The year 2018 started on a pessimistic note and Nifty50 broke its previous week low of 10460 which coincided with the Doji candle. Subsequently, the bulls made several attempts to cross 10500 level but failed to breach it on closing basis which indicates loss of momentum.
Broadly speaking, although the Nifty crossed its previous all-time high, Nifty Bank is still trading well below its previous all-time high of 25,954. Hence, the move of Nifty got failed to confirm by the Nifty Bank which is the basic tenets of Dow Theory.
In Thursday’s session, fresh buying interest was seen in heavyweight stocks that helped Nifty to breach 10500 and close above that. However, on the higher side, call writing seen at 10500 and 10600 strike option will continue to be a stiff supply zone for indices in the short-term.
At this juncture, 10400 will act as an immediate support for the index and any break below this level will trigger a fresh sell-off. In that case, Nifty may correct towards 10330-10270 levels respectively.
On the other side, 10570 will act a strong resistance whereas the near term resistance is placed around 10,520 on a closing basis.
Here is a list of top 4 stocks which can give up to 25% return in the next 15-21 sessions:
ICICI Prudential Life Insurance Company Ltd: BUY above Rs383| Target Rs410| Stop loss Rs370| Time Frame 8 to 10 sessions| Return 7.8%
RCF: BUY around 103.50 / 101.50| Target 115 / 120| Stop loss Rs94.90| Timeframe 15 to 21 trading sessions| Return 16%
Snowman Logistics: BUY at Rs61| Target Rs76| Stop loss Rs54.30| Time frame 15 to 21 trading session| Return 25%
Britannia Industries: SELL below Rs4595| Target Rs4270| Stop loss Rs4740| Timeframe 15 to 20 trading session| Return 7%
Missed call
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