Stocks to buy: From ICICI Bank to NMDC - Motilal Oswal recommends these shares to buy this week

The Sensex ended the time with a flimsy summation of 17 points, oregon 0.02 percent, closing astatine 73,895.54, whereas the Nifty 50 concluded with a alteration of 33 points, equivalent to 0.15 percent, closing astatine 22,442.70.

Also read: Bonus share, banal divided effect: Multibagger SME banal turns ₹1.34 lakh into ₹12.15 lakh successful 7 years

Despite favorable planetary indicators, home marketplace indices concluded the league with subdued performance, driven by persistent worries regarding overvaluation without caller affirmative triggers and amid a mixed container of Q4 net updates. The Indian banal marketplace seems to person factored successful a bulk of the favorable aspects, and analysts expect a play of sideways question until the predetermination results are announced. There's a sentiment among immoderate experts that profit-taking whitethorn hap station the predetermination outcome.

“Nifty witnessed a gradual diminution aft opening higher amid precocious volatility. The scale closed with a marginal nonaccomplishment of 33 points astatine 22443 levels. Sector-wise it was mixed with buying seen successful Realty, IT & FMCG. PSUs particularly Banking & NBFC were nether unit aft RBI projected stricter lending rules. Domestic equities aft opening higher gave up their full gains amid rising volatility and continuous selling by FIIs. In the past month, FIIs person sold ~ ₹39,000 crore worthy of stocks amid uncertain planetary macros. Further, the surge successful India VIX by implicit 70% successful the past 8 trading sessions from astir 10 to its 52-week precocious adjacent 17 level, indicating expanding nervousness among investors owed to the ongoing planetary uncertainties and Lok Sabha predetermination result adjacent month. Hence, markets are apt to stay successful a broader scope with stock-specific enactment successful the adjacent term," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Brokerage steadfast Motilal Oswal recommends beneath listed 3 stocks to bargain this week -

Stocks to buy

ICICI Bank: Buy astatine ₹1145 | Target Price: ₹1220 | Stop Loss: ₹1111

ICICI slope is successful wide uptrend and forming higher lows connected monthly standard from past six months. On play standard it gave scope breakout aft 9 weeks and holding astatine higher zones. On regular standard the banal is consolidating supra breakout portion and formed a bullish candle. It is holding supra its It is holding good supra its 20DEMA and bully buying is disposable crossed Private banks. Momentum indicator Relative Strength Index (RSI) is besides connected the verge of breakout which indicates momentum to proceed successful coming sessions. Thus looking astatine the wide illustration operation we are recommending to bargain the banal with keeping halt nonaccomplishment beneath 1111 levels connected closing ground for a caller precocious people towards 1220 zones.

ABB India: Buy astatine ₹6970 | Target Price: ₹7500 | Stop Loss: ₹6700

ABB is successful beardown uptrend and trading astatine beingness clip precocious territory with beardown outperformance wrong Capital space. Technically the banal is forming higher lows from past 3 months and gave scope breakout connected play standard aft 5 weeks. On regular standard the banal is forming higher lows from past fewer sessions and basal of the banal is shifting higher. It is holding good supra its abbreviated word moving averages and momentum oscillator Relative Strength Index (RSI) is besides moving higher which indicates momentum to proceed successful coming sessions. Thus looking astatine the wide illustration operation we are recommending to bargain the banal with keeping halt nonaccomplishment beneath 6700 levels connected closing ground for a caller precocious people towards 7500 zones.

Also read: NMDC up for 3rd consecutive day, touches 14-year precocious aft April concern update

NMDC: Buy astatine ₹268 | Target Price: ₹290 | Stop Loss: ₹258

NMDC is beardown uptrend wrong Metal abstraction and trading astatine multi months precocious territory. Technically the banal is forming higher lows from past 8 weeks and basal of the banal is shifting higher. On regular standard the banal gave Inverse Head & Shoulder signifier breakout supra 255 zones and gradually moving higher. Momentum indicator Relative Strength Index (RSI) is besides moving higher which indicates momentum to proceed successful coming sessions. The banal is trading supra its abbreviated word moving averages and bully buying involvement is disposable successful metallic stocks. Thus looking astatine the wide illustration operation recommending to bargain the banal with keeping halt nonaccomplishment beneath 258 levels connected closing ground for a people towards 290 zones.

Disclaimer: The views and recommendations fixed successful this nonfiction are those of idiosyncratic analysts. These bash not correspond the views of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 06 May 2024, 06:44 PM IST