Hero MotoCorp and Coal India. Nifty declined 0.3 per cent in the previous week and formed a "Doji" candlestick formation on the weekly chart, indicating indecisiveness among market participants. According to Axis Securities, the chart pattern suggests that if Nifty crosses and sustains above the 22,000 level, it would witness buying, leading the index towards 22,150-22,300 levels.
However, if the index breaks below the 21,600 level, it would witness selling, taking the index towards 21,500-21,300. "The weekly strength indicator RSI (relative strength index) is moving downwards and is quoting below its reference line, indicating a negative bias. For the week, we expect Nifty to trade in the range of 22,200-21,500 with mixed bias," said Axis Securities.
The market may experience some volatility in the near term. 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: On the weekly chart, Thermax breached the 'Cup and Handle' pattern at the ₹3,276 level, indicating a continuation of the uptrend following four months of consolidation. Volume activity declined during the pattern formation. However, there was an increase in volume at the breakout, indicating heightened market participation.
The stock is exhibiting a pattern of higher high-low formations on the weekly chart and holding above the medium-term upward-sloping trendline, signalling a medium-term uptrend. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. Also Read: It may take RBI few more months to start cutting rate: Roopali Prabhu of. Read more on livemint.com