Stocks Recommendation: Religare Broking's Ajit Mishra Likes 3 Stocks; Crompton, IndiaMart In List

Indian stock market was in a bloodbath on Thursday with Sensex trading below the 80,000 mark, and Nifty 50 struggling to hold 24,300 levels. Overall, Sensex has dipped over 671 points and Nifty has plummeted by more than 200 points in the early trade. The market is down-tracking weak global cues. Hence, Sensex and Nifty are on a losing streak for a fifth consecutive day now. Amidst this, it is vital to grab opportunities in stocks that could give meaningful gains ahead.

As per Religare Broking's Ajit Mishra, it is advisable to remain cautiously optimistic about the index till the Nifty makes a clear breach below 24,200. He emphasizes that index majors are preferable to other majors and advises keeping an eye on position sizes.

Accordingly, Mishra has recommended 3 stocks to buy in a bear market:

1. Apollo Hospitals Enterprise:

Last Traded Price: Rs 6,422.60| Target: Rs 6,660| Stop-loss: Rs 6,300

Apollo Hospitals is trading in line with the defensive pack, which has been gaining significant traction. It broke out of a falling channel pattern and has been climbing steadily ever since, staying comfortably above significant exponential moving averages (EMAs). Moreover, momentum indicators exhibit an upward trend, strengthening the optimistic perspective.

2. Crompton Greaves Consumer Electricals:

Last Traded Price: Rs 443.00| Target: Rs 477 | Stop-loss: Rs 426

Following the reversal in May 2024, Crompton Greaves stocks have been progressively rising. It appears ready for an upward move, having formed a new purchasing pivot and holding above the daily chart's 20 EMA, or the short-term moving average's support zone. Trades in the specified range may be considered new longs by traders.

3. IndiaMart Intermesh:

Last Traded Price: Rs 3,007.5| Buy | Target: Rs 3,170| Stop-loss: Rs 2,930

With robust volumes, Indiamart Intermesh has shown a breakout from a multi-month consolidation. A firm base has been formed by the consolidation, which is a 61.8% retracement of the prior gain that was seen from the day of listing to February 2021. The bias is further supported by the robust increase in volumes along with the price action.

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.