Buy or sell: ICICI Bank to BEL — Ganesh Dongre recommends three stocks for Monday

Buy or sell: Stylish Index It finished the week at 24,180 and fell below the expected 24,800 support zone. As mentioned earlier, a close below this level could trigger further selling in the equity market and position the index towards the 24,000 level.

As the weekly close approaches 24,000, market participants are watching with curiosity to see if the rise will continue. Chic may maintain this critical level of emotional support next week.

Weekly Trading Overview

The week started with a bearish open on Monday, leading the index to test the support level at 24,800. Despite efforts to reach the direct resistance zone of 25,300, the market struggled to gain momentum, resulting in profit booking. A head and shoulders pattern has emerged on the daily chart, indicating bearish potential if the index breaks below the neckline in the 24,800-24,900 range. With a close below this neckline, further selling could target the 23,500-23,800 range. The fact that the put-ask ratio (PCR) remains consistently below 1 indicates that the bearish trend is increasing in the near term.

Immediate resistance is set at 24,800, with support levels set at 24,000 and then 23,500 in the coming weeks. As the end of the month approaches, a brief hedge or relief rally could provide temporary relief.

Stylish Performance of the Bank

Bank Chic It opened with a downward margin on Monday, reflecting the trend of the overall market. Although it attempted to rise towards the 52,000 resistance level, it ultimately lost these gains and closed near the 50,500 support zone. A drop below the 52,000 level indicates an increasing downtrend and requires investors to exercise caution. The upcoming support levels for Bank Nifty will be 50,500 and then 49,500.

Solution

Both Nifty and Bank Chic The indices successfully closed above their respective monthly support zones, maintaining an overall upward trend despite initial market volatility. Traders are advised to keep a close eye on key support and resistance levels when evaluating trading opportunities in the coming sessions.

Stocks to buy on Monday

1) Torrent Pharma: Buy from: ₹3433 | Target Price: ₹3600 | Stop Loss: ₹3375

2) ICICI Bank: Buy from: ₹1260 | Target Price: ₹1310 | Stop Loss: ₹1230

3) WAIST: Buy from: ₹275 | Target Price: ₹290 | Stop Loss: ₹265

Disclaimer: The opinions and recommendations presented in this analysis are those of the individual analysts or brokerage firms and not of Mint. Because market conditions can change rapidly and individual circumstances may vary, we strongly recommend that investors consult certified professionals before making any investment decisions.