HDFC Bank, Infosys, BEL Among Top Picks as Nifty 50 Enters Oversold Zone
Ganesh Dongre of Anand Rathi says the Nifty 50 index has moved into an oversold zone after a sharp weekly decline of 3.11%, closing at 22,421. The index faces strong resistance between 23,500 and 23,600, aligning with the 200-day EMA resistance level. Dongre notes that a sustained weekly close above 23,000 could improve technical conditions and open a path toward 23,800–24,200, while support remains at 22,000–22,200.
The Bank Nifty also closed lower at 54,450, down 2.03%, trading below its 200-day EMA near 56,400. Dongre identifies 56,000–56,500 as a key resistance zone and 52,700 as the next major support. A breakout above 56,500 would be needed to signal recovery in the banking sector.
For Monday’s trading, Dongre recommends three stocks: HDFC Bank, Infosys, and BEL. HDFC Bank is advised for purchase in the ₹710–₹720 range, with a target of ₹760 and stop-loss at ₹680. Infosys is suggested for buying between ₹1,020 and ₹1,040, targeting ₹1,180 with a stop-loss at ₹980. BEL is recommended for entry at ₹390–₹395, aiming for ₹410 and setting a stop-loss at ₹380.
The recommendation comes amid global risk-off sentiment, US–Iran tensions, rising crude prices, and higher global bond yields, which have pressured market sentiment. Dongre cautions that volatility and sideways consolidation may persist in the near term due to oversold conditions and uncertain macroeconomic factors.
The views expressed are those of the analyst and not of Mint. Investors are advised to consult certified financial experts before making investment decisions.
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