The bulls took charge of the benchmark equity indices last week, with the NSE Nifty index and BSE Sensex advancing over 2 per cent each for the week ended July 27.
The 50-share Nifty index jumped 268 points to 11,278 on July 27 from 11,010 on July 20, while the Sensex gained 840 points to 37,336 from 36,496 during the same period.The Nifty50 and Bank Nifty have entered a new territory, breaching the resistance bands and are now at their peak levels.
The bias has turned positive, but chances of a small correction cannot be ruled out.
Nifty support for the week is seen at 11,070 and resistance at 11,430, said Vaishali Parekh, Head of Technical Desk at Prabhudas Lilladher.Based on various brokerage recommendations, here is a list of 10 trading strategies that investors can look at over the next 7-21 sessions:Analyst: Milan Vaishnav, Technical Analyst, Gemstone Equity Research and AdvisoryPiramal Enterprises | Buy | Target: Rs 2,795 | Stop Loss: Rs 2,580After remaining in a corrective downtrend and then in a broad trading range for most part of the year, this stock has seen a breakout from an ascending triangle pattern.
Post breakout, the stock suffered a throwback and returned to the level from where it broke out.
A couple of signals have emerged, which point towards likely resumption of the upward move.
The weekly MACD charts stay in continuing buy mode, while the weekly RSI has marked a fresh 14-period high, which is a bullish signal, and it is also seen breaking out of a pattern.
The prices closed above the upper Bollinger band, but pulled back inside temporarily.
There are high chances of price moving higher.
Any move below Rs 2,580 will be negative for the stock.Godrej Industries | Buy | Target price: Rs 700 | Stop loss: Rs 615This stock tested the high of Rs 697 a year back and has since remained in a broad trading range for a long time.
It remained in a slightly sloping channel while in a corrective decline.
It formed a base in the Rs 500-550 zone and has attempted to move out of the corrective channel.
At present, the stock has broken out of a pattern.
Weekly RSI has marked a fresh 14-period high and this is bullish.
It is seen marking higher bottoms and is also seen breaking out of a pattern.
On-Balance Volume or OBV has already marked a fresh high.
Prices have ended outside the upper Bollinger band on both time frame charts.
Though a temporary pullback inside the bands cannot be ruled out, there are high chances that the breakout may continue.
Any move below Rs 615 will be negative for the stock.Analyst: Aditya Agarwala, Technical Research Analyst, YES Securities (India)JK Lakshmi Cement | Buy | Target price: Rs 362/375 | Stop loss: Rs 323On the daily chart, JK Lakshmi Cement is on the verge of a breakout from an Ascending Triangle pattern whose neckline placed at Rs 348.
A breakout and sustained trade above the pattern neckline will resume the uptrend taking the stock higher.
On the weekly chart, it has reversed making a higher bottom and tweezers bottom bullish candlestick suggesting bull strength.
RSI has turned upwards after taking support at the previous support level of Rs 335 level, indicating a range shift in favour of the bulls.
The stock can be bought in the range of Rs 341-343 for targets of Rs 362-375; keeping a stop loss below Rs 323.Alembic Pharmaceuticals | Buy | Target price: Rs 625/680 | Stop loss: Rs 540On the weekly chart, Alembic Pharmaceuticals has broken out from a Wedge pattern neckline triggering resumption of the bull trend.
Further, a sustained trade above Rs 575, which was the recent peak, can extend the uptrend to Rs 625-680 levels.
On the daily chart, the stock has broken out of a consolidation phase with healthy volumes, suggesting bullishness.
On the daily chart, the RSI has turned upwards after breaking out of the upper Bollinger Band and entering in the bull zone affirming the strong bullishness dominant in the stock.
The stock can be bought in the range of Rs 575-579 for targets of Rs 625-680, keeping a stop loss below Rs 540.Mazhar Mohammad, Chief Strategist Technical Research and Trading Advisory, Chartviewindia.inTata Global | Buy | Target price: Rs 280 | Stop loss: Rs 230 After the recent correction from the high of Rs 284, this counter appears to be in a consolidation mode around the Rs 240 mark from where it can initiate a decent pullback rally.
However, it can encounter some resistance around the Rs 249 mark, but once that level is conquered, the momentum shall pick up on this counter.
Hence, positional traders should make use of current consolidation phase and go long for a target of 280.
Stop loss suggested for the trade is below Rs 230 on a closing basis.Vijaya Bank | Buy | Target price: Rs: 74 | Stop loss: Rs 52This counter appears to have started a fresh leg of upswing from the recent lows of Rs 49 from where it has swiftly moved to erase the major part of the multi-week losses witnessed from the high of Rs 65 in a single week.
Considering the fact that this counter has rallied around 15 per cent in last two sessions, traders should adopt a two-pronged strategy of buying now and adding further on declines in the zone of Rs 58-55.
On continuation of this strong upward move, this counter can be expected to test its interim top of Rs 76.
Positional traders shall plan fresh longs as suggested for a target of Rs 74 with a stop below Rs 52 on a closing basis.Jindal Steel and Power | Buy | Target price: Rs 227 | Stop loss: Rs 190After the recent correction from the high of Rs 265, this counter appears to have hit the bottom at a recent low of Rs 177 from where it has swiftly rallied last week signalling a short term bottom around those levels.
Hence, sustaining above the said levels this rally shall retrace at least 62% of its last leg of fall from the interim top of Rs 265 to a low of Rs 177.
Hence, positional traders shall buy into this counter for an initial target of Rs 227 with a stop loss below Rs 190 on a closing basis.Vaishali Parekh, Head-Technical Desk, Prabhudas LilladherCrompton Greaves Consumer | Buy | Target price: Rs 270 | Stop loss: Rs 230This stock has seen a good bounce from the bottom made at around Rs 215 level and it has moved past the significant 200-DMA moving average to show strength for further upward rally and with the RSI also on the rise indicating a trend reversal the bias has become further strong and positive.
With good volume participation witnessed, the analyst recommended a buy in this stock for an upside target of Rs 270, keeping a stop loss at Rs 230.Motherson Sumi |Buy | Target price: Rs 342 |Stop loss: Rs 304This stock has given a good rally from the bottom made near Rs 280 level and currently a breakout has been maintained moving above the previous consolidation levels of Rs 310-314, signalling strength and has the potential to rise further with a positive bias.
The RSI has been strong which is on the rise and also the MACD has recently turned its trend to positive.
With volume participation increasing in recent times, Parekh recommend a buy in this stock for an upside target of Rs 342 keeping a stop loss of Rs 304.Nagaraj Shetti, Technical Research Analyst, HDFC SecuritiesCESC | Buy | Target price: Rs 1,060 |Stop loss: Rs 895CESC, as per weekly timeframe was moving in a larger consolidation band in the last few months.
The consolidation pattern has occurred at the key lower support of Rs 870 level, which is also considered as an important reversal pattern of double bottom.
Formation of long bull candle with long lower shadow is indicating an emergence of buying interest from the lows.
A rise in volume and positive indication by the momentum oscillator is suggesting a long trading set up.
Buying can be initiated at the current market price, look to add more on dips down to Rs 910, and hold for the upside target of Rs 1,060 for the next 3-5 weeks.
Place a stop loss at Rs 895.(Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com.
Please consult your financial adviser before taking any position in the stock/s mentioned)Top stocks to buy this week28 Jul, 2018The domestic equity market witnessed a euphoric rally, albeit a fractured one, in recent times.
The Sensex settling above 37,000 and the Nifty topping 11,250 in a first bore the tell-tale signs of a growing market clout.
Let's check out stocks that look good on technical charts for week.Piramal Enterprises | BUY | Target Price: Rs 279528 Jul, 2018After remaining in a corrective downtrend and then in a broad trading range for the most part of the year, the stock has given a breakout from an ascending triangle pattern.
However, post breakout, it suffered a throwback and returned to the level from where it broke out.
Couple of signals have emerged which point towards likely resumption of the up move.
Weekly MACD stays in continuing buy mode.
Weekly RSI has marked a fresh 14-period high which is bullish, and it is also seen breaking out of a pattern.
The prices closed above the upper Bollinger band but pulled back temporarily inside.
There are high chances of price moving higher.
Any move below 2580 will be negative for the stock.GP Petroleums | BUY | Target Price: Rs 9628 Jul, 2018After testing highs around 96 in early 2018, the stock remained in a corrective downtrend.
After finding bottom in the 70-75 zones, the stock has marked a successful reversal after breaking out from a symmetrical triangle formation.
The stock has ended above the Bollinger band.
The bands are over 30% narrower-than-normal.
All this cumulatively can result into a breakout and its continuation subsequently.
Weekly MACD stays in continuing buy mode.
Weekly RSI has marked a fresh 14-period high.
It is seen marking higher bottoms and is also seen breaking out from a formation.
Upward revision of prices in coming days can be expected.
Move below 78 would be negative for the stock.Godrej Industries | BUY | Target Price: Rs 70028 Jul, 2018The stock tested highs of 697 a year before and then has remained in a broad trading range for a long time.
It remained in a slightly sloping channel while in a corrective decline.
It formed a base in the 500-550 zones and has attempted to move out of the corrective channel.
Presently to stock has broken out of a pattern.
Weekly RSI has marked a fresh 14-period high and this is bullish.
It is seen marking higher bottoms and is also seen breaking out of a pattern.
On-Balance Volume OBV has already marked a fresh high.
Prices have ended outside the upper Bollinger band on both time frame charts.
Though a temporary pullback inside the bands cannot be ruled out, there are high chances that the breakout may continue.
Move below 615 will be negative for the stock.Emami | BUY | Target Price: Rs 60028 Jul, 2018After testing highs around 682, the stock witnessed corrective decline though it stabilized in the 500-515 zones.
For past couple of months, it has traded sideways in a 505-560 zone as it formed a trading range for itself.
Couple of signals have emerged which point towards likely resumption of any up move in prices.
Weekly MACD stays in continuing buy mode.
Weekly RSI too has marked a fresh 14-period high which is bullish.
It is also seen breaking out of a pattern.
On-Balance Volume OBV has marked a fresh high which is a bullish sign.
The prices have ended above the upper Bollinger band and this increases the possibility of a breakout after a minor consolidation.
Any move below 548 will be negative for the stock.