Stocks to buy this week: RIL, Maruti, HDFC Bank among nine technical picks; do you own any?
equity market benchmarks the Sensex and the Nifty have been in the green in September so far. Both indices are up over 3 per cent this month so far and analysts expect them to hit their all-time highs soon. However, the ongoing rally may not be sustained as the fundamentals are not supportive at this point.
"In the present favourable market mood, Nifty is likely to make another attempt at a new record high trying to conquer the psychological market of 20,000. But, investors have to be cautious since fundamentals do not support a sustained rise above 20,000," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. "The market may correct after hitting 20,000-odd levels but there may not be a sharp correction and the Nifty may find some stability near the 19,400 mark.
Some profit booking in small-caps is advisable. Now, safety is in quality large-caps," Vijayakumar said. Risk emanating from sticky inflation, elevated interest rates and weakening global economic growth continue to loom.
Experts suggest one should trade cautiously in this market and bet on only quality stocks. Based on the recommendations of several experts, here are nine technical calls that one can buy for the next three to four weeks. Take a look: Chennai Petro has been in a 14-month consolidation period during which it witnessed incremental volumes, suggesting the stock has witnessed accumulation.
The stock has witnessed a consolidation breakout on the weekly charts which can give a strong push to the stock price. Supertrend indicator with modified settings has also given a bullish signal which can result in the start of a fresh uptrend in the coming weeks. ABFRL has been an underperformer throughout the rally seen in large-cap
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