- Indian stock market benchmark Nifty 50 ended flat last week amid persisting concerns over inflation, dim prospects of rate cuts in the near future, geopolitical tensions and premium valuation of the domestic market.
- Experts believe the market may remain in a range ahead of the general election outcome. At the same time, the ongoing results season will infuse stock-specific movements.
- “The Nifty index shows signs of near-term bearishness as it forms a double top pattern on the daily chart, coupled with a bearish engulfing candle. This suggests a sell-on-rise approach in the market,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Market experts suggest picking stocks with strong technical indicators. Here are 9 stocks that can rise 6-15 per cent in the next 3-4 weeks.
Axis Securities
Orient Electric | Last traded price (LTP): ₹229.50 | Buying range: ₹226-222 | Target price: ₹240-250 | Stop loss: ₹216 | Upside potential: 9%. Orient Electric has demonstrated a breakout above the medium-term falling channel pattern at ₹225 on the weekly chart, suggesting the onset of an uptrend.
BASF India
LTP: ₹4,062.50 | Buying range: 4,030-3,950 | Target price: ₹4,550-4,650 | Stop loss: ₹3,710 | Upside potential: 14.5%. BASF has broken out above the rounded bottom pattern at ₹3,900 with a strong bullish candle, signalling the continuation of the uptrend.
Indiamart Intermesh
LTP: ₹2,799.65 | Buying range: ₹2,780-2,726 | Target price: ₹3,060-3,185 | Stop loss: ₹2,598 | Upside potential: 14%. Indiamart Intermesh has broken out above the symmetrical triangular pattern at ₹2,700 with a breakaway gap area and a strong bullish candle, indicating the start of an uptrend.
Conclusion
Despite the bearish outlook for the Nifty index, there are still opportunities for investors. Stocks like Orient Electric, BASF India, and Indiamart Intermesh are showing strong technical indicators and have the potential to rise in the coming weeks.
