Stocks to buy this week: Experts suggest these 10 technical picks; do you own any?
market outlook is hazy for the short term, analysts recommend betting on quality stocks with sound technical indicators at this juncture. Here are 10 technical calls that one can buy for the next 3-4 weeks. Take a look: On the weekly chart, Graphite India has decisively broken out above the significant “multiple resistance zone", surpassing the ₹428 level.
This breakout is supported by an increase in volume, suggesting active participation at the breakout level. The stock was moving in a medium-term falling channel from ₹816 level. During mid of June 2023, it broke above the upper band of the channel and bounced back sharply, indicating positive momentum.
The daily “Bollinger Band" generated a buy signal as the stock closed above the upper Bollinger Band. The weekly strength indicator RSI is holding above its reference line which indicates positive momentum. "The above analysis indicates an upside of ₹497-521 levels," the brokerage firm said.
On the daily chart, Ramco Systems has convincingly broken out above the notable inverted head and shoulder (IHS) pattern, surpassing the neckline level of ₹274, indicating a positive bias. During the pattern formation, the volume dried up, but at the breakout, there was a noticeable influx of participation. The stock has strongly surpassed the significant daily moving averages of 20, 50, 100, and 200, indicating a bullish bias.
The weekly strength indicator RSI is holding above its reference line which indicates positive momentum. "The above analysis indicates an upside of ₹327-346 levels," said the brokerage firm. On the weekly chart, the stock is exhibiting a robust uptrend, forming a medium-term rising channel since the beginning of 2023.
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