Stocks Picks for the Week

  • Stock Market Analysis

Indian markets have has been moving higher and testing fresh lifetime highs. We expect the bullish momentum to continue and Nifty is expected to test its resistance level of 17,800. Nifty Energy and Nifty Realty gained the most by 2.63 and 1.75 percent each.  The overall outlook of Indian markets appears to be constructive where every correction can be used as a buying opportunity. 17,500 and 17,800 are likely to act as resistance levels where support for Nifty has placed 17,200 and 16,900 levels.

Here are few top picks for the week:

1. BUY: Indiabulls (NS: INBF ) Real Estate Ltd (NS: INRL ) (ABOVE – 151.60)

TARGET: 162
STOP LOSS: 141.50

The stock has formed a flag pattern on its daily charts. The stock is consolidating near its trend line and has formed a reversal pattern on its weekly charts. Any breakout above the level of 151.50 would add further upward momentum to the stock. Therefore, we recommend initiating a buy position above Rs.151.60 with a stop loss of Rs. 141.50 and a target of Rs. 162.

2. BUY: Tata Steel Ltd (NS: TISC ) (ABOVE – 1461)     

TARGET: 1494
STOP LOSS:  1433

This stock has formed an ascending triangle pattern on its daily charts and taking support of its important moving averages. The stock has formed a Doji pattern on its weekly charts.  Any breakout above the level of 1459 would add further upward momentum to the stock. Therefore, we recommend initiating a buy position above Rs. 1461 with a stop loss of Rs. 1433 and a target of Rs. 1494.

Disclaimer - Neither CapitalVia nor its analysts hold a position in any of the stocks mentioned above.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
  • kushagra gupta @kushagra gupta
    Indiabulls does not have a flag chart on daily basis
    Like 2
  • Trivikarm Deaf @Trivikarm Deaf
    hiiii
    Like 0

Related Articles