Stock picks of the day: Nifty likely to trade in a range of 11,704-12,000

The Indian equity market traded in a volatile range with a negative bias on a week-to-week basis. The index closed with losses of 0.4 percent for the week ended June 7.

The downgrade in Commercial Papers of DHFL to ‘Default’ category by Crisil & ICRA led to a selloff across NBFC/HCFs companies, and continued to hurt the sentiment.

Despite 25 bps cut in repo rate at 5.75 percent by the RBI during June MPC meet with a change in policy to ‘accommodative’ stance, it failed to lift the sentiment with no clear action to address distress NBFC sector.

The momentum indicator continued to signal positive divergence with weekly RSI at 63 odd levels and MACD is trading above its signal-line on a weekly scale.

The weekly resistance for the index is now seen at 12021 odd levels while support is placed at 11,830-11,704 odd levels.

With a series of credit rating downgrade for company like DHFL and Eros International, the likelihood of similar actions for troubled companies is likely to have a negative impact on sentiment in short-term basis.

We continue to advise investors to remain selective on long position with positive price momentum, and any weaknesses at a higher level to be used for booking profit. We maintain a rangebound level at 12000 levels on upside and 11,704 levels on the downside.

Here is a list of top three stocks which could give 2-6% return in the next 1 month:

Power Finance Corporation: Buy | LTP: Rs 134 | Target: Rs 140 | Stop Loss: Rs. 125 | Upside 4%

Power Finance Corporation continued to trade in a positive trajectory (for 4 consecutive weeks) despite a weak market breadth to form higher highs in recent sessions, and made new 52-weeks high on the daily scale.

The scrip also managed to move upward from resistance of 20-days moving average level placed at Rs 120 odd levels on a weekly basis with a surge in volume during the same period, and a strong support zone is seen at Rs 110 odd levels.

The scrip formed candlestick pattern on weekly price chart for the fourth period which indicates massive buying interest across different level, and formed a bullish pattern on the daily price chart.

The momentum indicator also outlined a positive divergence in price with weekly RSI at 69 odd levels coupled with MACD making a bullish crossover to trade above its Signal-Line.

Coal India Ltd: Buy | LTP: Rs 265 | Target: Rs. 280 | Stop Loss: Rs. 255 | Upside 6%

Coal India continued to trade in a positive trajectory on its long-term price chart to form higher-high and higher-lows, and also managed to move upward from its previous swing-high of Rs 258 on a closing basis which indicates a strong trend for scrip.

The scrip also witnessed a breakout from its 200-days moving average placed at Rs 249 odd levels, and currently holds strong support zone at Rs 225-230 odd levels after making a healthy correction from the previous swing high.

The buying regime helped the scrip to form ‘long’ bullish candlestick pattern on the weekly price chart for two consecutive coupled with strong bullish candlestick pattern on a daily price chart indicating buying interest at the current level.

The momentum indicator also outlined a positive divergence in price with weekly RSI at 63 odd levels coupled with MACD managing to trade above its Signal-Line on a daily scale.

Aurobindo Pharma Ltd: Sell | LTP: Rs 619.80 | Target: Rs 605 | Stop Loss: Rs. 645 |Downside 2%

Aurobindo Pharma continued to trade in negative the trajectory for an extended period from a higher price band for almost one month, and subsequently slipped from its crucial support of Rs 650 odd levels in current session.

With sixth consecutive weeks of negative trade, the scrip now trades below all the moving average as it recently slipped from 20-days moving average placed at Rs 688 levels on closing basis.

The scrip formed ‘long’ bearish candlestick pattern on both weekly and daily price which indicates persistent selling pressure from higher level.

The momentum indicator continued to outline a weak trend with RSI at 33 odd levels coupled with MACD making a bearish crossover in recent session to trade below its Signal-Line.

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Stock picks of the day: Any dip towards 12,040 could be used to create long positions

The Nifty50 resumed its upward journey, following a minor hiccup in Friday’s trading session to shut shop at a fresh all-time high, comfortably above the 12,000-mark on June 3.

Further, it has broken out from an Ascending Triangle pattern neckline which also was the recent all-time high i.e. 12,040, suggesting a continued bullish stance for the coming trading sessions.

A sustained trade above 12,050 will take the index higher to levels of 12,155-12,240. Any intraday throwback to this level of 12,040-12,050 can be used to initiate fresh longs for upside targets of 12,155-12,240.

However, if the index fails to hold onto this crucial support of 12,040-12,030, it can halt the immediate bullishness dragging it lower to levels of 11,920-11,830.

Moreover, the RSI’s position on the shorter time frame is also suggesting an extended uptrend.

Here is a list of top three stocks which could give 8-13 percent return in the next three to four weeks:

Voltas: Buy| Target: Rs 665| Stop Loss: Rs 565| Upside 13 percent

On the weekly chart, Voltas is on the verge of a breakout from a trend-line resistance placed at Rs 598.

A sustained trade beyond this neckline backed by healthy volumes can resume the uptrend in the stock taking it higher to levels of Rs 635-665.

Moreover, it toook support at the 78.6 percent Fibonacci retracement level in the recent correction and turned higher, indicating that the bulls are actively buying at the support area to push the stock higher.

The RSI has also turned north after taking support at the 50-level forming a higher low. The stock may be bought in the range of Rs 588-594 for the target of Rs 635-665, and keep a stop loss below Rs 565.

Avenue Supermarts: Buy| Target: Rs 1,450| Stop Loss: Rs 1,300| Upside 8 percent

On the daily chart, Avenue Supermarts is on the verge of a breakout from an Ascending Triangle, suggesting a bull trend may be on cards after a successful breakout.

The neckline of the pattern is placed at Rs 1,355, and a sustained trade beyond this resistance line will take the stock higher to levels of Rs 1,400-1,450.

Further, it turned higher after taking support at the 161.8 percent Fibonacci extension level confirming the completion of the corrective wave.

The RSI has also turned higher after making a positive divergence suggesting higher levels. The stock may be bought in the range of Rs 1,335-1,345 for targets of Rs 1,400-1,450, and keep a stop loss below Rs 1,300.

Aditya Birla Capital: Buy| Target: Rs 115| Stop Loss: Rs 98| Upside 13 percent

On the daily chart, Aditya Birla Capital is approaching trend-line resistance formed joining recent highs placed at Rs 103. A sustained trade beyond this neckline can take the stock higher to levels of Rs 108-115.

Moreover, it has turned upwards after forming a higher low suggesting that the downtrend is coming to an arrest. Further, the RSI is also suggesting higher levels in the coming trading sessions. The stock may be bought in the range of Rs 101-103 for targets of Rs 108-115, keeping a stop loss below Rs 98.

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Stock picks of the day: HSIL, Surya Roshni could see Golden Crossover breakout; here’s why

It is time to "make hay while the sun shines" for Midcap and Smallcap stocks. Aggressive long bets can be taken in good quality midcap and smallcap stocks

The Nifty 50 closed at the new all-time closing high of 11,924 on May 27. The index has recouped all the losses which were seen from April 18, when the index was trading at 11,856 to May 14, when it hit 11,108 due to global market weakness.

The Nifty 50 has formed a "Cup and Handle" pattern on the weekly charts, which indicates a continuation of the primary bullish trend after running correction.

The immediate target for the Nifty is seen at 12,430, which happens to be the 138.2 percent Fibonacci retracement of the entire swing seen from 11,760 (August 2018 Top) to 10,004 (October 2018 bottom).

As far as the support level is concerned, it is seen around 11,700 for the Nifty.

The technical setup for Bank Nifty seems better than Nifty on the charts and the same could help the index to outperform. The target for Bank Nifty is seen somewhere around 32,800 levels. Support levels for the index is seen in the range of 30,600-30,700.

The Nifty Midcap and Smallcap indices have developed a Golden Crossover on the daily charts last week which means that 50-DMA has crossed-over the long term average of 200-DMA.

Golden Cross is a sign of medium to long term bullish trend reversal. Though Nifty registered new all-time high recently, Nifty Midcap index is still down 18 percent and the Nifty Smallcap index is down by about 31 percent from their respective all-time highs registered in January 2018.

The Nifty Midcap Index is likely to form a bullish "Hammer" candlestick pattern on the monthly charts. The candle is being formed at the very strong support derived from long term upward sloping trend line on the monthly charts.

For the last one year, the performance gap between Midcaps and Largecap has widened significantly and the same is expected to narrow down gradually from here.

To conclude, we believe that it is time to "make hay while the sun shines" for Midcap and Smallcap stocks. Aggressive long bets can be taken in good quality midcap and smallcap stocks.

The market breadth is expected to improve with a big margin from here. We expect Nifty Midcap and Smallcap Indices to give 10-15 percent return from these levels. As far as Nifty is concerned, it is likely to test the 12,430 target in the short term.

Here is a list of top three stocks which could give 12-15 percent return in the next one month:

RBL Bank: Buy | LTP: Rs 697 | Target: Rs 781 | Stop-Loss: Rs 638 | Upside 12%

The stock broke out from the nine weeks’ price consolidation. The crucial resistance level of the stock which was placed at Rs 690 was taken out on the closing basis.

Volumes during the recent breakout saw a significant jump, and the stock is now trading above all the important moving averages. It is forming higher tops and higher bottoms on the weekly and monthly charts.

The stock witnessed a Triangle Breakout on the daily charts which indicate a continuation of the bullish trend. Indicators and Oscillator setup have turned bullish on the daily as well as weekly charts.

Considering the technical evidence discussed above, we recommend buying the stock at CMP and average it around Rs 660, for the target of Rs 781, and keep a stop loss at Rs 638 on closing basis.

HSIL: Buy | LTP: Rs 299 | Target: Rs 345 | Stop-Loss: Rs 280 | Upside 15%

The stock price has developed a golden crossover of 50 and 200 DMA, indicating medium to a long-term bullish trend reversal.

The stock formed an inverse head and shoulder pattern breakout on the weekly charts. The downward sloping trend line breakout is witnessed on the monthly charts.

Considering the technical evidence discussed above, we recommend buying the stock at CMP and average it at Rs 287, for the target of Rs 345, and keep a stop loss at Rs 280 on closing basis.

Surya Roshni: Buy | LTP: Rs 262 | Target: Rs 300 | Stop-Loss: Rs 242 | Upside 15%

The stock price has taken out the strong resistance formed around its 200-DMA. The stock recorded a breakout from the downward sloping channel on the daily charts.

The volumes have also gone up along with the price rise in the last 6 sessions. The stock is very near to develop Golden Crossover of 50-DMA and 200-DMA crossover.

Considering the technical evidence discussed above, we recommend buying the stock between CMP and Rs 250 for the target of Rs 300, and keep a stop loss at Rs 242 on a closing basis.

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Stock picks of the day: PVR, Aurobindo Pharma & Indian Hotels expected to gain

Nifty gave up early gains and closed in negative on May 2 but above its crucial support level of 11,700. The S&P BSE Sensex failed to hold on to its crucial support of 39,000.

Though Nifty witnessed breakout above its previous high of 11,760 and touched a new all-time high of 11,856, the market is largely sideways in the range of 250 points for last four weeks.

The index hasn’t broken its previous swing low of 11,550 thus, maintaining the sequence of higher highs and high lows. Hence, 11,550 becomes a pivotal support level for the market.

However, breaking below 11,550, the market will see a break in the current uptrend and profit booking will emerge in the market initially towards 11,350-11,310 levels.

On the upside, 11,800-11,860 will act as resistance zone for the market. Crosses above 11,860 on a sustainable basis, Nifty can rally initially towards 12,000 and then 12,200.

Here is a list of top five stocks which could give 13-20% return in the next 1  month:

PVR: Buy| LTP: Rs 1,763| Stop Loss: Rs 1,695| Target: Rs 2,000| Upside 13%

The stock has been consolidation in the range of Rs 1,650 and Rs 1,100 odd level for the last two years. It has formed a bullish cup and handle pattern on the weekly chart and witnessed a breakout in early April.

After consolidating above the breakout level for the last few weeks, the stock has now resumed its uptrend and hit a new all-time high of Rs 1780 earlier this week.

The up move was backed by high volumes and strong momentum indicated by the long body bullish candle. The price has given a breakout on the upside from the Bollinger Band. The expansion of bands indicates a continuation of the trend in the direction of breakout on the daily chart.

MACD line has given a positive crossover with its average above the equilibrium level on the daily chart. Thus, the stock can be bought at current levels and on dips towards Rs 1645, and a stop loss below Rs 1695 for a target of Rs 2000 levels.

Aurobindo Pharma: Buy| LTP: Rs 818.65| Stop Loss: Rs 780| Target: Rs 950| Upside 16%

The stock has seen a multi-year consolidation of more than three years between Rs 895 and Rs 500 odd levels. Since September last year, the stock has consolidated between Rs 830 and Rs 695 levels.

Currently, the price is trading at a breakout level and is likely to see a breakout on the upside which will take it towards the all-time high of Rs 895.

Last week, the stock witnessed a strong up move backed by high volumes indicating buying participation in the stock.

The price has given a breakout on the upside from the Bollinger Band, and with the expansion of bands indicate a continuation of the trend in the direction of breakout on the daily chart.

MACD line has given a positive crossover with its average above equilibrium level on the daily chart. Thus, stock can be bought at current levels and on dips towards Rs 805 with a stop loss below Rs 780 and a target of Rs 950 levels.

Indian Hotels Company: Buy| LTP: Rs 154| Stop Loss: Rs 146| Target: Rs 185| Upside 20%

The stock has seen a major consolidation between Rs 161 and Rs 120 levels for the last 15 months. On the shorter-term time frame, it has formed a rounding bottom pattern over the four-month period and saw a breakout in March to touch a high of Rs 161.

Breakout was on strong momentum and high volumes which indicates buying participation in the stock. The recent correction from the high has been on below-average volumes and tested a breakout level.

Also, the price has taken support at its 21-days exponential moving average and holding well above it. The Relative Strength Index (RSI) and Stochastic have given a positive crossover with their respective averages on daily chart suggesting the correction is overstock is resuming its uptrend.

Thus, the stock can be bought at current levels and on dips towards Rs 151 and a stop loss below Rs 146 and a target of Rs 185 levels.

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Source: Moneycontrol

Aberdeen Standard sees room to increase India exposure

The key driver to the current rally that has seen benchmark indices hitting their life highs is foreign institutional investors who have pumped nearly Rs 65,000 crore in Indian equities since February. Meanwhile, the domestic institutional investors have remained net sellers during the same period.

"FIIs are working with the base case scenario of Narendra Modi coming back as Prime Minister again," said Hugh Young of Aberdeen Standard Investments who thinks there is room to increase exposure to India.

Aberdeen Standard Investments has an overweight position in India for 25 years.

In an interview to CNBC-TV18, he said the implementation of policies post elections is the most important factor and the key thing is to have a government that implements all those policies.

Opinion polls still indicated that BJP-led National Democratic Alliance is expected to get at least 240-260 seats in general elections 2019, which is closer to half-way mark that it needs to form the government.

"We don't see any particular reason for underperformance of India," Young said, adding they do keep a watch on energy prices due to India's dependence on crude imports.

In last four months, crude oil prices increased a whopping 50 percent from December lows around $50 a barrel amid Iran sanctions. Currently, Brent crude futures, the international benchmark for oil prices, traded over its five-month high of $74 a barrel.

Oil is the key part of our import bill as India imports more than 80 percent of the requirement. So any increase in crude prices directly hits the trade deficit of the country.

Sectors

Consumption growth has been a concern, Young said. Consumption has slowed down for the last several months amid liquidity crisis that hit in September.

Aberdeen Standard Investments has been shareholders of Gruh Finance for a year or more. It also has exposure to Bandhan Bank.

Banking & financials segment is the key driver in the current rally on hope of easing asset quality concerns and strong credit growth ahead.

"ICICI Bank had a wobbly time but has picked up recently," Young said, adding one of the issues in the FMCG space is that they are expensive.

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Source: Moneycontrol

Stock picks of the day: Key resistance for Nifty at 11,700 ahead of expiry

Benchmark index started the monthly expiry week on a negative note and extended its losses for the second consecutive session on the back of hefty profit booking in auto, banking and financial stocks.

On the derivative front, call writers were seen active in 11,700 strikes which now holds with a maximum open interest of more than 53 lakh shares and at the moment will act as a key resistance level from expiry point of view.

However, on the downside, the immediate support is placed at 11,500 levels for Nifty while 29,350-29,250 zone will act as a major support for Bank Nifty.

On the other hand, India VIX is also maintaining well above 24 levels which clearly indicates that volatility will likely grip the market in coming sessions as well with limited upside on cards.

Here are three stocks that could give 6-11% return in the next 1 month:

Hindustan Unilever: Buy| Target: Rs 1,850| Stop Loss: Rs 1,675| Upside 6%

In the last two months, the stock has been under pressure. It is trading in a sloping channel with the formation of a lower high lower bottom pattern on daily charts.

However, in recent weeks, the stock has managed to take support at its 200-days exponential moving average on daily charts and given almost V-shaped recovery from the lower levels with a breakout above the falling trend line of the sloping channel.

From the technical front, the stock is also forming a W-pattern on the daily time frame along with positive divergence on secondary oscillators, pointing towards more upside.

Traders can accumulate the stock in the range of Rs 1740-1745 for the upside target of Rs 1850 levels with a stop loss below Rs 1675.

City Union Bank: Buy| Target: Rs 1,821| Stop Loss: Rs 1,580| Upside 9%

The stock has been maintaining its bull run since the beginning of the year and is trading well above its long and short-term moving averages.

At the current juncture, the stock has once again given a fresh breakout above the bullish flag pattern visible on the weekly charts along with marginally higher volumes which suggest for more upside in coming sessions.

So, traders can accumulate the stock in the range of Rs 203-205 for the upside target of Rs 220 levels and a stop loss below Rs 193.

Supreme Industries: Buy| Target: Rs 1,290| Stop Loss: Rs 1,085| Upside 11%

After taking support at its 200-day exponential moving average on the weekly charts, the stock recovered sharply to reclaim Rs 1100 levels once again.

On the daily chart interval, the stock has formed an inverted head and shoulder pattern and is on verge of breakout above the neckline of pattern formation.

Alongside it has also managed to give a consolidation breakout on the shorter time frame. So, traders can accumulate the stock in the range of Rs 1160-1170 for the upside target of Rs 1290 levels and a stop loss below Rs 1085.

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Source: Moneycontrol

Stock picks of the day: 'Buy ICICI Bank, Indian Hotels for short-term gains'

Nifty touched a new all-time high of 11,810.95 and closed at 11,787 levels on April 16. The rally was led by banks, capital goods, energy and FMCG stocks.

However, broader market indices underperformed the benchmark with BSE Midcap and Smallcap gaining 0.12 percent and 0.37 percent, respectively.

The Nifty after consolidating for two weeks below the previous high of 11,760 gave a breakout on the upside and closed at a new all-time high.

The index formed a bullish candle after a gap-up opening indicating follow-through action. We expect the uptrend to continue initially towards 12,000 and then towards 12,300 levels.

On downside, recent consolidation low of 11,550 is now pivotal support with near support at 11,680 for the market.

Here is a list of top 3 stocks that could give 12-20% return in the next 1 month:

ICICI Bank: Buy| LTP: Rs 407| Stop Loss: Rs 385| Target: Rs 475| Upside 16%

The stock witnessed breakout in early March from a bullish cup handle pattern on the weekly chart. Since then, for the last four weeks, the stock had been trading in a range of Rs 400 and Rs 380 odd levels at its all-time high levels.

On Tuesday, the stock gave a breakout from the short-term consolidation on strong momentum and good volumes. The price has given a breakout on the upside from Bollinger Band with expansion of bands indicating continuation of trend in the direction of breakout on daily chart.

The Average Directional Index (ADX) line indicator of trend strength has turned up from the equilibrium level of 20 on weekly chart.

Relative strength index and Stochastic have given positive crossover with their respective averages on the daily chart. Thus, stock can be bought at current levels and on dips to 400 with a stop loss below Rs 385 and a target of Rs 475 levels.

Vinati Organics: Buy| LTP: Rs 1,742| Stop Loss: Rs 1,675| Target: Rs 1,950| Upside 12%

The stock has been in an uptrend for the last one year forming higher tops and higher bottoms on the weekly chart. After hitting a high of Rs 1,727 in December last year, the stock has been consolidating below it.

The stock touched a new all-time high on closing basis on Tuesday. ADX line indicator of trend strength has turned up from equilibrium level of 20 on the daily chart.

MACD line has given a positive crossover with its average on the weekly chart. The Relative strength index and Stochastic have given positive crossover with their respective averages on the daily chart.

The stock can be bought at current levels and on dips towards Rs 1,720 with a stop loss below Rs 1,675 and a target of Rs 1,950 levels.

Indian Hotels Company: Buy| LTP: Rs 154| Stop Loss: Rs 146| Target: Rs 185| Upside 20%

The stock has seen a major consolidation between Rs 161 and Rs 120 levels for the last 15 months. On the shorter term time, it has formed a round bottom pattern over a four-month period and saw a breakout in March to touch a high of Rs 161.

Breakout was on strong momentum and high volumes which indicates buying participation in the stock. The recent correction from the high has been on below-average volumes and taken support at the 21-day exponential moving average.

Stochastic has given positive crossover with its average on daily chart suggesting correction is over stock is resuming its uptrend. Thus, stock can be bought at current levels and on dips to Rs 151 with stop loss below Rs 146 for target of Rs 185 levels.

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Source: Moneycontrol

Stock picks of the day: Why Maruti, PVR & Marico are good short-term buys

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.

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Source: Moneycontrol

Stock picks of the day: Break below 10,800 on Nifty could trigger further fall to 10,650

The market ended marginally higher amid volatility for the week ended February 8 extending its prevailing consolidation phase. The sentiment was upbeat in the first three sessions taking cues from recently announced Interim Budget and optimism ahead of the monetary policy review meeting.

However, participation was limited largely to the index majors while decline continued on the broader front. Profit taking in final sessions trimmed gains of the benchmark index, too, and Nifty finally closed at 10,943.60.

The Nifty couldn’t sustain above 10,950 last week despite a good start. The momentum was weighed down by continuous fall on the broader front which kept the uneasiness intact.

We maintain our stance that convergence between the broader market and the benchmark index is essential for any sustainable move.

Nifty has crucial support at 10,800 and its breakdown could trigger further fall to 10,650. In case of any up move, 11,100 will act as a hurdle. Considering the present scenario, we advise keeping limited exposure and preferring hedged trades.

Here is a list of top three stocks which could give 4-6% return in the next 1 month:

HDFC Bank: Buy| Target: Rs 2,230| Stop-Loss: Rs 2,080| Upside 4.4%

Among the private banking space, HDFC Bank holds prominence due to its consistent performance. It is currently trading strongly above the support zone of major moving averages on multiple time frames, clearly indicating its strength.

Also, the stock is now on the verge of a fresh breakout from its two-month-long consolidation phase and is likely to make a new record high soon. We advise traders not to miss this chance and initiate fresh long positions in the mentioned zone of Rs 2125-2135.

UPL: Buy| Target: Rs 850| Stop Loss: Rs 775| Return 6.2%

UPL after consolidating in a narrow range recorded a breakout recently and is now gradually inching higher towards its record high. Though it looks firm, we may see a marginal dip before the further up move.

We advise participants to utilize that phase to create a fresh longs position in the given range Rs 790-800. It closed at Rs 805.85 on February 11, 2019.

ICICI Bank: Sell Feb Futures| Target: Rs 334| Stop Loss: Rs 364 | Downside 5.4%

After making a record high at Rs 383.55 last month, ICICI Bank is currently witnessing profit booking and likely to see fresh fall below Rs 348 levels. The resistance of long term trend line combined with the positioning of oscillators is adding to the negativity. We advise creating fresh shorts within Rs 353-356. It closed at Rs 352 on February 11, 2019.

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Source: Moneycontrol

Stock Picks of the Day: Here's why Bajaj Fin, Wockhardt are Angel Broking's top bets

Last week, one day ahead of the Union Budget, the recovery mode started for the market. After a good up move of nearly 500 points in just five days, the rally halted on the day of RBI Monetary Policy meet outcome.

It was quite surprising to see a massive sell-off on the following day, despite RBI cut the repo rate by 25bps and changed the stance to neutral. The selling aggravated in the last hour of the week to shave off a decent portion of intraweek gains.

The first half of the week gone by has been fantastic for benchmarks. In the process, Nifty managed to surpass its multi-month hurdle of 11,000.

In this move, the broader market continued to underperform but on February 7, the index consolidated and there were some early signs of revival in many individual pockets.

This ecstasy did not last long as we saw yet another bout of selling across the board on February 8 to conclude the week with a lot of ambiguity. Going ahead, if the market has to see a robust move, it would be very important for other pockets to participate as well.

As far as levels are concerned, we are still in a relatively safer zone. Going ahead, 10,900–10,850 would be seen as a key support zone. Until Nifty remains above it, there is no reason to worry. On the flipside, 11,041 followed by 11,118 are the levels to watch out for.

At this juncture, a prudent strategy would be to stay light and follow a stock specific approach. One can switch to the aggressive mode only after Nifty surpasses 11,000 along with the broader market participation.

In this scenario, a move towards 11,300–11,400 cannot be ruled out. Only a sustainable move below 10,850 would give a dent to above mentioned optimistic scenarios.

Here are two stocks that could give 7-12 percent return in the next 1 month:

Bajaj Finance: Buy| LTP: Rs 2,702| Target: Rs 2,898| Stop loss: Rs 2,620| Upside: 7 percent

This stock has seen a gradual recovery in the last three months after undergoing a massive price correction in September.

The last couple of weeks has been good for this stock and in this course of action; the stock went on to confirm a breakout from its recent congestion zone around Rs 2,650.

In addition, the ‘RSI-Smoothened’ on the daily chart has surpassed the threshold level of 70, which bodes well for the bulls. We recommend going long for a positional target of Rs 2,898 in the coming days. The stop loss can be placed at Rs 2,620.

Wockhardt: Buy| LTP: Rs 415.15| Target: Rs 468| Stop loss: Rs 395.80| Upside: 12 percent

It may sound an extremely contradictory call but looking at recent developments, we are inclined to do so. Due to recent sharp selloff, the stock prices has entered the deeply oversold territory.

On February 6, we witnessed a V-shaped recovery from its multi-year falling trend line support area. In the process, the stock prices went on to form a ‘Bullish Hammer’ pattern around it.

The said pattern has been confirmed on a closing basis and hence, we expect a good relief move in this counter. One can look to go long around for a target of Rs 468 in the coming weeks. The stop loss can be placed at Rs 395.80.

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Source: Moneycontrol