Rajesh Palviya handpicks Bharti Airtel, Bank of India as top picks which could give 10-12% return in 3-4 weeks
The Nifty closed at 22,494 on 7th March with a gain of 115 points on a weekly basis.
On the weekly chart, the index has formed a small bullish candle with a lower shadow, indicating buying at support level of around 22,200.
The chart pattern suggests that if the Nifty50 crosses and sustains above the 22,600 level, it would witness buying, leading the index towards the 22,800-22,900 levels.
However, if the index breaks below the 22,400 level, it might witness selling, taking the index towards the 22,300-22,200 range.
For the week, we expect Nifty to trade in the range of 22,900-22,200 with a positive bias.
The weekly strength indicator RSI is above its respective reference lines, indicating a positive bias.
Here is a list of the top 4 trading ideas based on technical which could give a 10-12% return in the next 3-4 weeks:
Bharti Airtel: Buy| Target Rs 1285-1330| LTP Rs 1199| Stop Loss Rs 1132| Upside 10%
Bharti Airtel demonstrates a bullish breakout above the small 'Falling Channel' pattern at 1150 on the weekly chart, suggesting a possible continuation of the medium-term uptrend.
The breakout is confirmed by a strong bullish candle, indicating a positive bias in stock price movement.
It maintains support above the 23% Fibonacci retracement level of the rally from 735 to 1200 at 1098, forming a medium-term base for further potential upward movement.
The weekly strength indicator RSI given a crossover above its reference line generated a buy signal.
The above analysis indicates an upside of 1285-1330
