Market Trading Guide: AR Ramachandran Recommends 3 Stocks To Buy/Sell Next Week

On Friday, the market got off to a strong start and continued to rise, but the week ended slightly down. At the time of closing, the Sensex had gained 320.09 points, or 0.49 per cent, to reach 65,828.41, while the Nifty had gained 114.80 points, or 0.59 per cent, to reach 19,638.30. Adani Enterprises, LTIMindtree, HCL Technologies, Tech Mahindra, and Power Grid were among the major Nifty losers, while Gainers were Hindalco Industries, NTPC, Hero MotoCorp, Dr Reddy's Laboratories, and Divis Lab. In addition to the smallcap index surged by 0.6%, the BSE midcap index climbed by 1.3%.

Weekly Market Outlook

Vinod Nair, Head of Research at Geojit Financial Services said, "Amidst mounting concerns stemming from escalating crude oil prices and inflationary pressures, which were compounded by fears of another rate hike by the Fed, the domestic market grappled with volatility throughout the week. The increase in US bond yields and volatility in the INR further diminished the attractiveness of domestic indices for foreign investors. Further, due to low liquidity and a lack of catalysts to stimulate buying, the market is encountering strong resistance at higher levels.

Throughout the week, IT stocks underperformed due to adverse global cues, while the pharma sector witnessed strong buying interest as investors adopted a defensive strategy in response to global uncertainties. Yet the market concluded the week on a positive note, boosted by healthy momentum in industrial growth, up by 12% YoY. Volatility is expected to remain elevated in the short term, given the upside risk of domestic inflation on account of higher crude prices. Investors will closely monitor upcoming releases of domestic, US, and Chinese PMI data, among other indicators, as they are expected to shape future market trends."

Stocks To Buy Next Week

AR Ramachandran from Tips2trades has picked up 3 stocks to buy or sell on the trading session of Tuesday, 3rd October 2023.

MCX India

MCX India was very overbought yet bullish with strong resistance now at 2015. Investors should be booking profits at current levels as a daily close below support of 1895 could lead to 1710 in the near term.

Gensol Engineering

Gensol Engineering is overbought and slightly bearish with strong resistance now at 2122. Investors should be booking profits at current levels as a daily close below support of 1958 could lead to 1800 in the near term.

Navin Fluorine

Navin Fluorine looks bearish and also oversold on the Daily charts with next support at 3658. Investors should buy only if Daily close is above resistance of 4000 for a target of 4475.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.