Indian Stock Market Update and Recommendations for Monday, May 6th

Indian Stock Recommendations for Monday, May 6th

Market Recap:

* The Indian stock market experienced a correction on Friday, with key indices like Nifty 50 and Sensex dropping after reaching new highs.
* Despite the pullback, the overall trend remains bullish as long as the Nifty 50 stays above the support range of 22,150-22,200.

Stock Recommendations:

Sumeet Bagadia, a stock market expert, recommends three stocks for potential buying on Monday:

1. Grasim Industries (GRASIM):

* Buy at ₹2481.35 with a target of ₹2680 and stop loss of ₹2380.
* The stock recently broke above a key resistance level, indicating renewed bullish momentum.
* Strong technical indicators support the uptrend.

2. SAIL:

* Buy at ₹167.95 with a target of ₹178 and stop loss of ₹162.
* The share price is trading above key moving averages and shows positive momentum.
* A breakout above ₹171 could trigger a significant price increase.

3. Voltas (VOLTAS):

* Buy at ₹1491.50 with a target of ₹1615 and stop loss of ₹1430.
* The stock exhibits a strong uptrend with higher highs and higher lows.
* Supported by key moving averages and potential Fibonacci extension target of ₹1615.

Important Disclaimer:

This information is for informational purposes only and should not be considered financial advice. It’s crucial to conduct your own research before making any investment decisions.