Experts list 10 best bets for 3-4 weeks as D-St goes into a phase of correction

About this update from Navin Fluorine International Limited

The market turned cautious after an upward rally through the last three weeks, and ended the last week flat after the simmering tension between Iran and Israel triggered a spate of corrections on the back of soaring crude oil prices. Technically, the Nifty 50 has negated the higher-high-higher-low formation of previous three days and formed a long bearish candlestick pattern on the daily charts, while on the weekly scale, there was shooting star kind of a candlestick pattern at the top, raising the possibility for further weakness in price in the near term.Hence, considering the technical weakness with a bearish divergence on the weekly scale and rising Iran-Israel tensions, experts feel the index is likely to correct up to 22,300-22,200 area and breaking of the same can take the index down up to 22,000 mark, but in case of recovery, 22,700-22,800 is expected to be key hurdle on the higher side.For the week ended April 12, the Nifty 50 climbed 6 points to 22,519."Although the overall loss was minimal, just 0.02 percent from the previous week, the sentiment turned somewhat tense towards the end of the session. This could suggest some caution among investors amidst the uncertain global market conditions," Jigar S Patel, senior manager - equity research at Anand Rathi, said.Further upside in both the indices and individual stocks is anticipated only if it breaches the 22,800 mark. On the downside, 22,300 is identified as a significant support level for the upcoming week, he feels.Rajesh Bhosale, technical analyst at Angel One, also feels the range of 22,700 to 22,800 on the Nifty 50 throws up a significant resistance. Conversely, a breach of the 22,500-22,450 zone may trigger further profit-booking, potentially towards 22,300 and beyond in the near term.Hence, Jigar advised traders to exercise caution and maintain light positions as even a moderate correction in the indices could trigger a substantial downturn in stocks.Moneycontrol collated a list of top 10 stock ideas from experts, with 3-4 weeks perspective. The closing price of April 12 is considered for the calculation of stock price return.Expert: Jigar S Patel, senior manager - equity research at Anand RathiNavin Fluorine International: Buy | LTP: Rs 3,297 | Stop-Loss: Rs 3,075 | Target: Rs 3,600 | Return: 9 percentFollowing its Double Top formation near Rs 4,900-4,800 zone, Navin Fluorine has experie...

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