Berger Paints, Khadim, and City Union Bank are among the 9 technical suggestions for stocks to purchase this week

 Berger Paints, Khadim, and City Union Bank are among the 9 technical suggestions for stocks to purchase this week

Faced with a number of challenges last week, including the high increase in US Treasury rates, weak Q2 profits, the Israel-Hamas conflict, and the expectation that the US Fed may pursue more rate rises, the Nifty 50 fell by approximately 1%.

The benchmark index has gained around 8% so far this year (as of the closing on October 20). Due to the strong forecast for the Indian economy, experts are still optimistic about the Indian market in the long run. Global issues, particularly the trajectory of US interest rates and geopolitical uncertainty, will still be important for the local market.

Due to the ongoing earnings season and the upcoming expiration of October futures contracts that are experts anticipate that volatility will stay high in the current holiday-shortened week.

Ajit Mishra, Senior Vice President of Technical Research at Religare Broking, made a technical observation that the Nifty has been drifting down after retesting the upper band for about a month and has been trading between 19,300 and 19,850.

"We feel fresh weakness in the finance majors combined with the resumption of slide on the global front could push the index downward and 19,200-19,450 would continue to act as an important cushion zone," Mishra said.

"Buying chances would remain available as long as some heavyweights from the auto, FMCG, pharma, and real estate industries remained resilient. Hedged transactions are preferred by traders, who should align their holdings properly, according to Mishra.

Experts suggest adopting a stock-specific strategy at this time in light of the market's present difficulties.

The nine equities listed below are ones that one could think about purchasing over the next three to four weeks based on the advice of many experts. Technical indicators make these equities seem appealing. Look at this:

Jigar S. Patel, senior management positions of Equity Research at Anand Rathi Share as well as Stock Brokers City Union Bank (CUB) | Buying range: 134-138 | Target price: 168 | Stop loss: 124 Although CUB has been under pressure for a while, it is now trading close to its key support. The stock previously flipped from this point, and we saw a rise towards $200. On the weekly chart, there is a range breakout with high volume that seems profitable.

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

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

This stock has been consolidating around the 145–155 area for the last three months. It has produced a clear breakthrough from the indicated range, and it is now trading at the level of $171.

Additionally, it has successfully crossed over its trendline with a downward slope. The nicest thing about this reversal is that it has recovered from the range of its monthly central pivot, which has served as enormous support.

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

For the last three months, Greenpanel has been stabilizing between 310 and 350. It recently provided weekly breakouts.

It is trading above all significant daily exponential moving averages on the daily chart, which indicates profitable trading. Even the weekly RSI has made a comeback from 50 levels, suggesting that the positive bias will continue.

VP of InCred Equities at Cigniti Technologies Gaurav Bissa | Target price: 1,100 | Stop loss: 940

With an immediate gain of over 25%, Cigniti Tech has been a notable outperformer in recent weeks.

After retesting the multi-year trendline breakthrough on the monthly charts, the stock had a significant rebound. On the weekly charts, the stock has recently had new swing breakouts with extremely strong volumes, which might drive the price higher.

The fact that the stock is trading above short-term averages suggests that the trend is still extremely strong, and a positive MACD crossing on the weekly charts will guarantee that the stock continues to advance over the next few days.

Dhunseri Ventures: 350 as the target price; 280 as the stop loss

A few months ago, Dhunseri Ventures had a bullish symmetrical triangle breakout, but the stock then saw greater consolidation.

The stock has just had a breakthrough from a new consolidation, which might break its lull. The stock may reach high levels for a new life since it has had the biggest weekly volumes in the last two years.

As soon as the RSI trades over 71 levels on weekly charts, the momentum is anticipated to go up. On the weekly charts, the stock has shown a positive MACD crossover and a buy signal in the modified Supertrend indicator, which may signify the beginning of a new uptrend.

Khadim India | 400 as target; 350 as stop loss

Following the Covid era, Khadim has developed a really intriguing pattern on the weekly charts. It trades in a consolidation phase, then breaks out of that phase. Following an immediate upward movement, the stock experiences another consolidation, which calms the momentum indicators and opens the door for a new breakout.

The stock has shown this tendency once again, breaking out of a new consolidation as seen on the weekly charts with increased volumes. The Ichimoku method has given the stock a positive signal, which may herald the beginning of a new uptrend.

Berger Paints' Shiju Koothupalakkal, a technical research analyst, has set a target price of 640 and a stop loss of 560.

The stock has bottomed out at 550 and has shown signs of a pullback, which has improved the bias following a significant decline from the top of 680 level.

It has reinforced the trend and is now rising beyond the important 50EMA (exponential moving average) mark of 580, which points to a further increase. The RSI is in a good position with a lot of upward potential observable from present levels and has indicated a trend reversal.

Apollo Tires | Stop loss at 368; target price 440

The stock has flattened out around 365 following the steady drop, and with a pullback signaled in the last two weeks, it has improved the bias and come close to the important 50EMA level of 385.

One might anticipate a further increase in the following days if the trend is decisively broken beyond 390. The RSI is now in a good position and showing strength after steadily recovering from the oversold area.

Titan Company | Stop loss at 3,120; target price 3,630

On the daily chart, the stock has shown a number of higher bottom formations while generally sustaining a strong climbing trend over the last five to six months.

It has just pulled down to grab support close to the important 50EMA level of 3,120, indicating a respectable retreat with an improvement in the bias.

The RSI is also in a good position and has shown a trend reversal to recommend a buy with significant upside potential.