Rajesh Palviya’s Stock Tips| Trading in the stock market started with gains on Monday and Nifty saw a level of 21700. Market experts believe that stock-specific action may take place in the market in the coming days. Rajesh Palviya of Axis Securities advised buying these four stocks this week.
Fertilizers and Chemicals Travancore
Palvia advised buying the shares of Fertilizers And Chemicals Travancore Ltd in the range of 864 to 880. He said that this stock could go up by 17 to 21 percent in the next three to four weeks. He said its stop loss was Rs 799.
Palvia said that on the weekly chart, FACT broke the Ascending Triangular pattern at the 865 level, indicating the beginning of an uptrend after consolidation. This stock is showing a pattern of higher highs, and higher lows on the weekly chart, indicating a mid-term uptrend.
A close above the upper Bollinger Band on the daily chart has created a buy signal, which indicates positive movement even in lower time frames. The strength indicator RSI on the weekly chart remains bullish and remains above its reference line indicating positive bias. This stock can go up to the level of 1020-1055.
JK Lakshmi Cement
Palviya advised to buy in JK Lakshmi Cement in the range of 920-902. He gave its stop loss as 826, whereas he gave a target of 19 to 24 percent in the next 3 to 4 weeks.
He said that the increase in volume activity on breakout in JK Lakshmi Cement is indicating the flow of market participation. Price movement is taking place and the stock is holding its position above the 38% Fibonacci retracement level of the rally from 628 to 916, which is forming a mid-term support around 810.
He said that on the weekly chart, the RSI gave a crossover above its reference line which has created a buy indicator. This stock has the potential to reach the level of 1080-1130 and this is its target.
Palvia advised to buy in PNC Infratech in the range of 402 to 410. He said that this stock may see an increase of 14 to 18 percent from the current price in the coming period of 3 to 4 weeks. He gave a stop loss of Rs 377 in this stock.
On the weekly chart, PNCINFRA broke the ‘cup and handle’ pattern at the 390 kv level, signaling the beginning of an uptrend after two years of consolidation. There was a decline in volume activity during the formation of the pattern. However, the increase in volume on the breakout indicates buying sentiment. He said that this stock can be bought for the target of 464-478 levels.
Punjab National Bank
Palviya advised to buy Punjab National Bank in the price range of Rs 102 to Rs 104. In this, he gave targets ranging from 17 percent to 21 percent in 3 to 4 weeks. He gave a stop loss of Rs 94 in this stock.
Palvia said that PNB has formed a bullish candle on the weekly chart. Due to this, the ‘Multi-Year Resistance’ zone around 99 has been broken and the share price has gone above it, which indicates the continuation of the mid-term uptrend. The stock has already broken the 99 resistance level on the weekly chart and the same is expected to be confirmed on the monthly chart, indicating continuation of the uptrend.