Sudeep Shah, Deputy Vice President and Head of Technical and Derivative Research at SBI Securities, has highlighted four key stocks to watch out for in the coming week: Indian Oil Corporation, DLF, Godrej Properties, and Persistent Systems. These recommendations are based on strong technical setups, chart pattern breakouts, and bullish momentum indicators.

Let’s break down why these stocks have made it to Shah’s radar and what investors should watch out for in terms of entry points, targets, and market outlook.

Indian Oil Corporation: Breakout Confirmed With Volume Surge

According to Shah, Indian Oil Corporation (IOC) has exhibited a consolidation breakout on the daily chart, which is a strong technical signal of upward price movement.

• The breakout is confirmed by trading volumes exceeding the 50-day average, which signifies increased investor participation.

• The stock has also surged above its 200-day EMA (Exponential Moving Average) for the first time since October 2024—a critical indicator for trend reversal and momentum.

• The daily RSI (Relative Strength Index) is also rising, which reinforces the bullish view.

Recommendation:
Buy in the ₹144-₹142 range with a stop-loss at ₹135.
Target: ₹160 in the short term.

DLF: Trendline Breakout Imminent

DLF, the real estate giant, is nearing a trendline breakout on the daily timeframe.

• The stock is trading above its 20 and 50-day EMAs, suggesting sustained bullish momentum.

• The daily RSI is at 55 and rising, indicating growing positive sentiment.

• A trendline breakout typically signals the beginning of a new bullish leg, especially when confirmed by supportive technical indicators.

Recommendation:
Accumulate in the ₹690-₹685 range with a stop-loss at ₹665.
Target: ₹750 in the short term.

Godrej Properties: Double Bottom Neckline Breakout

Godrej Properties has shown a neckline breakout from an Adam & Adam Double Bottom pattern, a strong bullish reversal formation.

• The breakout was supported by robust trading volume, a key confirmation for the pattern.

• A bullish candle formed on the breakout day, strengthening the conviction further.

• The stock is currently trading above its 20 and 50-day EMA, both of which have started edging upward.

• The daily RSI has crossed the 60 mark for the first time since December 2024, a bullish signal per RSI range shift rules.

Outlook:
The pattern suggests continued strength and potential for higher targets in the coming sessions.

Persistent Systems: Riding the IT Outperformance

Persistent Systems is capitalising on the Nifty IT index’s outperformance, making it a standout pick.

• The stock has moved above both its short and long-term moving averages, reflecting a positive trend shift.

• The daily RSI is about to cross 60, confirming a shift into bullish momentum territory.

Outlook:
Continued participation from institutional investors and strong fundamentals can propel the stock to new highs.

IndusInd Bank: Technically Strong, Fundamentally Clouded

IndusInd Bank is displaying technical strength, but Sudeep Shah urges caution.

• The stock has built a base between ₹630-₹720 and is now forming higher highs and higher lows—a classic bullish structure.

• It has also moved above short-term EMAs, and RSI >60 supports the trend.

However, corporate governance concerns have dented sentiment, making it risky for fresh buying until clarity emerges.

Nifty 50: Broad Range Movement Expected After Strong April

The Nifty 50 ended April with a 3.46% gain, forming a bullish candle with a long lower shadow on the monthly chart. This suggests buying interest on dips and market resilience, despite:

• Geopolitical tensions between India and Pakistan

• Global trade war anxieties

• US Dollar Index drop

From a technical angle:

• Nifty is trading well above its short and long-term moving averages.

• Daily RSI took support near 60 and rebounded—a bullish signal.

However, consolidation is expected between 24,600-23,800 as investors remain cautious.

Key Levels:

• Immediate Support: 24,200-24,170

• Strong Support: 23,850-23,800

• Resistance Zone: 24,550-24,600

• Breakout Target: 24,850 to 25,100

Bank Nifty: Leadership Continues Despite Pause

Bank Nifty outperformed in April with a 7% gain, hitting new all-time highs.

• Trading near record levels, all key indicators show bullish alignment.

• However, it has consolidated for the last seven sessions, a healthy pause after the steep rally.

Key Levels:

• Resistance Zone: 55,900-56,000

  • Breakout here may push index to 56,600, followed by 57,000

• Support Zone: 54,500-54,400

Outlook:
The consolidation phase may continue briefly before the next breakout move.

Final Word

Sudeep Shah’s weekly outlook is a solid guide for traders looking for technical-based short-term opportunities. His bullish stance on Indian Oil, DLF, Godrej Properties, and Persistent Systems is backed by convincing technical setups such as breakouts, RSI movements, and volume confirmation.

While Nifty 50 and Bank Nifty continue to reflect market resilience, the cautious tone due to external macro risks is valid. Investors should watch out for key support-resistance levels and prepare for a volatile yet opportunity-rich week ahead.

The Upcoming IPOs in this week and coming weeks are Srigee DLM, Manoj Jewellers.

The Current active IPO are Wagons Learning, Kenrik Industries.

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