Rajesh Palviya | Stocks to Buy: JSW Energy, Godrej Properties: Rajesh Palviya Among the Top 4 Trade Ideas That Could Rise 11-21% in 3-4 Weeks
On the weekly chart, the index formed a small bullish candle with shadows on both sides, indicating indecision among participants about the direction.
The chart pattern suggests that if Nifty crosses above the 22300 level and holds, it will witness buying, taking the index towards the 22500-22600 level.
However, if the index falls below the 22100 level, selling will occur and the index will move up to the 22000-21800 level.
During this week, we expect Nifty to trade in the 22600-21800 range with a positive bias.
RSI, a weekly bullish indicator, is above that baseline, indicating a positive bias.Here is a list of top 4 stocks that could deliver returns of 11-21% in the next 3-4 weeks.
Indus Tower: Buy Rs 233-238| Target Rs 275-285| Stop loss Rs 216| Upside potential of 17-21%
Indus Tower broke the ‘multiple resistance’ zone near the 230 level on the weekly chart, signaling the continuation of the medium-term uptrend. Increased volume activity at the breakout indicates an influx of market participation.
The stock is showing a pattern of higher highs and lows on the weekly chart and is hovering above the medium-term uptrend line, indicating a medium-term uptrend.
RSI, a weekly bullish indicator, is in bullish mode and hovering above its baseline, indicating a positive bias.
The above analysis indicates upside potential in the 275-285 level. The retention period is 3 to 4 weeks.
JSW Energy: Buy Rs 497-507| Target Rs 558-573| Stop loss Rs 474| Upside potential of 11-14%
JSW Energy is showing a bullish breakout above a symmetrical triangle pattern at point 505 on the daily chart, indicating that the medium-term uptrend is likely to continue.
Volume activity decreased during pattern formation. However, volume increased at the time of the breakout, indicating increased market participation.
The stock remains positioned above the 38% Fibonacci retracement level of the 397-516 rally and is building a short-term support base around 472.
The daily bullish indicator RSI has crossed the threshold and generated a buy signal.
The above analysis indicates an upside potential between levels 558 and 573. The retention period is 3 to 4 weeks.
Godrej Properties: Buy Rs 2402-2450| Target Rs 2750-2830| Stop loss Rs 2265| Upside potential of 13-17%
On the weekly chart, Godrej Properties has broken a small ‘consolidation’ zone between 2400 and 2170, suggesting continuation of the medium-term uptrend.
The stock is trending within an ascending channel, recently finding support in the lower band and currently heading towards the upper band. The stock is maintaining above key averages of the 20-day, 50-day, 100-day, and 200-day simple moving average (SMA), indicating a strong upward trend in the stock.
RSI, a weekly bullish indicator, crossed above the threshold and generated a buy signal.
The above analysis indicates upside potential in the 2750-2830 levels. The retention period is 3 to 4 weeks.
Indiabulls Home Finance: Buy Rs 202-206| Target Rs 238-246| Stop loss Rs 187| Upside potential of 17-21%
On the weekly chart, Indiabulls Housing Finance has broken through the ‘consolidation’ zone between 202 and 160, suggesting continuation of the medium-term upward trend.
The previous resistance level of 202 is now expected to act as support due to the polarity principle, providing a support area for the stock price movement.
A close above the upper Bollinger Band on the daily chart generates a short-term buy signal. RSI, a weekly bullish indicator, also crossed above the baseline, generating a buy signal.
The above analysis indicates upside potential at the 238-246 level. Retention period: 3 to 4 weeks.
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own and do not represent the views of The Economic Times.)
(You can now subscribe to ETMarkets WhatsApp channel)
