INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The Nifty50 has taken out the crucial 10,650 level, which should lead it towards the broader range between 10,710 and 10,780 in
The index has its 200-day simple moving average places at 10,754, and this level is likely to be followed keenly this week
Some analysts are so bullish that they are projecting Nifty to retrace till the 10,882 level in the short term
But to do that, the index would first need to come out of the aforementioned range
On Monday, the NSE barometer reclaimed the 10,700 level in morning trade, and the momentum looked strong
The index gained 97 points, or 0.92 per cent, last week to settle at 10,682.
Based on various brokerage recommendations, here are 10 stock
ideas that can potentially deliver solid gains over next three weeks.
Jay Anand Thakkar, CMT Assistant Vice President - Equity Research,
Anand RathiApollo Hospitals| Buy | Target Rs 1,350 | Stop loss Rs 1,190This stock has seen a breakout from a falling channel
It has formed an Inverse Head and Shoulders pattern, which is a bullish reversal pattern
The stock seems to have completed Wave 4, and the Wave 5 up seems to have ensued
One can consider buying the stock for a target of Rs 1,350 with a stop loss placed at Rs 1,190.
Canara Bank |Target: Rs 295 | Stop loss: Rs
249This stock has confirmed a breakout by taking off its previous weekly swing resistance
The momentum indicators are also in buy mode, which is a positive sign for the stock going forward
Besides, the Wave 3/C has ensued, which is almost of the same momentum.
Eveready Industries | Buy | Target: Rs 243 | Stop loss Rs
189Eveready has provided a breakout from a double bottom pattern as well as from a falling wedge pattern which it had formed on the daily
With that, the stock seems to have completed a Five Wave declining structure and a minimum retracement of the same is expected to come at Rs
On the lower side, the previous swing low of Rs 189 is a good support and, thus, can be a good stop loss.
Gaurav Ratnaparkhi, Analyst,
Sharekhan by BNP ParibasBank of Baroda | Buy | Target: Rs 130 I Stop loss: Rs 130Bank of Baroda has been in recovery mode for last several
For the past few sessions, however, the stock was in the consolidation phase, which has found support near its crucial daily moving average
From there on, the stock has started moving higher again
On Friday, it broke the consolidation range on the upside
The daily momentum indicator has also triggered a fresh buy signal.
Vijaya Bank | Buy | Target: Rs 50 | Stop loss Rs 41Vijaya Bank has been
underperforming its peers for last several sessions
The stock, however, looks set to catch up on the way up
Structurally, the stock looks poised for a sharp recovery in the coming sessions
The daily momentum indicator has formed a bullish hook pattern near the equilibrium line and is ready for a new cycle on the upside
The risk-reward is attractive to initiate a fresh long position.
Milan Vaishnav, CMT, MSTA, Gemstone Equity ResearchHathway Cable and
Datacom I Buy: Above Rs 30.55 I Target: Rs 38 I Stop loss: Rs 27This stock has been under severe consolidation over the past couple of weeks
and is due for a sharp price move on either side
A couple of technical evidences suggest the likelihood of an upmove in price
The stock price has ended above the upper Bollinger Band
Further, the bands are over 90% narrower than normal
This increases the probability of a spike in volatility along with sharp price moves and it suggests a potential breakout
The stock has stalled its upward move near the 50-Week moving average and is seen fiercely consolidating
The RSI has marked a fresh 14-period and is bullish
The PPO (percentage price oscillator) remains positive
There are higher chances of positive price action on this counter.
Indian Hotels Company | Buy: Above Rs 135 I Target: Rs 160 | Stop loss Rs
120After consolidating over the past couple of days, this stock has moved outside its upper Bollinger band on the daily chart
A couple of technical evidences suggest the upward trend is likely to resume
The Bollinger Bands have become narrower than normal and this increases the possibility of a sharp price move in the near term
The PPO remains positive and the weekly PPO (percentage price oscillator) and weekly MACD have shown positive crossovers on the weekly
charts, which is a bullish indication
The RSI is breaking out of a pattern
It shows bullish divergence against price and marks a fresh 14-period high, which is a bullish signal
Chartviewindia.inBritannia | Buy | Target: Rs 6300 | Stop loss: Rs 5,780This counter appears to have broken out of its minor consolidation
zone of six sessions and resumed its short-term uptrend
Besides it is looking like a breakout from its inverted Head Shoulders formation
Towards Rs 2,370 level | Target Rs 2,814 | Stop loss Rs 2,300This counter appears to have started a fresh leg of upswing on the short-term
six sessions in one attempt
This resulted in the formation of a Hammer on the weekly chart
Positional traders should adopt a two-pronged strategy to buy and add further on declines towards Rs 2,370 level and look for a target of Rs
Stop loss should be places below Rs 2,300 on a closing basis.
Vijaya Bank | Buy | Target: Rs 49: Stop loss Rs 40After the recent drubbing
from the high of Rs 66, this counter appears to be consolidating around Rs 40 mark in last couple of weeks and looks set for a pullback with
three consecutive positive closes
On such a pullback, this counter can easily target Rs 49
Hence, positional traders can buy into this counter for the said target with a stop loss below Rs 40 on closing basis.
