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26 Aug, 2025 12:21

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Mehul Kothari

The first three sessions of the week were dominated by the bears as Nifty spot remained under pressure.

On January 2, the bulls displayed their strong character and retaliated by pushing up the Nifty around 100 points from its previous close.

On a weekly basis, Nifty is trading near 12,300-mark with a change of 0.30 percent. The Nifty Bank index, too, is now trading with a minor change of 0.10 percent week-on-week.

Previously, we had a view that Nifty would trade in the range of 12,000–12,300 during the week, and only a move above or below this range would dictate the further trend.

Currently, the index is hovering just below the top end of this range.

Going ahead, a move above 12,300 would confirm a fresh breakout, which can pull the index towards 12,400–12,450 levels.

However, on the upside, 12,350–12,500 could be a supply zone since that is the placement of a rising trend line.

Looking at the broader picture, the weekly and monthly RSI of Nifty is witnessing a negative divergence. As per this observation, one should keep booking profits at higher levels.

On the downside, major support is at 12,100. A breach of this level might apply immediate breaks to the ongoing momentum.

Here are three buy calls for the next 3-4 weeks:

Mahindra & Mahindra | Buy | LTP: Rs 539.85 | Target: Rs 560 | Stop loss: Rs 524 | Upside: 3.7%

Over the past few months, M&M has been hovering around Rs 510 mark, which historically has been a demand zone for the stock.

We are also witnessing a ‘double-bottom’ kind of formation at the demand zone of Rs 520–510, which indicates fresh buying interest.

On the weekly RSI, there is a positive divergence, which suggests a fresh up move.

Vedanta | Buy | LTP: Rs 159.45 | Target: Rs 175 | Stop loss: Rs 148 | Upside: 9.75%

Metal stocks have been doing exceptionally well since the last few sessions.

The price action of Vedanta indicates that it is now trying to catch up with its peers. The stock has confirmed a major trend line breakout on the weekly chart.

We are also witnessing a range breakout in the weekly RSI and that too just above the 50 level, which indicates a strong upside if the stock sustains above Rs 155 mark.

BEL | Buy | LTP: Rs 103.15 | Target: Rs 110 | Stop loss: Rs 98 | Upside: 6.64%

After a relentless correction from the peak of Rs 122 towards Rs 97, the stock has been consolidating in a narrow band for the past few weeks.

After yesterday’s price action, the stock broke out from the range and has also managed to close well above its 200-day simple moving average.

The price action is supported by the positive placement of the daily ADX 14 indicator, which points toward a fresh upside.

(The author is Senior Technical Analyst, IndiaNivesh Securities)

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.