Stocks to buy: Last week, the benchmark Indian stock market, the Nifty 50, rose more than 2 percent, marking the fourth straight week of gains. The upward momentum was driven by strong performance from key heavyweights including Reliance Industries, HDFC Bank, and Mahindra & Mahindra.

The Nifty 50 formed a long bullish candle on the weekly chart and closed above the previous week’s high, indicating a positive bias.

According to brokerage firm Axis Securities, the chart pattern suggests that if the Nifty crosses 50 and holds above the 24,200 level, it will witness buying, which will push the index towards the 24,500-24,600 zone. However, if the index breaks below the 23,900 level, it will witness selling and take it to the 23,800-23,600 level.

The brokerage firm pointed out that the daily and weekly strength indicator Relative Strength Index, or RSI, is trending upward and is quoting above its reference line, indicating a positive bias.

Axis Securities expects the Nifty 50 to trade in the range of 24,600-23,600 this week with a positive bias.

The market benchmark may also hit a new record high this week, but it lacks fresh rigging to sustain and extend gains. Now all eyes are on the upcoming budget and monsoon progress.

Experts suggest betting on fundamental and technically sound stocks at the current juncture. Based on the recommendations of several experts, here are 10 stocks that could rise 4-15% in the next 2-3 weeks. Take a look:

Axis Securities

Reliance Industries | Previous stop: 3,130.80 | Purchase Limit: 3,100-3,038 | Target price: 3,240-3,330 | Prevent damage: 2,985 | Up Capacity: 6%

Reliance has shown breakout above. 3,035-2,725 consolidation zone on the weekly chart, indicating a continuation of the medium-term uptrend.

Volume activity increased on the breakout, indicating increased market participation at that level.

The stock found support at the rally’s 38% Fibonacci retracement level. 2,220 from 3,025, is in position. 2,725, confirming the medium-term support base.

The weekly RSI has given a crossover above its reference line, indicating a buy signal.

Solara Active Pharma Sciences | Previous stop: 544.90 | Purchase Limit: 525-515 | Target price: 600-625 | Prevent damage: 480 | Up Capacity: 15%

Solara has shown a breakout above the round bottom pattern. The 507 level, along with a strong bullish candle on the weekly chart, indicates a positive bias.

The stock is trending in a high high low pattern on the daily chart, which indicates an uptrend even in the short term.

The stock closed above the weekly upper Bollinger band, generating a medium-term buy signal.

The weekly RSI has broken above the downward sloping trendline, indicating a buy signal.

Apollo Tires | Previous stop: 541.90 | Purchase Limit: 535-525 | Target price: 574-595 Prevent damage: 508 | Up Capacity: 10%

Apollo Tires is showing a bullish trend on the weekly chart, characterized by higher highs and higher lows, supported by an ascending channel.

It recently took support at the lower band and is now moving towards the upper band.

The stock forms a descending triangle pattern within a channel formation and experiences a breakout at the 500 level, indicating a continuation of the uptrend.

It is above key short- and medium-term moving averages of 20, 50, 100, and 200 days, indicating a positive bias.

The weekly RSI strength indicator has crossed above its reference line and broken the downward sloping trend line, indicating a buy signal.

Affil (India) | Previous stop: 1,343.70 | Purchase Limit: 1,320-1,294 | Target price: 1,460-1,500 | Prevent damage: 1,230 | Up Capacity: 12%

Affil (India) has exhibited a breakout above a two-and-a-half-year congruent triangle pattern. The 1,308 level on the weekly chart indicates the beginning of an uptrend.

During pattern formation, volume activity decreased, while on breakouts, activity increased, indicating the arrival of market participation.

The stock closed above the weekly upper Bollinger band, generating a medium-term buy signal.

The weekly strength indicator RSI has made a crossover above its reference line, indicating a buy signal.

Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share & Stockbrokers

Nestlé India | Previous stop: 2,551.65 | Purchase Limit: 2,530-2,555 | Target price: 2,650 | Prevent damage: 2,480 | Up Capacity: 4%

Recently, Nestlé India has shown significant technological flexibility by finding support around. 2,500 mark, a key support zone for the stock.

This support level is very important because it has historically served as a strong floor, preventing the stock from falling further.

Additionally, the stock has formed a rounding bottom pattern near this zone, which is usually a bullish signal indicating a possible reversal of a downtrend.

Adding to the bullish outlook, the RSI has bounced back from the 50 level on the daily chart.

The RSI is a momentum indicator, and a reversal from the 50 level suggests renewed buying interest and possible upward momentum.

SBI Life Insurance Company | Previous stop: 1,491.95 | Purchase Limit: 1,475-1,495 | Target price: 1,565 | Prevent damage: 1,445 | Up Capacity: 5%

In recent times, SBI Life Insurance Company has been strengthening within the stock. 1,440-1,480 range.

This consolidation phase indicates that the stock was going through a period of accumulation or consolidation after earlier movements.

SBI Life has recently broken out of this consolidation range and is now holding above it, indicating a possible upside trend.

Consolidation occurred around the 21-day, 50-day, and 100-day exponential moving averages (DEMA), which is a positive technical symbol.

These moving averages are important because they represent different periods of price action, and stability around these levels suggests strong support and stability.

The RSI has bounced back from the 50 level on the daily chart. The RSI is a momentum oscillator, and a bounce above the 50 level usually indicates increasing buying pressure and a potential uptrend.

Oil and Natural Gas Corporation (ONGC) | Previous stop: 274.20 | Purchase Limit: 272-276 | Target price: 300 | Prevent damage: 260 | Up Capacity: 9%

Recently, ONGC experienced a reversal from its support level. 265, which is almost coincident with its 100-DEMA.

This alignment increases ONGC’s attractiveness at its current levels, as the 100 DEMA is an important technical indicator used to gauge the stock’s medium-term trend.

The Moving Average Convergence Divergence (MACD) indicator on the daily chart has shown a bullish divergence during the previous corrective phase, indicating that the stock’s downward momentum was weakening.

MACD has formed a bullish cross near the zero line, which usually signals the start of a new uptrend. These technical indicators support a bullish outlook for ONGC.

Shiju Kothuplakal, Technical Research Analyst at Prabhudas Laladhar

Tata Motors | Previous stop: 989.75 | Target price: 1,110 | Prevent damage: 925 | Up Capacity: 12%

The stock has been in a consolidation phase for a long time, moving in a range.

Recently, after a short period of correction, it took support near it 947 level and indicated a positive candle formation on the daily chart, with a pullback observed crossing the confluence of the 50EMA and the 100 period moving average (MA) level of the key moving average. 967 to improve bias.

The RSI is currently in a good spot and has signaled a trend reversal, indicating a buy signal with a high upside potential seen from current levels.

“The stock has been underperforming for quite some time, and currently, with the chart looking attractive, we recommend buying the stock for the upside target. 1,110, considering the stop loss of Rs 925,” said Kothoplakkal.

Colgate Palmolive (India) | Previous stop: 2,843.15 | Target price: 3,070 | Prevent damage: 2,720 | Up Capacity: 8%

The stock has been in an overall uptrend, maintaining a strong upward bias.

Recently, it saw a brief correction. At the 3,000 level, taking support near the 50EMA level 2,790 and, subsequently, observing the pullback to improve bias.

The RSI is well placed and indicates an excellent trend reversal after a short period of correction.

Cooled off from the overbought zone, the RSI has signaled a buy with a high upside potential.

Hero MotoCorp | Previous stop: 5,579.60 | Target price: 6,150 | Prevent damage: 5,340 | Up Capacity: 10%

The stock has seen a brief correction period near the peak. 5,895, taking close support 5,390 level to form a higher low formation pattern on the daily chart.

A reasonable pullback has improved the bias to indicate further gains in the coming days. The RSI has cooled off from the overbought zone and is holding well, indicating a trend reversal to signal a buy.

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abandonment: The above opinions and recommendations are those of individual analysts, experts and brokerage firms and not of Minutes. We advise investors to consult certified experts before making any investment decision.



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