On the weekly charts, the stock market has been forming a rising wedge price pattern since March 2023. On the daily time frame, the index can be spotted while forming higher highs and higher lows on swing basis which confirms the presence of an uptrend.
We witnessed the Nifty has been consistently respecting the support level of 13-day EMA (18,713 currently) since April 2023, indicating continuation of a bullish trend.
The momentum indicator RSI (relative strength index) sustained above 60 level on all the time-frames like daily, weekly and monthly, indicating strong positive momentum of the index.
The index has a strong support at 18,460 followed by 18,200, while on the higher side, 19,000 followed by 19,366 are crucial levels to watch out for.
The overall trend looks positive for the Nifty index and we expect the prices to move higher till 19,000 followed by 19,366 levels in the coming future.
Here are three buy calls next 2-3 weeks:
Tube Investments of India: Buy | LTP: Rs 3,220.45 | Stop-Loss: Rs 2,990 | Target: Rs 3,750 | Return: 16 percent
The stock has exhibited a notable acceleration in its overall trend, as evidenced by the ascending trend line. Furthermore, there has been a recent breakout of the Rounding Bottom pattern, indicating a potential continuation of the upward movement.
On the weekly timeframe, the momentum indicator RSI has been steadily rising and remains above the 65 level, indicating the presence of positive momentum in the stock.
Looking ahead, we anticipate the prices to ascend towards Rs 3,750 level, with a strict stop-loss at Rs 2,990, based on the closing prices.
KPR Mill: Buy | LTP: Rs 676.10 | Stop-Loss: Rs 630 | Target: Rs 765 | Return: 13 percent
After experiencing a decline from its peak in January 2022, the stock has established a strong support level around Rs 500, forming a solid base at this level. Moreover, recent price action has demonstrated a breakout of the Rectangle pattern, which was preceded by a short fall in the pattern indicating enthusiasm behind breakout.
The breakout can be confirmed as it is accompanied by higher volumes.
Additionally, the RSI on the weekly timeframe has experienced a breakout, affirming the presence of positive momentum in the stock.
Based on our analysis, we anticipate further price appreciation in the near future, with a potential target level of Rs 765. It is advisable to implement a strict stop-loss at Rs 630, adhering to a closing basis.
APL Apollo Tubes: Buy | LTP: Rs 1,391.40 | Stop-Loss: Rs 1,290 | Target: Rs 1,525 | Return: 10 percent
The stock has made a fresh life high at Rs 1,398 and sustained around that level indicating strong positive undertone of the stock. On the weekly charts, the stock has formed CIP (change in polarity) formation at Rs 1,100 levels which confirms the bullish structure of the stock.
On the daily timeframe, the stock has given a Saucer pattern breakout with volume confirmation which shows the strong participation of the bulls.
The momentum indicator RSI on the weekly timeframe is rising and sustaining above 65 levels reflecting presence of positive momentum.
We expect the prices to move higher till Rs 1,525 level where the stop-loss must be Rs 1,290 strictly on the closing basis.
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