Stocks have started off the New Year 2023 on a disappointing note. Despite the federal officials signaling an aggressive stance to control inflation, the Nifty50 fell by 1.4% and broke the psychological mark of 18,000 on the 6th of January 2023. In the weekly time frame, the stock market index closed at 17,859 after trading within the previous two weeks’ range.
Nevertheless, it has taken support at 17,750. Beginning on the 9th of January 2023, this support point is anticipated to be crucial. Experts said that the first obstacle is at 18,000 lead by 18,200 levels. That said, experts have also unveiled the 5 best Indian stocks to buy during the coming weeks.
Chief Analyst-Technical and Derivatives at Angel One, Sameet Chavan, mentioned –
On the contrary, in the bid to regain strength, Nifty50 has to reclaim 18,000 first on a closing basis. In his opinion, 18,300 remains the major trend-determining level, which would once again turn the tide in the bull’s favour. The stock market expert has also advised the traders to keep a close watch on all the scenarios. According to him, the only positive takeaway would be the market’s resilience.
What Are The Top 5 Best Indian Stocks To Buy In The Next Couple Of Weeks?
Let us have a look at the top 5 trading ideas for Indian stocks by the experts. Expert Nandish Shah, Senior Derivative and Technical Analyst at HDFC Securities says that you can go ahead and buy these stocks in the next three to four weeks. However, the returns are based on the closing prices of the 6th of January, 2023.
1. Religare Enterprises: Buy | LTP: ₹176.35 | Stop-Loss: ₹ 164 | Target: ₹190-199 | Return: 13%
Since the stock price broke out of the downward-sloping trendline on the daily chart, it has been consolidating. This shows how strong the stock is relative to its peers. The stock price is trading above all crucial moving averages, which indicates a positive short- and medium-term trend.
As can be seen on the weekly chart, both the RSI (relative strength index – 11) and the MFI (money flow index – 10) are sloping upwards and placing above 50, suggesting that the stock is strong. It is possible to buy the stock between ₹176.35 and ₹170.
2. Sundram Fasteners: Buy | LTP: ₹991 | Stop-Loss: ₹920 | Target: ₹1,070-1,100 | Return: 11%
It is worth mentioning that this stock price has broken out on the weekly chart from several top resistance levels between ₹980 and ₹985. Stock prices are trading above their 5-day and 20-day Exponential Moving Averages (EMA), which indicates a positive short-term trend.
On the weekly chart, Momentum Oscillators – RSI (11) and MFI (10) above 50, indicate relative strength. In the range of ₹991-950, one can buy the stock. To receive similar stock market latest news, make sure to visit
3. Minda Corporation: Buy | LTP: ₹213.75 | Stop-Loss: ₹200 | Target: ₹229-235 | Return: 10%
The stock price is about to break out from its downward-sloping trendline on the stock’s weekly chart. The stock price was taking support from the 200-day EMA. Despite trading above its 50, 100, and 200-day EMAs, the intermediate trend of the stock remains positive.
It appears that the stocks of auto ancillaries are doing well over the medium term. Stocks in this range can be purchased for ₹213.75-208.
4. Cummins India: Buy | LTP: ₹1,431.35 | Stop-Loss: ₹1,390 | Target: ₹1,500-1,550 | Return: 8%
In weekly trading, the stock has shaped a higher button at $1,351 and closed in positive territory. Additionally, the stock has formed a bullish formation since crossing the ₹1,270 level in October 2022. Technically, the stock price is rolling forward ₹1,500-1,550 levels depending on the short-term formation of the stock. Put a stop-loss of ₹1,390 on the trade and buy at the current level.
5. Hindalco Industries: Buy | LTP: ₹462.65 | Stop-Loss: ₹450 | Target: ₹491 | Return: 6%
In the current time, the stock has quickly reversed to ₹491 levels after it created a couple of bottoms between 425 and 430. On strong gains in Asian markets, a sector-specific move supported the stock’s rally.
In the past week, the stock nosedived to ₹460 level owing to the continued weakness in the US market. At recent levels, the stock is quite attractive to purchase from a trading point of view. Nevertheless, a stop-loss is required at ₹450.
What Are The Top 5 Best Indian Stocks To Sell In The Next Couple Of Weeks?
Here is a list of Indian stocks favourable for selling to consider:
- Tata Consultancy Services: Sell | LTP: ₹3,211.55 | Stop-Loss: ₹3,300 | Target: ₹3,175-3,100 | Return: 3.5%
- Tata Consumer Products: Sell | LTP: ₹761.35 | Stop-Loss: ₹795 | Target: ₹702 | Return: 8%
- DLF: Sell | LTP: ₹370 | Stop-Loss: ₹387 | Target: ₹346 | Return: 6.5%
- Tata Power: Sell | LTP: ₹205.4 | Stop-Loss: ₹213 | Target: ₹190 | Return: 7.5%
- Petronet LNG: Buy | LTP: ₹218 | Stop-Loss: ₹206 | Target: ₹235-240 | Return: 10%
That is all for today. Hope this will be helpful for your investment plans this week and in the coming weeks. However, there is a small disclaimer. Investing tips and views expressed by investment experts on Newsmagnify.com are their own and not those of the website or its management. Before making any investment decisions, News Magnify recommends users check with certified experts.
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