Indian stock market benchmarks, the Sensex and the Nifty 50, traded in the negative in morning trade on Tuesday, May 21, amid weak global cues ahead of the release of the minutes of the Federal Reserve’s latest policy meeting, anticipating cues about the timing and extent of interest rate cuts this year.
Caution ahead of the Lok Sabha election 2024 outcome also keeps the market down even as it is not witnessing wild gyration.
Brokerage firm Axis Securities expects the Nifty 50 to trade between 23,000 and 22,000 for the week, with a mixed bias.
“The weekly strength indicator RSI (Relative Strength Index) remains flat and is below its reference line, indicating the absence of momentum on either side,” said Axis Securities.
According to the brokerage firm, if the Nifty 50 crosses and sustains above the 22,600 level, it will witness buying, leading the index towards 22,800-23,000 levels. However, if the index breaks below the 22,350 level, it will witness a selloff, taking the index towards 22,200-22,000 levels.
The Indian stock market is expected to witness volatility in the near term. Market experts suggest picking stocks with strong technical indicators. Based on the recommendations of several experts, here are 10 stocks that can rise 4-19 per cent in the next 3-4 weeks.
Axis Securities recommends Container Corporation Of India (Concor) with a target price of ₹1,215-1,268, BF Utilities with a target price of ₹1,028-1,085, GAIL (India) with a target price of ₹238-248, and Indian Energy Exchange (IEX) with a target price of ₹175-182.
Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers, recommends Titan Company with a target price of ₹3,600, Shriram Finance with a target price of ₹2,460, and Jubilant Foodworks with a target price of ₹526.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher Pvt Ltd, recommends NHPC with a target price of ₹116, GMR Airports Infrastructure with a target price of ₹99, and Nippon Life India Asset Management with a target price of ₹670.
It is important to note that the views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. Investors are advised to consult certified experts before making any investment decisions.
