Indian markets have witnessed range bound movement this week tracking cues from global markets. With no major event on the domestic front, Indian markets are expected to follow their global peers.
support lies at 15,550 and 15,450.
support lies at 34,400 and 33,900. Nifty is likely to face resistance at 15,900 and 16,100. Bank Nifty is likely to witness resistance at 35,600 and 35,800. Investors are advised to keep their focus on stock selection and take advantage of dips to build up positions in fundamentally good stocks.
Here are few top picks for the week:
1. BUY: Aarti Drugs Ltd (NS: ADRG ) (ABOVE - 735)
STOP LOSS: 701
This stock has formed a bullish engulfing pattern on its weekly charts and indicating reversal from its support level. It is trading above its important moving averages. Any breakout above the level of 735 would add further upward momentum to the stock. Therefore, we recommend initiating buy position above 735 with a stop loss of Rs. 701 and a target of Rs.775.
2. BUY: BASF India Ltd (NS: BASF ) (ABOVE – 2641)
STOP LOSS: 2580
This stock has given a trend line breakout on its daily charts and has witnessed good amount of consolidation. Any breakout above 2641 is expected to add upward momentum to the stock. We recommend initiating buy position above 2641 with a stop loss of Rs. 2580 and a target of Rs. 2720.
Disclaimer: The analyst does not hold a position in any of the stocks mentioned above.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
ofcourse it didn't touch your buy price. nice judgementLike 0
wah BASF was too good. aarti though doesnt look so good on daily,monthly n weekly. let's see😃😃Like 1
VENDRE AJJOUJ MOSTAFALike 0
thanks sirLike 1