Indian stock markets closed flat with a positive bias for the week ended 24 December and are likely to remain volatile as we enter into the final week of the year 2021 as many global markets will remain shut on account of holidays.

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The market will also remain volatile amid F&O expiry as traders will roll over bets from the December series to January 2022 series on Thursday, 30 December.

After falling more than 2 per cent on Monday in the week gone by, bulls managed to push the benchmark indices above crucial resistance levels but weak global cues, rising COVID cases, and relentless selling by foreign investors in the cash market weighed on sentiments.

“We have a lack of global cues amid Christmas and New Year holidays and FIIs' flows are also on the tepid side where December month F&O expiry and domestic cues will dominate this week,” Santosh Meena, Head of Research, Swastika Investmart Ltd, said.

“On the domestic front, rising covid cases and various restrictions by the state governments are a key concern for the market,” he said.

If we look at the data then FIIs' volumes have come down significantly however they are still on the sell-side where they sold worth Rs 6600cr last week while DIIs bought worth Rs 6900cr in the cash market.

Technically, the Nifty index has taken resistance at the Middle Bollinger Band formation and retreated lower. However, the hourly chart shows immediate support at 50 SMA around 16950-17000 levels.

“A momentum indicator RSI & Stochastic is also supporting the positive bias. At present, the Index has support at 16800 levels while immediate hurdle at around 17200 levels, crossing above the same can show 17400-17500 levels,” Sachin Gupta, AVP, Research at Choice Broking, said.

“On the other hand, Bank nifty has support at 34300 levels while resistance at 35500 levels,” he said.

Here is a list of the top 6 stocks from different experts that could give a 6-16% return in the next 3-4 weeks:

Expert: Rajesh Palviya, VP - Technical and Derivative Research at Axis Securities

Godrej Consumer Products: Buy| LTP Rs 966| Target Rs 1000-1025| Stop Loss Rs 919| Upside 6%

On the daily chart, the stock has observed trend reversal as it has broken out from its five months “down sloping trend line” on a closing basis.

This breakout is accompanied by huge volumes indicating increased participation in rally. The stock has strongly rebounded from its 200-day SMA (900) which supports bullish sentiments.

The daily and weekly strength indicator RSI and the momentum indicator Stochastic both are in a bullish mode which supports rising strength as well as momentum.

The above analysis indicates an upside of 1000-1025 levels. The holding period is 3 to 4 weeks.

Century Textiles & Industries Ltd: Buy| LTP Rs 912| Target Rs 960-985| Stop Loss Rs 850| Upside 8%

On the daily chart, the stock has decisively broken out its three months “Consolidation Range” (890-760) on a closing basis.

This breakout is accompanied by huge volumes indicating increased participation. On the weekly chart, the stock has confirmed higher tops and higher bottoms formation indicating a strong uptrend.

The daily and weekly strength indicator RSI is in bullish mode along with positive crossover which supports rising strength in the near term.

The above analysis indicates an upside of 960-985 levels. The holding period is 3 to 4 weeks.

GATI Ltd: Buy| LTP Rs 189| Target Rs 205-213| Stop Loss Rs 170| Upside 12%

On the weekly chart, the stock has witnessed “rounding bottom” formation at 180 levels.