Do you possess any of the 12 technical selections for stocks to purchase this week? They include ICICI Bank, Kotak Mahindra Bank, IndiGo, and Voltas

With the help of several factors, such as robust GDP growth, the RBI’s upward revision of growth estimates, expectations of political stability, and the continuation of policies following the Lok Sabha election 2024 following the BJP’s resounding victory in the Madhya Pradesh, Rajasthan, and Chhattisgarh assembly elections, the Nifty 50 recorded a strong gain of roughly 3.5% last week, scaling its fresh peaks and crossing the 21,000 mark for the first time.

On Monday, December 11, early trading saw the Sensex reach a new high of 70,048.9, while the Nifty 50 reached its all-time high of 21,019.80.

Although experts see a strong intermediate to medium-term forecast for the market, the market is now valued at a premium, which may lead to some near-term correction.

“G. Chokkalingam, Founder and Head of Research at Equinomics Research Private Limited, stated, ‘We maintain a bullish outlook on the overall markets in the short-term due to the recent severe fall in oil prices, state election results and consequent anticipation of political stability and economic growth outlook.”

The chart pattern indicates that if the Nifty crosses and holds above 21,000, purchasing will occur, pushing the index beyond levels of 21,200–21,400, according to brokerage house Axis Securities.

“The Nifty’s weekly pivot point is between 20,700 and 20,600. We anticipate positive bias trading around the 21,400–20,600 region for the Nifty this week. Axis Securities said that the weekly strength indicator, or RSI, is showing a bullish bias as it is above each of its distinct reference lines.

Experts advise purchasing technically and fundamentally solid equities at this time to maximize returns even if the market attitude seems favorable. The following list of 12 stocks is based on the advice of many experts and should be taken into consideration over the next three to four weeks. Look at this:

Prabhudas Lilladher, ICICI Bank’s Shiju Koothupalakkal, is a technical research analyst. His target price is ₹1,140, while his stop loss is ₹975.
Following five months of slow declines, the stock has signaled a trend reversal, finding support close to the significant 200-period MA of ₹915.

It has made a significant comeback, breaking above the significant 50EMA and 100-period MA levels. This indicates a breach above the declining trendline zone of ₹980, strengthening the bias and pointing to further upward movement in the days ahead.

It now seems to have regained impetus to continue the upward trend after a brief stoppage close to the ₹1,016 high.

The consolidation has given the RSI more strength. It is in a favorable position and has signaled a purchase by pointing to a trend reversal.

Taj GVK Hotels & Resorts | Stop loss: ₹220 | Target price: ₹272
For a considerable amount of time, the stock has been consolidating and has a firm foundation around ₹218–220. The daily chart, it has shows a powerful bullish candle pattern that has improved the bias by passing over the important 200 period MA of ₹227.

There is still room for it to rise in the next few days.

In the near term, the stock may gain further momentum and reach higher objectives of ₹272 and ₹284 after breaking above the first barrier of ₹250.

The RSI has shown a surge, indicating a purchase with significant upside potential that is expected to soar even more.

Samvardhana Motherson International | Stop loss: ₹88 | Target price: ₹112
Following a slow decline, the stock has bottomed out and found support close to the important 200-period MA (moving average) of ₹86.50. It showed a respectable retreat, enhancing the bias and above the significant 50EMA (exponential moving average) level of ₹92.60, indicating a potential increase in the days ahead.

Following the stabilization in the vicinity of the oversold zone, the RSI has strengthened and is rising. It has a tremendous upside potential to keep the trend going.

At Anand Rathi Share and Stock Brokers, Kotak Mahindra Bank, Jigar S. Patel is Senior Manager of Equity Research. His target price is ₹1,900, while his stop loss is ₹1,785.
The inverse head and shoulder pattern appears on the daily timescale after a reasonable period of consolidation between ₹1,700 and ₹1,790.

It is now positioned above the designated zone. On the indicator front, the counter shows a favorable bias in the daily RSI and DMIs.

“One can buy the stock in small tranches in the zone of ₹1,825–1,840 and another in the zone of ₹1,800-1,810 with an upside target of ₹1,900, and the stop loss should be placed near ₹1,785 on a daily close basis,” Patel said.

Voltas | Stop loss: ₹825 | Target price: ₹915
Voltas was under pressure during the last trading session, although it is now trading close to a critical support level.

In the past, the stock flipped from this point and rallied to ₹900. Voltas seems to be profitable as it has formed a solid base in the ₹820–840 levels on the daily chart, and volume is also increasing.

“We advise traders to go long on the stock in the range of ₹850–860 with a stop loss of ₹825 and a target of ₹915,” Patel said.

Jubilant Foodworks: ₹645 is the target price; ₹499 is the stop loss.
This counter has surpassed the previous swing high of ₹556 on a daily basis. Price movement is maintaining above all significant exponential averages on a weekly timeframe, indicating bullishness.

Our bullish position on the counter is further supported by the indicator front, where the daily RSI and the daily DMI have both broken beyond their prior swing highs.

“On a daily close basis, one can buy the stock in the zone of ₹550-560 with an upside target of ₹645 and a stop loss of around ₹499,” Patel said.

VP of InCred Equities Gaurav Bissa, Home First Finance Company India | Stop loss: ₹980 | Target price: ₹1,140
Home First was unable to profit from the robust increase in mid-cap stocks. On the weekly charts, meanwhile, it has suddenly emerged from a year-long consolidation.

Additionally, the stock has broken out of the cup and handle pattern, which is a continuation pattern and may signal the beginning of a new upswing. On the weekly charts, the stock has shown high volume, which may provide momentum for a significant increase.

Puravankara | Stop loss: ₹160 | Target price: ₹220
Strong growth was seen in Purvankara, consistent with the extraordinary growth observed in the real estate industry. On the weekly charts, the stock has seen a 15-year consolidation breakthrough that might provide a significant boost to the price of the company.

On the weekly charts, there has also been a breakout from a bullish triangle formation, which is probably going to limit losses in the next few days.

Over the last several months, the stock has had above-average volumes, which indicates accumulation. A monthly close above ₹185 is probably going to signal the beginning of a multi-year rise that might eventually drive prices up to ₹250 levels.

Patanjali Foods: ₹1,900 is the target price; ₹1,400 is the stop loss
For the most portion of the consolidation era, Patanjali has been in a protracted consolidation with extremely low volumes. On the weekly charts, the stock validated a bullish triangle formation breakout, suggesting that it has emerged from consolidation and is poised to begin a multi-month rise.

An increasing uptrend is indicated by the bullish crossing of the MACD on the stock and the ADX trading above 24. Strong volumes throughout the breakout have helped the stock move closer to the ₹2,000 mark.

Axis Securities RBL Bank | Target price: ₹286-300 | Stop loss: ₹240 | Buying range: ₹258-253

A powerful bullish candle and a recent breach from the consolidation zone between ₹258-210 have indicated that RBL Bank’s medium-term rise will continue.

Volume activity decreased as the pattern developed but surged during the breakout, indicating more traders were entering the market.

The establishment of a medium-term support base is indicated by the stock staying above the 38 percent Fibonacci retracement level of the recovery from ₹141-256, which is located at ₹210.

A purchase signal has been generated by the weekly strength indicator RSI’s crossing above its reference line.

ABB India | Target price: ₹5,010-5,200 | Buying range: ₹4,650-4,557 | Stop loss: ₹4,400
The medium-term upswing may continue since ABB just showed a significant breakout from the consolidation zone in the region of ₹4,600-3,900, indicated by a powerful bullish candle.

During the breakout, the stock has seen increased volume activity, which indicates a significant increase in market involvement.

On the weekly chart, the stock is developing a higher high-low shape that suggests strong momentum.

With a bullish mode and a hold above its reference line, the weekly strength indicator RSI is showing positive bias.

Interglobe Aviation (IndiGo): Target price: ₹3,034-3,150 | Stop loss: ₹2,700 | Buying range: ₹2,840-2,783
At the ₹2,745 level, IndiGo broke out above the rounded bottom pattern, indicating the continuation of a medium-term rise.

Positive momentum is indicated by the breakout gap in the stock. It has produced a buy signal by effectively closing the weekly Bollinger band above the upper.

On the weekly chart, the stock is establishing a higher high-low formation and maintaining above an upward-sloping trendline, all of which point to bullish momentum.

With a bullish mode and a hold above its reference line, the weekly strength indicator RSI is showing positive bias.