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Nifty50 closed at 22,494 with a gain of 115 points, forming a small bullish candle. Buying at support level of 22,200 is expected. Bharti Airtel, Bank of India, Bharat Electronics, and Pidilite Industries showed bullish breakouts, suggesting upside in the next 3-4 weeks.
Indiabulls Housing breached a ‘consolidation’ zone of Rs 202-160 on the weekly chart, suggesting a continuation of the medium-term uptrend.
The Nifty50 remained volatile during the budget week, closing at 21854 with a weekly gain of 501 points. The weekly chart shows a bullish candle with an upper shadow, indicating profit booking near the all-time high. If the Nifty crosses 22000, it may reach 22150-22300 levels, while breaking below 21700 may lead to a decline towards 21650-21500. The RSI indicator suggests a potential positive trend change. Here are 4 trading ideas for 10-20% returns in the next 3-4 weeks: Can Fin Homes, Engineers India Ltd, Hindustan Copper Ltd, and Oriental Hotels.