10 Stocks to Buy for Next 3-4 Weeks Based on Technicals After Sensex Fall
Despite US markets hitting fresh record highs, the Indian market remains slightly low as a result of rising COVID cases, leading to partial lockdown in various parts of the country.
The Nifty50 and Sensex fell by about 1.5 percent for the week ended April 16, after the government on April 18 banned the supply of oxygen for industrial purposes, except in nine specified industries. The decision came in view of a shortage of essential public health commodities in several states amid a spike in COVID-19 infections.
The Nifty50 is down by over five percent from the record high of 15,430 registered back in February 2021.
The Nifty50 closed below 50-DMA (displaced moving average) placed at 14,862 for the week ended April 16. It took support near 14,250 and then bounced back. On the upside, 14,800-15,000 are likely to act as stiff resistance levels for the index while 14,250 will act as crucial support.
The index is trading in a range of 14,250-15,300 since March. The Cboe Volatility Index (VIX) has also settled at the 20.40 level, which suggests that the index may trade in a range.
Sumeet Bagadia, Executive Director at Choice Broking said, “For the week, the Nifty has strong support at 14,250 levels. While breaching below, it can fall towards 13,800-14,000 levels. Though upside resistance comes at 15,000 levels. A move above the same can show upside levels till 15,200-15,300.”
“The Bank Nifty has taken support from the previous support zone and has bounced back from there. For the upcoming week, if the Bank Nifty sustains above 31,480 levels, it can show an upside rally till 32,500-33,480 levels while a break below 30,500 levels can show a downside fall till 29,700-29,000 levels,” he further added.
Here is a collated list of top 10 trading ideas by experts for the next 3-4 weeks:
Expert: Aditya Agarwala, Senior Technical Analyst, YES SECURITIES
1. Page IndustriesMaintain: BuyLTP: Rs 30,230Target: Rs 33000Stop Loss: Rs 28,800Upside 9 percent
2. SBI Cards & Payments: Maintain: BuyLTP: Rs 973Target: Rs 1050Stop Loss: Rs 930Upside 8 percent
3. Alembic Pharma:Maintain: BuyLTP: Rs 1000Target: Rs 1150Stop Loss: Rs 920Upside 15 percent
Expert: Sumeet Bagadia, Executive Director at Choice Broking
4. HCL Technologies: Maintain: BuyLTP: Rs 1012Target: Rs 1090-1110Stop Loss: Rs 960Upside: 9 percent
5. Hero MotoCorp: Maintain: BuyLTP: Rs 2893Target: Rs 3000-3200Stop Loss: Rs 2770Upside 4 percent
6. Glenmark: Maintain: BuyLTP: Rs 571Target: Rs 650-720Stop Loss: Rs 510Upside 13 percent
Expert: Mehul Kothari, AVP – Technical Research at AnandRathi
7. Amara Raja Batteries: Maintain: BuyLTP: Rs 808Stop Loss: Rs 760Target: Rs 900Upside: 11 percent
8. Bata India: Maintain: BuyLTP: Rs 1323Stop Loss: Rs 1200Target: Rs 1500Upside: 13 percent
9. Dr Reddy’s Laboratories: Maintain: BuyLTP: Rs 4893Stop Loss: Rs 4675Target: Rs 5250Upside 7 percent
Expert: Sameet Chavan, Chief Technical & Derivatives Analyst at Angel Broking
10. Strides Pharma Science:Maintain: BuyLTP: Rs 919.50Target price: Rs 992Stop loss: Rs 872Upside: 8 percent