Stocks to buy this week: Ashok Leyland, SRF, Godrej Consumer among 12 technical picks; do you own any?
₹19,500-18,800 with a negative bias. As the market outlook for the near term is uncertain, experts recommend buying technically and fundamentally sound stocks at the current juncture. Based on the recommendations of several experts, below are 12 stocks that one can consider buying for the next three to four weeks.
Take a look: (Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) Brigade Enterprises exhibited a robust breakout from a consolidation zone between ₹642-550 on the weekly chart, marked by a powerful bullish candle, signalling a positive bias. The stock is currently following a rising channel formation in the medium term, finding support at the lower band of the channel recently and rebounding, indicating a potential move towards the upper band.
It is holding above key averages of 20, 50, 100, and 200 days simple moving average (SMA), signalling a strong uptrend in the stock. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. On the weekly chart, Godrej Consumer Products breached the falling channel at ₹1,000 with a strong bullish candlestick pattern, indicating a continuation of a medium-term uptrend.
The stock is exhibiting a pattern of higher highs and lows on the medium chart, forming an upward-sloping trendline, indicating a strong uptrend. Volume activity during the pattern formation period declined, but it surged at the breakout, reaffirming the positive bias in the stock trend. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal.
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