Thermax, ACC among top 4 trading ideas which could give 11-16% in 3-4 weeks: Rajesh Palviya


The Nifty50 started the week on an upward gap and consolidated for most of the week which led the index to close on a negative note for the week ended 9th February.

The Nifty50 closed at 21,783 on 9th February with a loss of 71 points on a weekly basis.

On the weekly chart, the index has formed a “Doji” candlestick formation, indicating indecisiveness among market participants regarding the direction.

The chart pattern suggests that if the Nifty crosses and sustains above 22000 level, it would witness buying, leading the index towards 22150-22300 levels.

However, if the index breaks below the 21600 level, it will witness selling, taking the index towards 21500-21300.

For the coming week, we expect the Nifty to trade in the range of 22200-21500 with mixed bias.The weekly strength indicator RSI is moving downwards and is quoting below its reference line, indicating a negative bias.

Here is a list of top 4 stocks that could give 11-16% return in the next 3-4 weeks:

Thermax Ltd: Buy| LTP Rs 3350| Target Rs 3790-3885| Stop Loss Rs 3055| Upside 16%

On the weekly chart, Thermex breached the ‘Cup and Handle’ pattern at the 3276 level, indicating a continuation of the uptrend following four months of consolidation.

Volume activity declined during pattern formation; however, there was an increase in volume at the breakout, indicating heightened market participation.

The stock is exhibiting a pattern of higher high-low formations on the weekly chart and holding above the medium-term upward-sloping trendline, signaling a medium-term uptrend.

The weekly strength indicator RSI given a crossover above its reference line generated a buy signal.

The above analysis indicates an upside of 3790-3885 levels. The holding period is 3 to 4 weeks.

ICICI Lombard General Insurance: Buy| LTP Rs 1638| Stop Loss Rs 1500| Target Rs 1752-1830| Upside 11%


On the weekly chart, ICICIGI has broken out above the ‘Multiple Resistance’ zone around 1500 with a bullish candle, signaling the continuation of a medium-term uptrend.

The increase in volume activity at the breakout suggests an influx of market participation, emphasizing the significance of the price movement.

The closing above the upper Bollinger Band on the weekly chart has generated a buy signal.

The weekly strength indicator RSI is in a bullish mode and is holding above its reference line indicating a positive bias.

The above analysis indicates an upside of 1752-1830 levels. The holding period is 3 to 4 weeks.

ACC: Buy| LTP Rs 2629| Target Rs 2870-2930| Stop Loss Rs 2465| Upside 11%


On the daily chart, ACC broke above the ‘Bullish Flag’ pattern above 2585, indicating a continuation of the uptrend.

The stock is exhibiting a pattern of higher high-low formations on the daily chart and holding above a medium-term upward-sloping trendline, signaling a medium-term uptrend.

The stock maintains its position above the 38% Fibonacci Retracement level of the rally from 2190 to 2584, establishing a short-term support base of around 2440.

The daily strength indicator RSI has generated a buy signal with a crossover above its reference line. The above analysis indicates an upside of 2870-2930 levels. The holding period is 3 to 4 weeks.

Bank of Baroda: Buy| LTP Rs 262| Target Rs 296-306| Stop Loss Rs 247| Upside 16%

On the weekly chart, the Bank of Baroda has broken out above the ‘Consolidation’ zone between 240-220 with a bullish candle, which was in formation from the start of 2024.

The previous resistance level of 240 is expected to now act as support due to the principle of polarity, providing a support zone for the stock price movement.

The stock is holding above key averages of 20, 50, 100, and 200 days Simple Moving Average (SMA), signaling a strong uptrend in the stock.

The weekly strength indicator RSI is in a bullish mode and is holding above its reference line indicating a positive bias. The above analysis indicates an upside of 296-306 levels. The holding period is 3 to 4 weeks.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)

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