Stocks to buy this week: RIL, SBI, Nazara Tech, YES Bank, HCL Tech, IREDA among 12 technical picks; do you own any?
Geojit Financial Services observed that the current rally in the market, primarily driven by momentum, is now getting support from fundamentals. He said the sharp bounce in large-cap IT stocks on the back of slightly positive management commentary indicates that an underperforming segment can surprise on the upside on news of a turnaround in the sector. Also Read: Nifty 50 advances for 5th straight session, crosses 22,000 mark for first time; Wipro, Infosys, TCS among major gainers Vijayakumar further added that the Nifty has broken out on the upside from the consolidation range and it shows signs of a further up move.
An important driver of the rally is RIL which is moving up on large delivery-based buying on news of the commissioning of the Dhirubhai Ambani Green Energy project in the second half of 2024. "RIL, large-cap IT and banking majors can provide fodder for the bulls in the near term," Vijayakumar said. Also Read: Nifty 50 takes just 26 days to jump from 21k to 22k; Tata Consumer, Bajaj Auto, Wipro jump up to 21% in this period While the market is teeming with positivity 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 Nifty PSU Bank index has witnessed a multiyear breakout and has been sustaining the breakout level comfortably suggesting a strong upside can be seen in the PSU banking names. SBI seems poised to benefit from this setup.
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