INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The bulls had an upperhand last week, mainly driven by upbeat corporate earnings
On Friday, the BSE Sensex rallied 290 points to settle at 35,535
On a weekly basis, both gained 1.77 per cent each.
The cloud of Karnataka poll results is still hanging
It may add some volatility to the market although technical charts signal further upside potential
The Nifty is likely to inch higher towards Rs 10,910
On the way down, 10,690 will provide support in the near term
Overall, we have a bullish outlook on the index for the short term with a target Rs 10,910 and reversal placed at Rs 10,500, says Gaurav
Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas
Based on various brokerage recommendations, here are 10 stock strategies that can potentially deliver gains over the next three weeks.
Jay
breakout in second week of April and rallied sharply
However, it started moving in a corrective phase from last three weeks
Recently, the stock has again taken the support around the mentioned moving averages and started rebounding
On Monday, we witnessed a breakout from the mentioned pattern with decent volumes
Thus, long positions can be taken at the current juncture as well as on declines to Rs 335 with a stop-loss of Rs 325.
Subash Gangadharan,
Technical/Derivative Analyst at HDFC SecuritiesICICI Bank | BUY | Target Price: Rs 355 | Stop loss: Rs 290ICICI Bank is one of the strongest
stocks in the market currently
This week, the stock broke out of the Rs 274-295 trading range on the back of above average volumes
The stock also trades above the 13-day and 50-day SMA
Daily and weekly momentum readings are in rising mode and not extremely overbought
Hindustan Oil Exploration | BUY | Target Price: Rs 155 | Stop loss: Rs 121Hind Oil Exploration has rallied smartly and broken above its
recent highs of Rs 129.2 in the process
The stock also trades above the 13-day and 50-day SMA
Daily momentum readings are in rising mode and not extremely overbought.
Vaishali Parekh, Research Analyst, Technical Research, Prabhudas
LilladherBPCL | BUY | Target Price: Rs 450 | Stop loss: Rs 375The stock has witnessed a decent erosion from the peak of around Rs 545 and
has bottomed out at around Rs 375 levels, consolidating for some time to see a positive bias developing and producing a bullish candle
The chart looks attractive for a decent rise from here on, with the RSI indicating a trend reversal recently and also the MACD showing a
positive trigger for an upmove
With rising volume participation witnessed, we recommend a buy in this stock
Bajaj Finance | BUY | Target Price: Rs 1,975 | Stop loss : Rs 1,800The stock has gradually corrected from its peak of Rs 1,960 to give a
bottoming out indication at around Rs 1,820 levels and currently a positive bullish candle pattern indicates an uptrend with a positive bias
RSI is showing a trend reversal to signal a buy
The stock has maintained above the significant 50DMA and we anticipate a rise from here on to scale till Rs 1,970 levels.
Mazhar Mohammad,
new life time highs, this counter appears to be on the verge of a fresh breakout above its 3-month old ascending channel, which can throw up
a target placed around Rs 10,600 levels
levels if available for a target of Rs 10,600 with a stop loss of Rs 8,900.
Firstsource Solutions | BUY | Target Price: Rs 78 | Stop loss:
Rs 63With a fresh breakout on price and volume front after recent results, this counter looks poised to head much higher levels
Hence, traders should make use of current consolidation phase to buy now and accumulate at lower levels on declines up to Rs 65 for a target
of Rs 78.
NIIT | BUY | Target Price: Rs 121 | Stop loss: Rs 103After the recent surge from the lows of Rs 84, this counter is in a
multi-week corrective and consolidation phase and appears to have hit a bottom after testing its 50-day EMA in last session
Hence, positional traders can create longs with a stop below Rs 103 on closing basis for a target of Rs 121.
Milan Vaishnav, CMT, MSTA Emami
| BUY | Target Price: Rs 1,125 | Stop loss: Rs 1,018In the recent past, the stock has grossly underperformed not only the general markets
After resisting near the confluence of 100-DMA and 200-DMA, the stock has attempted to find a temporary bottom near the Rs 1,030-1,050 zones
Though this may not signal the reversal of trend, a technical pullback is likely
RSI has just moved above 30 from an oversold situation and this is bullish
On Weekly Charts, RSI forms a higher bottom and is seen reversing
A candle with a long lower shadow resembling a not-so-classical hammer has emerged on weekly charts
It has emerged near the support area of 200-period Moving Average and therefore, holds significance
It is also confirmed by higher than average volumes
Some upward revision of price can be expected in this stock.
Coal India | BUY | Target Price: Rs 285 | Stop loss: Rs 262For the last couple
of months, the stock has not made any major headway and is trading in a broad range of Rs 262- 299 zones
The stock has tested the lower support level of this trading range and looks for a technical pullback
A buy signal over stochastic has emerged with a bullish divergence against the price
RSI has just moved above the oversold area and this is bullish
We might see stock staging a technical pullback even if it continues to remain in the present broad trading range.
(Views and
Please consult your financial adviser before taking any position in the stock/s mentioned.)
