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ICICI Prudential, Siemens can give up to 14% return in short term

Nifty closed at a 3-week low at 11,671 on October 29 and the breakdown of the 50-day average at 11,540 would accelerate the second round of profit-booking, pushing the index lower to 11,200.

Here are two buy and one sell calls for the next 3-4 weeks:

ICICI Prudential Life Insurance | Buy | LTP: Rs 408.90 | Target price: Rs 465 | Stop loss: Rs 378 | Upside: 14%

The stock has completed its corrective action from the recent high of Rs 487, completing its 25.2 percent retracement of the previous up-move from Rs 226 to Rs 487.



Weekly RSI has also reversed upwards from the lower range and 13-week corrective action confirms the reversal from the current levels.

Multiple support levels in the range of Rs 378-385 would protect the stock and they offer a good risk-reward ratio from the current levels.

Siemens | Buy | LTP: Rs 1,285.35 | Target price: Rs 1,430 | Stop loss: Rs 1,210 | Upside: 11%

The stock has closed at an 8-week high and its key technical indicators on the short-term timeframe have reversed giving a buy signal.

On the lower side, its prior low connecting support line and its 200-week SMA worked as a key reversal point.

We believe the stock will utilise prior consolidation and will resume its up-move and it could move towards Rs 1,400.

Godrej Properties | Sell | LTP: Rs 997 | Target price: Rs 880 | Stop loss: Rs 1,060 | Downside: 12%

The stock has made a lower top and closed in an inside range of the previous week candle, suggesting a retracement on the downside.

It has multiple resistance near Rs 1,060-1,070, being 61.8 percent retracement from the recent bottoms.

The key technical indicators on the near-term timeframe chart are negatively poised. Any jump above Rs 1,060-mark will negate its down-move in the stock.

Disclaimer:  Investment in securities markets are subject to Market Risk. Consult your financial advisor before any investments.

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