INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The bulls were a happy lot last week, as they finally managed to sign off on a high
It was the third straight week when the benchmark indices ended with gains
However, a weakening rupee and volatility in oil prices may keep the market on the consolidation path, said Vinod Nair, Geojit Financial
Out of the 50 Nifty constituents, 24 closed in the green and 26 in the red
On a weekly basis, the 30-share pack of BSE gained 0.61 per cent while the 50-share Nifty added 0.66 per cent.
Good monsoon progress and a
positive outlook for the rural market are giving a boost to the economy, which is already showing signs of improvement
The risk of earnings downgrade for FY19 and weak fourth quarter numbers will test investor sentiment, Nair said.
Based on various brokerage
recommendations, here are 12 stock strategies that can potentially deliver good gains over the next three weeks.
Vikas Jain - Senior
Technical Analyst, Reliance SecuritiesHCL Technologies | BUY| Target Price: Rs 1,000| Stop loss: Rs 880This stock has formed a strong base
around its 50 per cent Fibonacci Retracement level of the prior upmove
Later, despite high volatility, the stock rose to a four-week closing high
The RSI reversed from its sub-Rs 45 level for a straight fourth time in this rally, signalling strength in the stock
A bullish crossover in the Stochastic around its oversold zone is indicating limited downside (if any).
Century Textiles | BUY | Target
Price: Rs 1,060-Rs 1,100 | Stop loss: Rs 880This stock has formed a bullish reversal pattern (i.e
Piercing Line Pattern) around the 50 per cent Fibonacci Retracement level of prior upmove, signalling a near-term turnaround
Though the short-term trend is negative in the stock, at least a corrective bounce back cannot be ruled out.
Milan Vaishnav, CMT, MSTA,
Gemstone Equity ResearchBajaj Holdings Investment | BUY | Target Price: Rs 3,050 | Stop loss: Rs 2,800This stock tested its highs in the Rs
3,000- 3,025 range in September 2017
Since then, it has been trading in a broad range and has not made any significant move
Currently, it remains in a large not-so-classical symmetrical triangle formation and looks to make an upmove
The daily MACD has reported a positive crossover and it is bullish while trading above its signal line
The weekly MACD remains in continuing buy mode
The RSI is seen marking higher bottoms and has shown a 14-period high which is bullish
Prices on the weekly charts have closed above the upper Bollinger band, which indicates a likely breakout going ahead.
Zee Entertainment
Enterprises | BUY | Target Price: Rs 580 | Stop loss: Rs 545This stock has not seen any significant rise after peaking out in the Rs 605-620
Since then, the stock has remained in a broad range and in a mild corrective decline
Few signals have emerged which point towards likely resumption of upmove
An Engulfing Bullish Candle has occurred
This shows likely reversal of the trend as it has occurred after a decline
A long lower shadow on the weekly charts, too, shows the likelihood of a potential technical pullback
A buy signal over Stochastic has emerged on the Weekly Charts with a bullish divergence against the price.
Vaishali Parekh, Research
Analyst, Technical Research, Prabhudas LilladherAmbuja Cements | BUY | Target Price: Rs 225 | Stop loss: Rs 195In last one month, this stock
has witnessed much erosion from the peak of Rs 252 to bottom out at around Rs 200 level and has now indicated a pullback recovery with
strength and potential anticipated to give a further rise in the coming days
Indicators like the RSI have been hovering around the highly oversold zone and have shown a trend reversal to signal a buy and maintain a
With rising volume participation in recent days and with favourable indicators supporting our view, we recommend a buy in this stock for an
upside target of Rs 225 keeping a stop loss of Rs 195.
JK Tyre Industries | BUY | Target Price: Rs 140 | Stop loss: Rs 117The stock
witnessed decent value erosion in last two months from its peak of Rs 170 to bottom out at around Rs 120 level
Currently, it has indicated a revival and is poised for an upmove
The RSI has hit the highly oversold zone and has indicated a trend reversal to signal a buy and the chart looks attractive maintaining a
positive bias with strength and potential to rise further in the coming days
With decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 140 keeping a stop loss of Rs
| Stop loss: Rs 190This counter appears to have bottomed out at a recent low of Rs 190, after retracing almost 80 per cent of the last leg
of the rally from the lows of Rs 105-475, as it registered a bullish engulfing formation on daily charts with relatively much higher volumes
As it added around 15 per cent from said lows of Rs 190 in last two sessions, traders are advised to adopt a two-pronged strategy of buying
now and adding on declines between Rs 215-211 for a target of Rs 249
Stop suggested for the trade is Rs 190.
Granules India | BUY | Target Price: Rs 92 | Stop loss: Rs 70There seems to be secular upmove in the
pharma sector on the back of improved sentiment from deeply oversold levels
With three positive closes in a row and Hammer formation on weekly charts, this counter appears to be ready for a pullback rally in which it
can be expected to test its 50-day EMA, whose value is placed around the Rs 94 level
Hence, traders are advised to buy into this counter with a stop of Rs 70 for a target of Rs 92.
Gajendra Prabhu, Technical Research Analyst
at HDFC SecuritiesLupin | BUY | Target Price: Rs 900 | Stop loss: Rs 760This stock has formed a strong bull candle on both daily and weekly
chart which indicates the bullish momentum
The price has started a new rising leg, post throwback fall which ended at Rs 745 and in smaller degree higher top and higher bottom
In addition, the price is placed well above the key moving averages of 21- 50-day EMAs; this could add strength to bulls
So, traders may look to buy the stock at Friday's CMP (Rs 808.40) and add in dips to Rs 775 for the upside target of Rs 900 over the next
Place a stop loss at Rs 760 (Closing basis)
VIP Industries | BUY | Target Price: Rs 485 | Stop loss: Rs 400 This stock has witnessed a new lifetime high and is in progress of
extending the current rising leg
On the daily chart, inverted Head Shoulder pattern breakout has been witnessed which is a bullish development
In addition, the price has been forming higher tops and higher bottoms which is a bullish continuation structure
So, traders may look to buy the stock at Friday's CMP (Rs 430) and add in dips to Rs 415 for the upside target of Rs 485 over the next 2-3
Target Price: Rs 775 | Stop loss: Rs 690The stock is in intermediate correction mode and it had found its feet around its previous reversal
Thereafter, it has shown sign of improvement which indicates a bullish reversal.
Ajmera Realty Infra India | BUY | Target Price: Rs 238 |
Stop loss: Rs 207The stock has formed strong Hammer pattern on the weekly chart and bullish engulfing pattern on the daily chart, both are
Please consult your financial adviser before taking any position in the stock/s mentioned.)
