Stocks to buy: After rising for three consecutive sessions, the Nifty 50 fell on Tuesday, March 26 on weak global indicators and no fresh domestic catalysts.
Nifty50 opened at 21,947.90 against the previous close of 22,096.75 and hit an intraday low of 21,947.55. As of 11:30 a.m., the index was down 0.26% at 22,038.85.
VK Vijayakumar, chief investment strategist at Geojit Financial Services, believes the market could stabilize this week, barring any known factors causing sharp swings. As this week is a three-day shortened week, volumes are down significantly, indicating no major directional movement, Vijayakumar noted.
According to Axis Securities, if the Nifty sustains above the 22,200 level, buying will occur and the index will head towards the 22,300-22,500 level. However, if the index falls below the 21,900 level, we will see a sell-off and the index will head towards 21,800-21,600.
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Axis Securities expects Nifty to trade in the range of $22,500-$21,600 this week with a mixed bias.
Experts recommend buying stocks that are technically and fundamentally sound at the moment. Here are 12 stocks you can consider buying in the next 3-4 weeks, based on recommendations from multiple experts. Please look:
axis securities
JSW Energy | Last Transaction Price (LTP): INR515.45 | Purchase range: INR510-500 | Target price: INR575-590 | Stop loss: INR470 | Upside margin: 14.5%
On the daily chart, JSW Energy has broken out above the downtrend line. INR505, indicating positive bias.
Stocks found support near the horizon INR450 used to be resistance, but now it acts as support due to the principle of polarity.
Support was found at INR475. This corresponds to a 50% Fibonacci retracement level of the rise from. INRFrom 453 INR502, forming short-term support around that level.
The daily strength indicator RSI showed a crossover above the baseline, generating a buy signal.
Also read: Best performing stocks since last election year
PB Fintech (Policy Bazaar) | LTP: INR1,152.10 | Purchase range: INR1,160-1,138 | Target price: INR1,285-1,350 | Stop loss: INR1,080 | Likelihood of increase: 17%
Policy Bazaar indicates a bullish breakout above the small falling channel pattern below. INR1,145 on the weekly chart, indicating a positive bias.
The stock price has established a pattern of highs and lows, and remains above the upward trend line that indicates a medium-term upward trend.
Additionally, the stock price remains above the simple moving averages (SMAs) of 20, 50, 100, and 200, indicating a positive bias in the price trend.
The weekly Relative Strength Index (RSI) is in bullish mode, trading above its baseline, suggesting a positive bias in stocks.
Cummins India | LTP: INR2,930.80 | Purchase range: INR2,920-2,862 | Target price: INR3,355-3,430 | Stop loss: INR2,660 | Likelihood of increase: 17%
On the weekly chart, Cummins India has broken out of the 5-week retention zone. INR2,835-2,650, with a strong bullish candlestick indicating the continuation of the medium-term uptrend.
The stock is currently trading within a moderate ascending channel, having recently found support in the lower band and is now positioned to move towards the upper band of the channel.
The stock closed above the upper Bollinger Band, generating a buy signal.
The weekly strength indicator RSI showed a crossover above the baseline, generating a buy signal.
Jigar S. Patel, Senior Manager, Equity Research, Anand Rathi Share and Stock Brokers
Borosil Renewable Energy | LTP: INR523.60 | Target price: INR600 | Stop loss: INR475 | Likelihood of increase: 15%
After rapidly rising to the level of INRBorosil Renewables' share price was 670 on February 1, 2024, but Borosil Renewables suffered a notable downturn and witnessed a significant decline of about 189 points, or about 28 percent.
However, it showed resilience over the next 26 trading sessions, avoiding further declines and instead holding its value over the next 26 trading sessions. INRFrom 480 INR515.
From a technical point of view, a bullish AB=CD pattern is clearly forming in this price range on the daily chart. INR480-515.
Interestingly, this range coincides with the 0.618% retracement level of the price change observed between October 2023 and January 2024.
Additionally, on a daily scale, the Relative Strength Index (RSI) is above the bearish trend line, indicating a potentially attractive buying opportunity.
“It may be wise to consider purchasing within the following range.” INR510-525, aim for upper price INR600, while setting the stop loss close to INROn a day-to-day basis, it's 475,'' Patel said.
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Indian Coal | LTP: INR431.95 | Target price: INR465 | Stop loss: INR408 | Likelihood of increase: 8%
From a technical perspective, the daily chart of Indian Coal shows a bullish AB=CD pattern within the $2000 price range. INR410-420.
Notably, this range coincides with the 0.50 percent retracement level of price movements observed between January 2024 and February 2024.
Additionally, a bullish cross is observed on the 2-hourly stochastic indicator, indicating a potentially attractive buying opportunity.
“Investors may consider initiating long positions within this range. INR420-435 zone, aiming for upper price target INR465. It is recommended to set the stop loss nearby INR“To effectively manage downside risk, we need to set $408 on a daily closing basis,” Patel said.
Bajaj Finance | LTP: INR6,760.90 | Target price: INR7,400 | Stop loss: INR6,350 | Upside margin: 9.5%
Bajaj Finance is INROn October 6, 2023, it recorded 8,200 points, a decrease of about 2,000 points.
However, it stabilized within a certain range. INR6,400～ INR6,600, avoiding further decline.
Last week there was considerable buying interest and significant trading volume.
A bullish AB=CD pattern appeared on the daily chart and coincided with the retracement level of 0.618% to 0.707% of the price movement from March to October 2023.
The daily stochastic indicators formed a bullish divergence, suggesting a potential buying opportunity.
“People can buy stocks in the following zones.” INR6,600-6,800, upper price target is INR7,400 and a stop loss will be placed nearby INR6,350 on a day-to-day basis,'' Patel said.
Shiju Koothupalakkal, Prabhudas Lilladher Technical Research Analyst
Olektra Green Tech | LTP: INR1,785.65 | Target price: INR2,050 | Stop loss: INR1,630 | Likelihood of increase: 15%
After considerable erosion, stock prices are showing signs of nearly bottoming out. INR1,560, showed stability after some consolidation.
Currently, a positive candlestick is forming on the daily chart and is above the 50 EMA (exponential moving average) level. INR1,775 indicates an improvement in bias and indicates further upside in the coming days.
The RSI showed a trend reversal indicating a buy.
“We recommend buying stocks with an upside target. INR2,050 and INR2,170 level, hold stop loss INR1,630,” Koothupalakkal said.
Power Grid Corporation of India | LTP: INR275.75 | Target price: INR307 | Stop loss: INR257 | Upside margin: 11%
The stock price remained near the support line even after the short adjustment. INR257, and now a positive candle has formed on the daily chart, crossing the important 50 EMA level. INR267 witnessed a pullback due to bias improvement. The RSI also showed a trend reversal, giving a buy signal.
Parag Milk Foods | LTP: INR202.60 | Target price: INR225 | Stop loss: INR190 | Upside margin: 11%
Stock prices have made a decent correction from their peak. INR290.
It stabilized around the important 200-period MA (moving average). INRSupport maintained per 198 years INR190.
The formation of a positive candlestick on the daily chart slightly improved the bias to move above the 200-period MA at 198.
The RSI has also leveled off after falling, indicating a trend reversal, which is a buy signal.
Riyank Arora, Mehta Equities Technical Analyst
Indus Tower | LTP: INR271.30 | Target price: INR295 | Stop loss: INR260 | Likelihood of increase: 9%
This stock is at a recent swing high resistance mark INR271.35. In his last 30 minutes of the trading session, the stock price rose nearly 3%, INR268.00 and reaching 10 percent of the circuit mark INR275.20.
“With ADX on the daily chart at 67.98, overall momentum looks strong towards a potential upside target.” INR295, strict stop loss must be maintained INRRisk management takes 260 hours,” Arora said.
SJVN | LTP: INR122.90 | Target ply: INR137.50 and INR155.50 | Stop loss: INR112.50 | Likelihood of upside: 27%
The stock is witnessing a severe volatility reduction pattern on the daily chart. INRFrom 98 INR130 zone last month.
Immediate support will be arranged according to the anchor VWAP. INRNear the 115 mark and immediate resistance INR131.
“With ADX at 9.70, momentum is very low and we expect a breakout in VCP in the next few sessions. A hard stop loss should be maintained at 9.70.” INRPotential upside target is 112.50. INR137.50 and INRIn SJVN, it is 155,” Arora said.
Juniper Hotels | LTP: INR505.45 | Target price: INR620 | Stop loss: INR469 | Likelihood of increase: 23%
Juniper Hotels is a recent swing high mark INR503.70 on daily and weekly charts.
“As stock prices reach their weekly closing prices, INR505.45, the stock is well above its 5-period and 9-period EMAs, and its momentum looks strong towards its potential target. INRAbove 620, set stop loss INR469,” Arora said.
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Disclaimer: The views and recommendations expressed above are those of individual analysts, experts, and brokerages and are not the views of Mint. We recommend checking with a certified professional before making any investment decisions.
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