Stocks to Buy on 22 November; Sumeet Bagadia gives Recommendations

The Indian benchmark indices are again trading in green after a tepid session yesterday. During the morning session, the Sensex and Nifty rebounded sharply by over 1% today.

At about 12:50 PM, Sensex went up by 1.27 per cent to 78,138.37, while Nifty 50 surged by 1.35% at 23,665.05. Overall, the market cap of BSE-listed firms surged to about 429 lakh crore from ₹425 lakh crore in the previous session, thereby making investors rich by ₹4 lakh crore in a single day.

Here’s a list of stocks Sumeet Bagadia, executive director of Choice Broking has recommended to buy during today’s trading session.

Stocks to Buy on 22 November; Sumeet Bagadia gives Recommendations

The stock recently reported a robust breakout from the critical resistance zone of 305 - 270 on the daily chart. The breakout is supported by increased trading volumes, thereby indicating bullish sentiment. In addition to this, Relative Strength Index (RSI) has emphasised strong momentum, while also aligning with stock trading above crucial moving averages, which includes the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). In short, positive technical indicators suggest a bullish outlook for the stock. Based on the aforementioned analysis, Sumeet Bagadia recommended to buy the stock at a current market price of ₹320.2. The target price of the stock is at ₹340, while the stop loss is pegged at ₹310.

Avalon Technologies

Buoyed by a strong bullish momentum, the stock is currently trading at all-time highs of 897.7 levels. The recent breakout is above the crucial resistance at 840 levels which is a significant technical development. The stock is projecting a bullish trajectory as it is trading above its key moving averages, which includes short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs. Relative Strength Index (RSI) stands at 79.89 levels.

Investors can buy the stock at a CMP of ₹872.45 with a stop loss pegged at ₹840.