In the coming week, the market may remain range-bound as it seems to enter a consolidation phase. Nifty might have strong support at the 14,800 level which is expected to be sustained while on the higher side 15,300 could be the immediate resistance zone for the index on breach of which further upswing in the prices could be seen. Nifty has formed bearish candle formation on its weekly and daily chart and below 14,800 level, the index is expected to retrace the level of 14,500. Traders are advised to trade cautiously with strict stop-loss.
Here are few top picks for the week:
1. BUY: Adani (NS:) Green Energy Ltd (NS:) (ABOVE – 1131)
STOP LOSS: 1050
This stock is forming a strong resistance around Rs. 1130 and Momentum Oscillator RSI are showing positive strength in the stock. It is trading above its important moving averages with a positive crossover. Any breakout above the level of 1131 would add further upward momentum to the stock. Therefore, we recommend initiating a buy position above Rs. 1131 with a stop loss of Rs. 1050 and a target of Rs. 1219.
2. BUY: APL Apollo Tubes Ltd (NS:) (ABOVE – 1000)
STOP LOSS: 950
This stock is trading above its 21 50, & 200-day EMAs, and key indicators are showing strength for a positive movement in the stock. The stock is consolidating near its all-time high and is showing bullish strength. Any breakout above the level of 1000 would add further upward momentum to the stock. Therefore, we recommend initiating a buy position above Rs. 1000 with a stop loss of Rs. 950 and a target of Rs. 1074.
Disclaimer: The analyst does not hold a position in any of the stocks mentioned above.