Shitij Gandhi
Indian benchmark index started this week on a negative note but some lower level buying was seen on April 9 specifically in auto and banking stocks which took Nifty above 11,650 mark.
At the current juncture, we believe that bulls are still keeping hold onto the markets and sooner or later Nifty may also reach to its new peak in coming sessions.
On the derivative front, consistent Put writing was observed at 11,500 and 11,600 strikes along with call unwinding at 11,600 strike which clearly indicates the strength in the current trend.
On the higher side, 12,000 call strike still holds with maximum open interest (OI) of more than 28 lakh shares which will act as a major hurdle for the index in this series.
We also believe that sector rotation may continue in coming sessions as well with some volatility as we are approaching quarterly results season.
On the technical front, 11,580-11,500 levels will act as a key support level for the Nifty and traders should use every dip as a buying opportunity.
On the higher side, any decisive move above 11750 should take Nifty towards 11,850-11,900 levels in coming sessions.
Here is a list of top three stocks which could give 7-9% return in the next 1 month:
Marico: Buy| Target: Rs 380| Stop Loss: Rs 338| Upside 7%
The stock has been consolidating in a broader range of Rs 330 to Rs 350 from last six weeks below its 200-days exponential moving average on a daily interval.
However, this week a consolidation breakout above the key resistance level of Rs 350 has been observed, along with breakout above the symmetrical triangle pattern.
Additionally, the stock has also been managed to close above its long term moving averages which points towards the limited downside. Traders can accumulate the stock in range of Rs 355-356 for the upside target of Rs 380 levels with a stop loss below Rs 338.
PVR: Buy| Target: Rs 1,821| Stop Loss: Rs 1,580| Upside 9%
In the recent past after giving a fresh breakout above the key resistance level of Rs 1650 stock retraced back towards Rs 1550 levels on the back of profit booking at higher levels.
However, since then V-shaped recovery has been observed in prices and once again stock reclaim Rs 1680 levels on the daily charts.
The long term bullish trend is intact in prices as well with the formation of the higher high and higher bottom pattern. The positive divergence on secondary indicators at the current juncture is pointing towards the next leg of an upswing in prices.
Traders can accumulate the stock in the range of Rs 1670-1680 for the upside target of Rs 1821 levels with a stop loss below Rs 1580.
Maruti Suzuki India: Buy| Target: Rs 7,750| Stop Loss: Rs 6,900| Upside 7%
The stock bounce back sharply from its lower levels to once again reclaim Rs 7,000 mark after forming a “Triple Bottom” pattern around Rs 6,450 levels where its 200-days exponential moving average is also placed on a weekly interval.
At the current juncture, the stock has been consolidating in a narrow range of Rs 7,050 to Rs 7,200 from last two to three trading sessions.
However, this week a “Bullish Flag” breakout has also been observed on daily charts, which suggest for more upside in prices on the shorter time frame.
Traders can accumulate the stock in the range of Rs 7,200-7,220 for the upside target of Rs 7,750 levels with a stop loss below Rs 6,900.
We provide you sure shot Commodity & Equity Market Tips, Intraday tips, share market tips, Mcx bullion tips, Mcx tips, Crude tips, Stock tips, Future and Cash tips with Technical & Fundamental Research.
Contact us @ +91-9644405056
No comments:
Post a Comment