The stock market witnessed a rise on Friday. Nifty broke many resistances at the upper level during this period. Many stocks were seen in the stormy bull market. Analysts believe that after Friday's rise, the market can consolidate at the upper level. Stock-specific actions can be seen in the market.

Rajesh Palvia of Axis Securities has suggested some stocks for the coming week, which show a favorable risk-reward ratio.

Palvia said that correction in most sectors and short-covering in many large-cap stocks have increased the confidence that this rally can extend to the range of 24,200-24,300. As long as Nifty remains above the level of 23600, positions bought during the recent decline should be maintained.

Rajesh Palvia said that after about seven weeks of weakness, this is the first week when we are closing in on the green mark. From the data point of view, we have managed to close above the 200-day moving average, which is a positive sign for this recovery.

 

nifty levels

Palvia said that at the higher levels of Nifty, we need to see significant call concentration around 24,000-24,200 strike levels. It will be important to see if the market can close above these levels in the coming days.

He said that a close above 24000 in Nifty could trigger another round of short-covering, which could potentially extend the rally further. Based on Friday's price action, there is a clear indication that this rally may continue till next week.

 

Tell me about these three stocks.
 

Rajesh Palvia forecasts positive movement for the coming week and gives three stock recommendations.

 

Tech Mahindra Ltd

Palvia recommends buying Tech Mahindra. This IT sector stock has given a breakout on the daily and weekly charts, indicating strong bullish momentum. Shares of Tech Mahindra Ltd closed at Rs 1,744.10 on Friday after gaining 2.46%.

It has a strong setup with a long-term build-up in the data. The potential target for Tech Mahindra is Rs 1815, with a stop loss of Rs 1,700.
 

Godrej Properties Ltd
 

Godrej Properties shares are in focus. Real estate sector This stock has been in a bullish trend for the last 4-5 trading sessions, which has created a strong base despite weakness in the market. Shares of Godrej Properties Ltd closed at Rs 2,857.00 on Friday.

The stock has made a sharp comeback from the recent lows and is now trading above the 20-day moving average. Its target is Rs 2,920. While the stop loss should be at Rs 2,815.
 

Titan Company Ltd

Titan Company's share price is making a low level on the short-term chart after a significant correction. Titan Company Ltd shares closed at Rs 3,302.00 on Friday after a gain of 3%.

He said that the weekly chart in Titan shows a strong reversal. We expect Titan to continue with a target of 3,440 and a stop loss at 3,265.