Derivative data indicates that rollover in Nifty and Bank Nifty is on the short side. From the inception of September series, we have seen selling by FIIs at higher levels which clearly indicates short buildup and discomfort in the market.
The range of 10,000-9,800 levels will remain crucial in the current expiry and the move is expected to remain volatile with negative movement, as indicated by option open interest concentration.
On bounce, the index will face strong resistance at 9,950-10,000 levels. The overall data has turned slightly negative and more weakness can be seen in coming sessions with next support placed around 9,800- 9,750 levels.
Here is a list of top five stocks which could give up to 14% return in short term:
Andhra Sugars Ltd: BUY| Target Rs 462| Stop Loss Rs 370| Return 14%
In the recent past, the stock has given price volume breakout above Rs350 levels and tested Rs420 levels. Since then consolidation has been seen in prices as the stock has traded in a range of 420-380 forming rectangle formation on daily charts.
However, in past two sessions once again buying momentum has been witnessed with prices rising with comparatively larger volumes. Traders can accumulate the stock in a range of Rs405-415 for the target of Rs462 with a stop loss below Rs370.
Deepak Fertilisers & Petrochemicals: BUY| Target Rs 420| Stop Loss Rs 350| Return 12%
The stock has been consolidating in a thin range of Rs360-390 for more than five weeks. Moreover, on weekly charts it has formed bullish flag formation is now on verge of fresh breakout.
Prices are also well maintained above its short and long-term moving averages with multiple supports on the downside. So, traders can accumulate the stock in a range of 375-380 for the target of 420 with a stop loss below 350.
Coal India: BUY| Target Rs 282| Stop LossRs 239| Return 10%
The stock has formed inverted head and shoulder formation on daily charts and is on verge of a breakout above the neckline.
Furthermore, secondary indicators like RSI and stochastic are also supporting the up move in prices moving forward. Traders can accumulate the stock in a range of Rs255-261 for the upside target of Rs282 with a stop loss below Rs239.
Jindal Saw: BUY| Target Rs 127| Stop Loss Rs 100| Return 13%
The stock has been maintaining its upside and trading in rising channel with making higher highs and higher lows on daily and weekly charts.
The prices are well above its long and short-term moving averages along with multiple supports on the downside. The trend is expected to remain to continue as higher volumes with rising prices are supporting the upside.
Traders can accumulate the stock in a range of Rs112-115 for the target of Rs127 with a stop loss below Rs100.
MindTree Ltd: BUY| Target Rs 510| Stop Loss Rs Rs 440| Return 9%
The stock has formed double bottom formation on weekly charts around Rs445 levels and rose sharply. Additionally, on daily charts, it has formed the inverted head and shoulder formation and is on verge of breakout above the neckline.
Traders can accumulate the stock in a range of Rs465-470 for the target of Rs510 with a stop loss below Rs440.
Missed
call @8817002233,WHATSAPP NO. 8602780449
Mail
Us = starindiamarket@gmail.com
No comments:
Post a Comment