Stocks to buy | Shares to buy | Ganesh Dongre’s stock recommendations: The Indian equity benchmarks ended the week on a positive note, with the Nifty gaining nearly 2% to close at 23,053, while the Bank Nifty advanced 0.75% to settle at 54,686. However, the Nifty 50 index witnessed buying interest at lower levels and recovered towards the 23,200 mark, although it continues to face resistance at higher levels. Sectoral performance remained broadly positive, with most major sectors witnessing gains in the range of 2%–7%.
The Pharma sector emerged as the top performer, rallying nearly 7% during the week. However, despite the recovery in domestic equities, Brent crude oil remains elevated, hovering in the $110–$115 per barrel range, keeping inflationary concerns and global uncertainties in focus.
Stock market outlook for next week
Ganesh Dongre, AVP — Equity Research at Anand Rathi, believes a sustained weekly close of the Nifty 50 index above 23,200–23,400 would improve the near-term technical outlook of the Indian stock market. Ganesh Dongre of Anand Rathi said that both the Nifty 50 and Bank Nifty index remain in a cautious technical phase. The rebound from oversold levels has improved near-term sentiment; however, a sustained recovery will require the Nifty to establish itself above the 23,200–23,400 resistance zone and subsequently reclaim the 24,000–24,200 range. Similarly, the Bank Nifty needs to move decisively above 56,400–56,500 to strengthen its technical outlook.
“Until these crucial resistance levels are convincingly breached, markets are likely to remain volatile, with intermittent recovery attempts, range-bound consolidation and selling pressure at higher levels. Traders should therefore maintain a cautious approach and closely monitor key support and resistance levels, along with Brent crude oil prices and geopolitical developments, for confirmation of the next directional move,” Ganesh Dongre of Anand Rathi said.
Ganesh Dongre’s stock market views
Speaking on the Nifty 50 outlook for next week, the Anand Rathi expert said the 50-stock index witnessed a notable rebound from the 22,500–22,200 support zone and recovered towards the 23,200 level by the end of the week. This support area remains crucial, as it represents a significant historical support zone near previous yearly and quarterly lows. On the upside, immediate resistance is placed in the 23,200–23,400 range, followed by the 24,100–24,200 zone, where the 200-day EMA is positioned.
“A sustained weekly close above 23,200–23,400 would improve the near-term technical outlook and could pave the way for a further recovery towards the 23,500–23,800 zone, which coincides with the 61.8% Fibonacci retracement level of the recent decline. On the downside, the 22,500–22,800 range is expected to act as an important support zone in the coming week. A decisive break below this range could revive selling pressure and weaken the ongoing recovery,” said Ganesh Dongre of Anand Rathi.
On the outlook for the Bank Nifty index, Ganesh Dongre said the key benchmark index witnessed buying interest during the week, closing at 54,686, up 0.75%. However, the index is approaching a significant resistance zone around 56,400–56,500, where the 200-day EMA is positioned.
“A decisive and sustained breakout above 56,500 would strengthen the near-term technical structure and could open the door for a further recovery. On the downside, 53,000 remains an important support level, and a sustained break below this zone could weaken the ongoing recovery and trigger renewed selling pressure,” the Anand Rathi expert said.
Ganesh Dongre’s stock recommendations | Shares to buy
Regarding stocks to buy on Monday, Ganesh Dongre of Anand Rathi recommended these three shares: SBI, Britannia, and Biocon.
1] SBI: Buy at ₹950 to ₹960 | Target ₹995 | Stop-loss ₹930;
2] Britannia: Buy at ₹4620 to ₹4640 | Target ₹4720 | Stop-loss ₹4580; and
3] Biocon: Buy at ₹345 to ₹350 | Target ₹370 | Stop-loss ₹330.
Disclaimer: This story is for educational and informational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified financial experts before making any investment decisions.
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