Stocks to buy: ITC, Bajaj Auto, RVNL, IRFC, Divi's Labs among 10 stocks that can rise 9-17% in next 3-4 weeks
₹475 mark on January 4, 2024, ITC experienced a significant decline of approximately 75 points, or 16 per cent. However, in the subsequent 18 trading sessions, ITC showed stability by avoiding further declines and consolidating within a range of ₹400-416. In the previous trading session, notable buying interest was observed at lower levels, accompanied by substantial trading volume.
There is the formation of a bullish AB=CD pattern on the daily chart of ITC within the mentioned price zone of ₹400-416. This zone also coincides with the 0.382 per cent retracement level of a price swing that occurred between January 2023 and July 2023. The weekly Relative Strength Index (RSI) has reversed from 45 levels, which suggests a potentially lucrative buying opportunity.
"One can buy this stock in the zone of ₹430-440 with an upside target of ₹480 and a stop loss should be placed near ₹412 on a daily close basis," said Patel. Also Read: IREDA share price jumps over 10% as it attains 'Navratna status' Following its double top formation near the ₹4,900-4,800 zone, Navin Fluorine experienced a significant downturn, shedding nearly 2,000 points, or 41 per cent. However, in the last five to six trading sessions, it found support near the ₹3,000 mark.
Concurrently, there is a bullish crab pattern on Navin Fluorine's daily chart, signalling a potential reversal in trend. Moreover, "regular bull divergence" has been identified on the daily scale of the (RSI), indicating strengthening bullish momentum. "Based on these technical indicators, investors may consider initiating long positions within the range of ₹3,270-3,320.
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