Rajesh Palviya shares 3 stocks to buy next week

economictimes.indiatimes.com:

«A lot of pharma stocks have given a breakout this week. Lupin is looking very attractive. The action we have witnessed clearly indicates that further upside is likely in the coming week.

The stock has managed to give a breakout on the daily as well as the weekly time frame. Looking at the breakout, we are bullish on Lupin and we are projecting a target of 1120. Keep a stop loss of 1030,» said Rajesh Palviya of Axis Securities.

Edited excerpts:How should one look at the market next week? Will the market trade in a tight band or can there be some rally or a correction?Some corrective action was there in the market and it has given a breakdown to its important put base which was at around 19,600; we are now almost at 19,500. Both Nifty and Bank Nifty slipped below the 20-day moving average which is also leading to some negativity in the near term. If we analyse from the short to medium-term perspective, the overall setup is still on the bullish side as Nifty is holding its earlier breakout as well as the put writers are now taking positions at around 19,300-19,400 strikes.

So, that area is likely to act as a support area for the coming trading session. Looking at the overall setup, we expect some consolidation in the coming week. The range could be 19,350 to 19,650 for Nifty.

Once we are able to give a breakout or breakdown above this range, then we can see a further fresh move for the market. But for the Bank Nifty, 45,200 is the immediate crucial hurdle. Until Bank Nifty does not cross this levels, some pressure is likely to stay.