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Business News/ Markets / Stock Markets/  Stocks to buy this week: Berger Paints, Khadim, City Union Bank among 9 technical picks

Stocks to buy this week: Berger Paints, Khadim, City Union Bank among 9 technical picks

Experts recommend a stock-specific approach and suggest buying nine attractive stocks.

Considering the prevailing headwinds in the market, experts advise following stock-specific approach in the market at the current juncture. (Pixabay)Premium
Considering the prevailing headwinds in the market, experts advise following stock-specific approach in the market at the current juncture. (Pixabay)

Nifty 50 retreated about a per cent last week facing multiple headwinds, such as the sharp rise in US Treasury yields, unimpressive Q2 earnings, the Israel-Hamas war and anticipation that the US Fed may go for additional rate hikes.

The benchmark index is up about 8 per cent in the current calendar year so far (as of October 20 close). Experts remain positive on the Indian market for the long term because of the robust outlook of the Indian economy. However, global factors, including interest rates trajectory in the US and geopolitical tension will remain critical factors for the domestic market.

Experts expect volatility to remain high in the current holiday-shortened week due to the prevailing earnings season and the scheduled expiry of October derivatives contracts.

On the technical front, Ajit Mishra, Senior Vice President of technical research at Religare Broking pointed out that the Nifty has been hovering in the range of 19,300-19,850 for almost a month now and inching lower after retesting the upper band.

"We feel fresh weakness in the banking majors combined with the resumption of decline on the global front could push the index lower and 19,200-19,450 would continue to act as a crucial support zone," Mishra said.

"Resilience in select heavyweights from auto, FMCG, pharma and realty majors would continue to offer buying opportunities. Traders should align their positions accordingly and prefer hedged trades," said Mishra.

Considering the prevailing headwinds in the market, experts advise following a stock-specific approach at the current juncture.

Based on the recommendations of several experts, below are nine stocks that one can consider buying for the next three to four weeks. These stocks look attractive on technical parameters. Take a look:

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Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers

City Union Bank (CUB) | Buying range: 134-138 | Target price: 168 | Stop loss: 124

CUB has been under pressure for some time, but at this juncture, it is trading near its crucial support.​ Previously, the stock turned from this level, and we saw a rally towards 200.​ On the weekly chart, a range breakout is seen with massive volume, which is looking lucrative.​

"We advise traders to go long in the stock in the range of 134-138, with a stop loss of 124 and a target of 168," said Patel.

Sterlite Technologies | Buying range: 160-165 | Target price: 200 | Stop loss: 145

For the last three months, this stock has been consolidating in the range of 145-155. Recently it gave a clean breakout from the said range and it is currently placed at 171 level.

It has also cleared its downward-sloping trendline quite comfortably. The best part about this reversal is has bounced back from its monthly central pivot range which has acted as massive support.

Greenpanel Industries | Buying range: 365-375 | Target price: 420 | Stop loss: 345

Greenpanel has been consolidating between 310 and 350 for the last three months. Recently, it gave breakouts on a weekly scale.

On the daily chart, it is trading above all major daily exponential moving averages, which looks lucrative. Even the weekly RSI has rebounded from 50 levels, thus hinting at further bullish bias.

Gaurav Bissa, VP, InCred Equities

Cigniti Technologies | Target price: 1,100 | Stop loss: 940

Cigniti Tech has been a clear outperformer in the last few weeks with over 25 per cent gain seen in a swift manner.

The stock has bounced sharply after retesting the multi-year trendline breakout on the monthly charts. The stock has now witnessed fresh swing breakouts on the weekly charts with very strong volumes which can push the stock to higher levels.

The stock is trading above short-term averages implying the trend remains very strong and a bullish MACD crossover on the weekly charts will ensure the stock gains momentum in the coming days.

Dhunseri Ventures | Target price: 350 | Stop loss: 280

Dhunseri Ventures witnessed a bullish symmetrical triangle breakout a few months back, but the stock witnessed increased consolidation later.

The stock has witnessed a fresh consolidation breakout which can end its inertia. It has witnessed the highest weekly volumes in the last two years which can push the stock towards fresh life high levels.

The momentum is expected to increase once RSI trades above 71 levels on weekly charts. The stock has witnessed a bullish MACD crossover along with a buy signal in the modified Supertrend indicator on the weekly charts which can result in the start of a fresh uptrend.

Khadim India | Target price: 400 | Stop loss: 350

Khadim has formed a very interesting pattern on the weekly charts post the Covid period. It trades in a consolidation which is followed by a breakout. After a swift upside, the stock witnesses another consolidation which cools off the momentum indicators and paves the way for a fresh breakout.

The stock has repeated this phenomenon with a fresh consolidation breakout witnessed on the weekly charts with incremental volumes. The stock has witnessed a bullish signal in the Ichimoku system which can result in the start of a fresh uptrend.

Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher Pvt Ltd

Berger Paints | Target price: 640 | Stop loss: 560

The stock, after the decent correction from the peak of 680 level, has bottomed out near 550 and has indicated a pullback, improving the bias.

Currently moving past the significant 50EMA (exponential moving average) level of 580, it has strengthened the trend hinting at a further rise in the coming days. The RSI has shown an indication of a trend reversal and is well placed with much upside potential visible from current levels.

Apollo Tyres | Target price: 440 | Stop loss: 368

The stock, after the gradual correction, has flattened out near 365 and with a pullback indicated in the past two weeks, it has improved the bias and has reached near the significant 50EMA level of 385.

A decisive move past 390 should strengthen the trend further and one can expect a further rise in the coming days. The RSI has slowly picked up from the oversold zone and is currently well-placed with strength indicated.

Titan Company | Target price: 3,630 | Stop loss: 3,120

The stock has indicated a series of higher bottom formations on the daily chart with overall maintaining a strong ascending trend for the last five to six months.

Currently, it has retraced to take support near the significant 50EMA level of 3,120 and indicated a decent pullback with improvement in the bias.

The RSI also is well placed and has indicated a trend reversal to signal a buy with much upside potential visible.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 23 Oct 2023, 10:17 AM IST
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