On the weekly chart, the index formed a small bullish candle with shadows on either side, indicating indecisiveness among participants regarding the direction.
The chart pattern suggests that if Nifty crosses and sustains above the 22300 level, it would witness buying, leading the index towards 22500-22600 levels.
However, if the index breaks below the 22100 level, it would witness selling, taking the index towards 22000-21800 levels.
For the week, we expect Nifty to trade in the range of 22600-21800 with a positive bias.
The weekly strength indicator RSI is above its respective reference lines, signaling a positive bias.Here is a list of top 4 stocks that could give 11-21% return in the next 3-4 weeks:
Indus Towers: Buy Rs 233-238| Target Rs 275-285| Stop Loss Rs 216| Upside 17-21%
Indus Tower breached above the ‘Multiple Resistance’ zone around the 230 level on the weekly chart, signaling a continuation of the medium-term uptrend.Increased volume activity at the breakout suggests an influx of market participation.
The stock is exhibiting a pattern of higher high-low formations on the weekly chart and holding above the medium-term upward-sloping trendline, signaling a medium-term uptrend.
The weekly strength indicator RSI is in a bullish mode and is holding above its reference line, indicating a positive bias.
The above analysis indicates an upside potential of 275-285 levels. The holding period is 3 to 4 weeks.
JSW Energy: Buy Rs 497-507| Target Rs 558-573| Stop Loss Rs 474| Upside 11-14%
JSW Energy exhibits a bullish breakout above the symmetrical triangular pattern at 505 on the daily chart, indicating the potential continuation of a medium-term uptrend.
Volume activity declined during the pattern formation; however, there was an increase in volume at the breakout, indicating heightened market participation.
The stock is maintaining its position above the 38% Fibonacci Retracement level of the rally from 397-516, establishing a short-term support base of around 472.
The daily strength indicator RSI, having given a crossover above its reference line, generated a buy signal.
The above analysis indicates an upside potential of 558-573 levels. The holding period is 3 to 4 weeks.
Godrej Properties: Buy Rs 2402-2450| Target Rs 2750-2830| Stop Loss Rs 2265| Upside 13-17%
On the weekly chart, Godrej Properties has breached the small ‘Consolidation’ zone between 2400-2170, suggesting a continuation of the medium-term uptrend.
The stock is trending within an upward-sloping channel, recently finding support at the lower band and now heading towards the upper band. The stock is holding above key averages of 20, 50, 100, and 200 days Simple Moving Average (SMA), signaling a strong uptrend in the stock.
The weekly strength indicator RSI, having given a crossover above its reference line, generated a buy signal.
The above analysis indicates an upside potential of 2750-2830 levels. The holding period is 3 to 4 weeks.
Indiabulls Housing Finance: Buy Rs 202-206| Target Rs 238-246| Stop Loss Rs 187| Upside 17-21%
On the weekly chart, Indiabulls Housing Finance has breached the ‘Consolidation’ zone between 202-160, suggesting a continuation of the medium-term uptrend.
The previous resistance level of 202 is expected to now act as support due to the principle of polarity, providing a support zone for the stock’s price movement.
Closing above the upper Bollinger Band on the daily chart has generated a short-term buy signal. The weekly strength indicator RSI, crossing above its reference line, also generated a buy signal.
The above analysis indicates an upside of 238-246 levels. Holding period: 3 to 4 weeks.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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