Stocks To Buy This Week: Motilal Oswal Recommends 3 Technical Picks

The blue-chip Nifty 50 raised by 135.35 points or 0.7% on Friday to close at 19,517. While rising 480.57 points or 0.74% to settle at 65,721.25, the S&P BSE Sensex. The Sensex fell by 484.04 points or 0.73% during the trading week that ended on August 4, 2023, while the Nifty 50 fell by 115.30 points or 0.59%.

However, this week's RBI three-day monetary policy meeting might determine market movement. In light of this week's choppy market, here are the three stocks that the Technical & Derivatives team, Broking & Distribution, Motilal Oswal Financial Services Ltd. has suggested to buy.

Alkem Laboratories

BUY ALKEM LAB AT CMP of Rs 4099, SL 3950, TRGT 4350

Alkem Lab is in an overall uptrend and forming higher lows on a weekly scale from the past six weeks. On a daily scale it has given Pole & Flag breakout which is bullish price pattern and formed a strong bullish candle. It is holding well above its 10DEMA and RSI is moving northwards which suggests momentum is likely to continue in coming sessions. Strong outperformance is seen in Pharma stocks and stock is likely to outperform.Thus recommending to buy the stock with keeping stop loss below 3950 levels for an upside target towards 4350 zones.

Ashok Leyland

BUY ASHOK LEYLAND At CMP of Rs 182, SL 177, TRGT 192

Ashok Leyland has been consolidating at higher zones on daily scale and retested its previous support zone. On weekly scale it is holding well above 175 zones and base of the stock is moving higher. Overall good relative strength is seen in the stock in spite of market volatility. Relative strength Index (RSI) is also placed in positive territory which may take the stock to higher zones. Thus recommending to buy the stock with keeping stop loss below 177 for an upside move towards 192 levels.

India Cements

BUY INDIA CEMENTS At CMP of Rs 224, SL 216, TRGT 245

India cements has given consolidation breakout on weekly scale after five weeks and formed a strong base near 210 zones on daily scale. It formed a strong bullish candle and managed to close above its immediate hurdle zones. It is also holding well above its short term moving average and good outperformance is seen in Midcap space. Thus recommending to buy the stock with keeping stop loss below 216 for an upside move towards 245 levels.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.