Stocks to buy this week: Maruti, Union Bank of India, Coal India among eight technical picks; do you own any?
₹18,260 crore, so far this month. Since valuations remain high even after the recent pullback and US bond yields are attractive (the US 10-year bond yield is around 4.46 per cent) FIIs are likely to press sales so long as this trend persists," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "It would be irrational to expect the FIIs to buy aggressively when the US 10-year bond yield is around 4.46 per cent and the dollar index is above 105.
Even after the recent correction, Nifty is trading around 20 times FY24 earnings, making India the most expensive market in the world," Vijayakumar said. Experts expect some volatility in the market in the short term. They advise following a stock-specific approach at the current juncture.
Based on the recommendations of experts and brokerage firms, below are eight stocks for the next three to four weeks as they look sound on technical parameters. Take a look: The weekly chart of Union Bank of India demonstrates a breakout above the ₹97 level, forming a "cup & handle" pattern, coupled with a bullish candle, affirming a positive bias in the stock's trajectory. During the formation of the pattern, there was a noticeable decrease in volume activity, followed by a notable surge in volume at the breakout level.
The stock has established a short-term support level at ₹83, which corresponds to a 38 per cent Fibonacci retracement from the price range of ₹60-97. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal. On the weekly chart, Coal India has convincingly broken out of a medium-term "rounded-bottom" pattern at the ₹264 level during the first week of September 2023, bolstered by a sizable bullish candle,
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