Stocks to buy this week: Bajaj Auto, Inox Wind, PNB among 12 technical picks; do you own any?
(Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) As the market is expected to see 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: The stock has been in a strong uptrend for the last seven to eight months. Recently, after a short dip, it has been consolidating for quite some time. Currently, indicating a positive bullish candle on the daily chart, it has confirmed a decent breakout above ₹7,420 to further strengthen the trend.
The RSI has cooled off from the highly overbought zone and is well-placed with immense upside potential visible from the current rate. "We suggest buying and accumulating the stock for an upside initial target of ₹8,200 and ₹8,400 levels in the coming days with stop loss to be maintained at ₹7,250 level," said Koothupalakkal. The stock has witnessed a decent rally in the last three months with recently resisting near ₹540 and correcting to take support near ₹425.
Currently, it has indicated a bullish candle with a higher low formation pattern on the daily chart to suggest strength. With the RSI also correcting quite significantly, is well-placed and has signalled a buy with a trend reversal confirmed. "With the chart looking good and immense upside potential visible, we suggest buying the stock for an upside target of ₹540-575 keeping the stop loss of ₹435," said Koothupalakkal.
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