Stocks to buy: ITC, Kotak Bank, Bharti Airtel among 10 stocks analysts believe may rise 9-13% in next 3-4 weeks

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₹475 on January 4, 2024, ITC experienced a significant decline of approximately 75 points, which represents a decline of approximately 16 per cent. However, in the subsequent 18 trading sessions, the stock showed stability by avoiding further declines and instead consolidated within a range of ₹400-416. In the previous trading session, a notable buying interest was observed at lower levels, accompanied by substantial trading volume.

From a technical standpoint, there is the formation of a bullish AB=CD pattern on the daily chart of ITC within the price zone of ₹400-416. This zone also coincides with the 0.382 per cent retracement level of a price swing between January 2023 and July 2023. Additionally, it formed a complex structure on the daily Relative Strength Index (RSI) indicator, resembling a 'W shape' below the 30 level, which suggests a potentially lucrative buying opportunity.

Last month, Kotak Mahindra Bank established a prolonged bottom around the 1.13 harmonic ratio. A bullish AB=CD pattern has also emerged near the aforementioned ratio, providing further bullish confirmation. On the indicator front, there is a bullish divergence observed on the daily stochastic, indicating a positive outlook for the stock.

After reaching the level of ₹1,830 on December 18, 2023, PVR Inox underwent a substantial decline of almost 483 points, representing approximately a 26 per cent decrease. Over the past 18 trading sessions, PVR Inox avoided further declines and has instead consolidated within the ₹1,350-1,415 range. In the previous trading session, there was significant buying interest at lower levels, accompanied by substantial trading volume.