INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Despite major headwinds such as rising crude prices, rupee's free fall and the RBI's hawkish stance, the bulls retained an upper
hand on Dalal Street for the fourth week in a row.
On a weekly basis, the 30-share Sensex gained 0.65 per cent, while the broader Nifty50
index added 0.79 per cent.
The Nifty IT index was the hands-down winner, gaining 4.90 per cent for the week, while the Nifty Metal pack shut
shop with a 4.45 per cent gain
This also hits the currency, as a weak rupee raises the cost of importing oil
Last week, the rupee hit a 13-month low of 66.10 against the US dollar, after the minutes of the monetary policy panel meeting suggested
assembly elections are two other key triggers that will decide market direction in the days ahead
Some analysts say any slump in the market could throw up opportunities for investors to lap up stocks.
Based on various brokerage
recommendations, here are 10 stock strategies that can potentially see good gains over the next three weeks.
Nagaraj Shetti, Technical
Research Analyst, HDFC SecuritiesV-Guard Industries | Buy | Target Price: Rs 280 | Stop loss: 232The stock, as per larger time-frame like
weekly chart, has witnessed a sharp upmove in last week
It is now making attempt to stage upside breakout of the strong overhead resistance of previous highs at Rs 252-255 levels
Hence, a sustainable rally above the resistance could have a sharp positive impact on the stock price ahead
loss: 276The IT sector outperformed last week and this stock (Wipro) fared in line with the sectoral performance
The stock has witnessed a sharp bounce from the lows, in the past couple of weeks
Currently, it is placed at the edge of the hurdle of nearly Rs 300 levels (previous larger consolidation highs)
Hence, further sustainable upmove from here could lead to an extension of upside momentum for near term
Volume and momentum oscillators are also supporting a positive pattern in the stock price.
Aditya Agarwala, Technical Analyst, YES
SecuritiesOil India | Buy | Target Price: Rs 250-260 | Stop loss: Rs 210This stock is on the verge of a breakout from a Triangle pattern,
with the resistance line placed at Rs 233
A breakout and sustained trade beyond this resistance line can extend the upmove to Rs 250-260 levels
RSI has also broken out of the consolidation zone; a move beyond the Rs 60 levels will take the stock higher in the coming trading sessions
Moreover, crude oil prices have shot up recently and are expected to touch levels of $77 which can extend the rally in the stock.
Apollo
Hospitals | Buy | Target Price: Rs 1,205- 1,290 | Stop loss: Rs 1,065The stock has broken out from a Triangle pattern neckline placed at Rs
1,110 with healthy volumes triggering resumption of the uptrend
Moreover, it has turned upwards after forming a bullish harmonic pattern suggesting higher levels in the coming weeks
A sustained trade above Rs 1,160 i.e
61.8 per cent Fibonacci retracement level can take it to Rs 1,205- 1,290 levels
The RSI has entered the bullish territory affirming strength.
Vaishali Parekh, Research Analyst, Technical Research, Prabhudas LilladherVeto
Switchgears | Buy | Target Price: Rs 250 | Stop loss: Rs 195The stock has been gradually on the rise and has indicated a positive bias and
with a positive candle pattern formed in the daily chart, we anticipate a decent rise further in the coming days with potential and strength
The indicators have been favourable, supporting our view of a positive trigger
With good volume participation, this stock can be a good buy.
Lupin | BUY | Target Price: Rs 880 | Stop loss: Rs 750This stock has given a
positive candle moving above the 34-WMA moving average indicating a positive bias to rise further with potential and strength
The stock has been consolidating for quite some time at around Rs 770 level and now it should see a breakout above the previous peak of Rs
820 and scale further upward
Chartviewindia.inGrasim | BUY | Target Price: Rs 1,201 | Stop loss: Rs 1,037This counter appears to have registered a bottom around Rs 1,040
levels after topping out in November 2017 at a high of Rs 1,300
attractive buy around these levels
Hence, positional traders can buy into this counter.
Mahindra Mahindra | Target Price: Rs 920 | Stop loss: Rs 777Last week, this counter
registered a breakout above its multi-week ascending channel, with new lifetime highs
This shall augur well for the scrip
This channel breakout is throwing up a lucrative target of Rs 935
Hence, positional traders should go long with a stop of Rs 777 for a target of Rs 920 over a period of time.
Milan Vaishnav, CMT, MSTATata
Global | Buy | Target Price: Rs 308 | Stop loss: Rs 275After peaking out in early 2018 at Rs 328, the stock has been under classical
The stock bottomed out in the Rs 250-255 zone and has shown signs that could trigger resumption of upmove in the coming days
A not-so-classical inverted (bullish) head and shoulder formation is seen on the daily charts
Daily MACD stays bullish while trading above its signal line
RSI has marked a fresh 14-period high
A buy signal has emerged over Stochastic on the Daily Charts with a bullish divergence against the price.
Bombay Dyeing | Buy | Target
Price: Rs 320 | Stop loss: Rs 265The stock tested highs of Rs 301 in late 2017 and has not made any major headway since then
It is moving in a broad trading range over last couple of weeks
A rounding bottom formation is observed within a large symmetrical triangle
Such formations have larger possibilities of getting resolved with a breakout on the upside
The prices have closed above the upper Bollinger bands on the daily chart
Though short-term pullback inside the bands is likely but on a broader note, upward momentum may continue
RSI is seen breaking out of a formation and has marked a fresh 14-period high which is bullish.
(Views and recommendations given in this
Please consult your financial adviser before taking any position in the stock/s mentioned.)
