Top Stocks to Buy on Monday - UPL, Infosys are top stocks for big gains; Analyst Shrikant Chouhan explains WHY?

The stock markets on Friday ended in the red with NSE Nifty 50 closing almost 38 points lower at 15,689.80 while the BSE Sensex ending at 52,386.19, dropping by almost 182 points. The Foreign Institutional Investors (FIIs) sold Indian equities worth Rs 1124 cr while the Domestic Institutional Investors (DIIs) invested just over Rs 106 cr on Friday.

Zee Business Managing Editor said that the domestic markets were under pressure taking cues from their US peers. The Thursday session was laced with weakness, though Dow showed tried to make up for some loss. The Nifty 50 ended just shy of the 15,700 levels. Meanwhile, the Bank Nifty managed to close above 35,000, albeit with weakness.

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However, the good thing was that there was some buying activity in cash market at lower levels. The mid cap and small cap were also among some action, but the broader markets still did not witness panic by investors.

Market Analyst Shrikant Chouhan said that the level of 15,601 is an important level for Nifty 50 which has constantly provided a strong support. The current formation suggests that the markets are still expected to remain rangebound with upper levels around 15,800. He said that any correction from existing levels is an opportunity for buying. He suggested two stocks for investors when the markets reopen on Monday.

Stocks to Buy – UPL Limited – Chouhan recommended a stock from the mid cap space for top gains. He picked United Phosphorous. He said that this stock has seen correction and has now consolidated at a crucial level. This stock ended at Rs 815 on Friday on the NSE. He puts the target price at Rs 850 and a stop loss at Rs 810. He has a 4-5-month view on this stock. This was an intraday pick for Monday.

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Stocks to Buy – Infosys – This analyst said that his top pick with a one-week view id Infosys. He said that Infosys and Wipro are two stocks which undergo some correction among the IT stocks after the results of TCS are declared. And both these stocks show good movement after the results are declared. Infosys ended at Rs 1564.90 on the NSE on Friday. He puts the stop loss at Rs 1520 while the target price between Rs 1650 and Rs 1660.