
But moving averages are lagging indicators. They tell you where the stock has been, not where it's going. And these are all short-term trades, right? Buy at this price, sell at that price. What's the time horizon?
Mimi
Days to weeks, probably. These are technical setups, not fundamental calls about the companies themselves.
Mark
Why these three specifically? Why not others?
Mimi
Bagadia doesn't say. He just identifies them as having the right technical setup at that moment.
Luke
And the RSI on SBI is 58.49. That's not extreme in either direction. It's just... normal. Is that really a reason to buy?
Mimi
It's one data point among several. The stock is above moving averages, it has support, it has a clear resistance to break. Taken together, it suggests upside potential.
Mark
What happens if the Nifty doesn't hold above 24,000?
Mimi
Then the whole thesis changes. Bagadia's saying the market is positive as long as that level holds. If it breaks, the buy-on-dips strategy doesn't work anymore.
Luke
And none of these recommendations come with a time frame. How long should you hold if the stock doesn't move? A week? A month?
Mimi
That's the trader's call. The analysis just identifies the entry, the target, and the stop loss.
Mark
So this is really for active traders, not buy-and-hold investors.
Mimi
Exactly. It's a tactical call for the week ahead, not a long-term thesis.
The Pulse
- The Nifty 50 climbed more than 300 points in a single week and is holding above 24,000, a level analysts treat as the line between confidence and caution.
- Beneath the headline indices, mid- and small-cap stocks are quietly outperforming, signaling that market participation is broadening rather than narrowing.
- SBI, Marico, and ONGC each show distinct technical triggers — a momentum bounce, a support-level rebound, and a trend-line breakout on heavy volume — that Bagadia reads as entry signals.
- ONGC's breakout above a falling trend line on substantial volume hints at institutional accumulation, the kind of move that can precede sustained directional runs.
- Bagadia's overarching counsel is to buy weakness rather than chase strength, with clearly defined stop losses anchoring each recommendation against unexpected reversals.
As India's equity markets hold above a closely watched threshold, a technical analyst at Choice Broking sees the current stillness not as hesitation but as preparation — the kind of pause that precedes purposeful movement. With the Nifty 50 sustaining above 24,000 and smaller stocks quietly outperforming their larger peers, Sumeet Bagadia has identified three companies — SBI, Marico, and ONGC — whose price charts suggest the market's next chapter may be written upward. In the language of technical analysis, momentum and support levels are telling a story of resilience, and those who read it carefully may find opportunity in the dips.
India's stock market ended last Friday in a cautious equilibrium. The Nifty 50 closed at 24,168, edging higher despite mixed global signals, while the Sensex slipped modestly and the Bank Nifty retreated. Yet beneath the surface, mid- and small-cap indices each gained roughly 0.75 percent — a quiet signal that broader market participation was alive and well.
Sumeet Bagadia, Executive Director at Choice Broking, reads the overall setup as constructive. The Nifty has gained more than 300 points over the past week and is holding above 24,000, a level he considers pivotal. He sees a path toward 24,500 in the near term and recommends buying on dips as long as the index stays above 23,900.
Against that backdrop, Bagadia has named three stocks. State Bank of India, trading near ₹859.75, has found firm support around ₹825 and is holding above key moving averages. With momentum neither stretched nor exhausted — RSI at 58.49 — he targets ₹940, suggesting accumulation near ₹835 with a stop loss at ₹825.
Marico, at ₹615.35, bounced sharply from the ₹600 support level that coincides with its 50-day moving average, printing a strong bullish candle in the process. Bagadia targets ₹650, recommending accumulation near ₹610, but warns that a close below ₹600 would invalidate the thesis.
ONGC, at ₹288.20, has broken above a falling trend line on notable volume — a move that often reflects institutional conviction. Trading above its 20-, 50-, and 200-day moving averages simultaneously, the stock has support at ₹273 and a target of ₹315 if it clears resistance near ₹292. Bagadia recommends accumulating near ₹279 with a stop at ₹273.
His broader message is one of measured optimism: with earnings season beginning and key support levels holding, the environment favors those willing to buy into weakness rather than chase momentum at its peak.
The Indian stock market ended Friday in a holding pattern. The Nifty 50 closed at 24,168, up slightly despite global signals pointing toward a U.S. Federal Reserve rate cut. The Sensex fell 53 points to 79,478, while the Bank Nifty dropped 443 points to 52,290. But beneath the headline indices, smaller stocks were moving: the small-cap index gained 0.70 percent and the mid-cap index rose 0.75 percent. It was the kind of session that leaves traders watching for direction.
Sumeet Bagadia, Executive Director at Choice Broking, sees that direction as upward. The Nifty 50 has climbed more than 300 points over the past week and is holding above the 24,000 level—a threshold Bagadia considers crucial. He believes the index is positioned to reach 24,500 in the near term, and he is recommending a buy-on-dips strategy as long as the Nifty stays above 23,900. The broader sentiment on Dalal Street, he argues, remains positive even as first-quarter earnings season begins to unfold.
On the strength of that conviction, Bagadia has named three stocks to buy: State Bank of India, Marico, and ONGC. Each recommendation rests on technical analysis—the reading of price charts, moving averages, and momentum indicators that traders use to spot entry points.
State Bank of India is trading near ₹859.75. The stock has found solid ground at ₹825, close to its 50-day exponential moving average, and is holding above other key moving averages that signal strength. A minor resistance sits at ₹895; if the stock breaks through that level, Bagadia sees a path to ₹940. The Relative Strength Index, a measure of momentum, stands at 58.49—comfortable territory suggesting neither overbought nor oversold conditions. Bagadia recommends buying at the current price or adding on any dips toward ₹835, with a stop loss at ₹825 to limit downside risk.
Marico, the consumer goods company, is at ₹615.35 and has bounced sharply from support at ₹600, which aligns with its 50-day moving average. The stock is trading above all its key moving averages, and a strong green candle on the daily chart reinforces the bullish signal. A small resistance appears near ₹625; clearing that could open the way to ₹650. Bagadia suggests buying at current levels or accumulating on dips near ₹610, with the caveat that if the stock closes below ₹600, the analysis loses its foundation.
ONGC, the state-owned oil producer, is at ₹288.20 and has broken above a falling trend line on substantial volume—the kind of move that suggests institutional buying. The stock is trading above its 20-day, 50-day, and 200-day moving averages, all pointing in the same direction. Support sits at ₹273, near the 20-day average; resistance is at ₹292. A decisive move above that resistance could drive the stock toward ₹315. Bagadia recommends buying at current levels or accumulating on dips near ₹279, with a stop loss at ₹273.
Bagadia's broader message to investors is to stay constructive. With earnings season underway and the market sustaining above key support levels, he sees no reason to take short positions. The Sensex, despite pulling back from its upper range of 80,650 to 80,700, remains above crucial support in the 78,500 to 79,000 band. For those willing to buy weakness rather than chase strength, the setup appears favorable.
Notable Quotes
The Nifty 50 index has gained over 300 points last week, and the 50-stock index is sustaining above 24,000 despite a profit-booking trigger on Friday. The overall sentiment on Dalal Street is still positive.— Sumeet Bagadia, Executive Director at Choice Broking
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