Domestic equity benchmark Nifty is expected to extend its rally this week after closing at a new high on Friday. On the weekly chart, the index has formed a long bullish candle forming higher high-low compared to the previous week and has closed above previous week's high indicating positive bias.

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The chart pattern suggests that if Nifty crosses and sustains above 19000 level it would witness buying which would lead the index towards 19100-

19200 levels. However, if the index breaks below 18700 level, it would witness selling which would take the index towards 18600- 18500.

For the week, analysts at Axis Securities expect Nifty to trade in the range of 19200-18500 with a positive bias. Meanwhile, Bank Nifty is expected to trade in the range of 44500-43500 with a mixed bias for the week.

Here are Axis Securities' weekly top 4 technical picks —

Based on the technical factors, the brokerage has suggested four stocks — Polymed Medicure Ltd, Rites Ltd, Century Plyboards Ltd and Avenue Supermart Ltd — that investors can look to buy and hold for the next three to four weeks.

Polymed Medicure: On the weekly chart, the stock has decisively broken out above the “Multiple Resistance Zone” around 1050 level. Previous resistance level often serves as support due to the principle of polarity shift.

The stock witnessed a breakout above consolidation between 1050-850 range, indicating a positive momentum. During the consolidation period, the trading volume exhibited a noticeable decline. At the point of breakout, there was a significant surge in volume, suggesting a renewed influx of market participants.

The weekly strength indicator relative strength index (RSI) has given a crossover above its reference line generating a buy signal.

The brokerage has given a buying range between Rs 1130-1108. The above analysis indicates an upside of 1277-1320 levels (14–18 percent) with a stop loss at Rs 1040. Holding period is 3 to 4 weeks.

Rites: Rites, on the weekly chart, holds support at a medium term upward sloping trend line, which is in place from June 2022, indicating continuation of an uptrend.

"The daily 'Bollinger band' generated buy signal as stock closed above the upper Bollinger Band," the brokerage said, adding the stock had also taken out small consolidation of a previous three week confirming a short term range bound breakout.

The weekly strength indicator RSI is in a bullish mode and RSI crossover above its reference line generated a buy signal.

The brokerage has given a buying range between Rs 400-392. The above analysis indicates an upside of 444-468 levels (12–18 percent) with a stop loss at Rs 372. Holding period is 3 to 4 weeks.

Century Plyboards: The stock has broken out above the medium-term “Downward sloping trendline" at 620 on the weekly chart. The strong bullish candle confirms an uptrend, reflecting a positive momentum in the stock.

The stock has also broken above horizontal resistance at 588 level. Due to change of polarity principle previous resistance of 588 will act as support.

Stock is forming higher high-low formation on weekly chart indicating positive momentum. The The strength indicator RSI is holding above its reference line indicates positive momentum.

The brokerage has given a buying range between Rs 620-608. The above analysis indicates an upside of 685-710 levels (12–16 percent) with a stop loss at Rs 578. Holding period is 3 to 4 weeks.

Avenue Supermart: On the weekly chart, DMart has formed a "Descending Triangle" pattern and has broken out from the pattern at 3770 with a strong bullish candle, indicating an uptrend.

The breakout, accompanied by a surge in volume, signifies a positive bias and active participation during the breakout. The stock is well placed above 20, 50 and 100 daily simple moving average (SMA) indicating positive momentum.

The weekly strength indicator RSI is holding above its reference line indicates positive momentum.

The brokerage has given a buying range between Rs 3980-3902. The above analysis indicates an upside of 4385-4530 levels (11–15 percent) with a stop loss at Rs 3720. Holding period is 3 to 4 weeks.