Sumeet Bagadia Recommends HDFC Bank, Adani Ports, JSW Steel for Monday Buy
Benchmark stock indices ended Friday on a mixed note, with the Sensex slipping 0.03% while the Nifty gained 0.33%. The BSE Sensex closed at 74,294.96 after losing 19.63 points, having earlier risen as much as 413.85 points intraday. In contrast, the NSE Nifty finished at 23,346.40, up 75.80 points, marking its third consecutive session of gains.
Crude oil prices declined for the third straight session, pressured by assessments of Middle East supply risks. The global benchmark fell 0.9% to settle near $104 a barrel, despite Saudi Arabia pausing some crude sales to Europe. Analysts noted existing supply buffers remain intact, with Saudi Aramco working to restore the East-West pipeline within days after drone attacks, aiming for full capacity in six weeks.
Market participants noted that while softer oil prices and yields offered near-term relief, sustained recovery hinges on easing global macro risks and renewed foreign investor inflows. Weakness in IT and Tata Group stocks offset gains from lower energy costs during the session.
For Monday, September 21, analyst Sumeet Bagadia recommended three stocks: HDFC Bank, Adani Ports, and JSW Steel. HDFC Bank closed at ₹731, showing signs of technical recovery after holding above its falling channel’s lower boundary. The stock broke above its 20-day EMA at ₹716, supported by a weekly hammer candle and positive RSI divergence at 55.40. A long position is suggested at ₹731 with a stop-loss at ₹700 and target at ₹790.
Adani Ports closed at ₹1,824, reflecting strong bullish momentum after reversing from near its 200-day EMA. The stock formed a bullish Marubozu-like candle and broke out of a rounding bottom pattern. RSI rose to 64.04 from oversold levels, indicating healthy momentum. A long position is advised near ₹1,824, targeting ₹1,980 with a stop-loss at ₹1,740.
JSW Steel closed at ₹1,275.60, attempting a rebound from support near its long-term moving average zone. The stock stabilized after correcting from recent highs near ₹1,351 and is testing short-term averages. RSI at 47.23 shows neutral momentum with upside potential if support holds. A long position is recommended at ₹1,276, aiming for ₹1,380 with a stop-loss at ₹1,220.
The article includes a disclaimer that the views are those of the analyst and not of Mint, advising investors to consult certified experts before making investment decisions.
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