Skip to main content

Nifty likely to reclaim lifetime high, these 3 stocks could give 10-15% return

The Nifty is approximately 1.4 percent short of a lifetime high while the Bank nifty needs the appreciation of 21 percent approximately to reclaim the all-time high.

MCX: BUY | CMP: Rs 1,728.25 | Target: Rs 1,987 | Stop Loss: Rs 1,630 | Return: 15 percent

The stock had given the multi-year break out of a cup pattern and went sideways for a few weeks keeping the bullish bias intact. Recently, the sign of life can be seen again as the prices are bouncing back from the support zone. The bullish candlestick pattern has been formed on November 5, 2020, suggesting that bulls have entered at lower levels and are likely to take the rally forward. The RSI has bounced back from the significant support levels and short term moving averages has developed a positive curve after a mild correction. Reversal after retracement can be expected in the counter and traders can consider buying the stock at the current market price (CMP) and on any dip till 1,700 for the short-term gain.



L&T Finance Holdings: Buy | CMP: Rs 67.65 | Target: Rs 75 | Stop Loss: Rs 63 | Return: 10 percent

After a prolonged weakness, the stock has formed a medium term base. The prices have started trading above 20-week moving average and RSI has made a range shift from bearish to sideways zone.

In a daily time frame, there is a formation of an 'Inverse Head and Shoulder' pattern suggesting that the worst is over for the time being. The bullish crossover of short term and medium term moving averages ribbon is likely to infuse bullish sentiments in the counter. The RSI has started trading in a bullish zone after an approximate consolidation of two months and prices are tagging the upper Bollinger band. The whole setup looks quite prudent for bulls and traders can initiate buy positions at CMP for the short-term gain.

RBL Bank: Buy | CMP: Rs 193.25 | Target: Rs 216 | Stop Loss: Rs 179 | Return: 12 percent

The short-term range breakout has been witnessed in the stock which is supported by momentum and volatility indicators. The base formation can be seen near the 20 period simple moving average in the weekly time frame.

In the daily time frame, bullish crossovers of moving averages can be seen with decent volumes. Momentum indicators have started trading in a bullish zone and prices are tagging the upper Bollinger band. As per the Fibonacci theory the “good above series” has started and bulls are likely to take the rally forward. Traders can initiate buying positions at CMP and on any dip till Rs 189 with the short term perspective.

Disclaimer: Investments are subject to market risk. Consult Your Financial Advisor before any investments

Comments

Post a Comment

Popular posts from this blog

Panacea Biotech shares hit 5% upper circuit after dengue vaccine completes phase I & II study

DengiAIl induced robust neutralising antibody responses against all the four dengue virus serotypes, the company has said in an exchange filing. Panacea Biotech share price hit 5 percent upper circuit on the BSE on September 24 after the company completed phases I and II study of its dengue vaccine candidate DengiAIl. "Panacea Biotec Ltd. is delighted to announce the successful completion of its Phase I/II study to evaluate the safety and immunogenicity of its vaccine, DengiAll, a single-dose liveattenuated tetravalent vaccine," the company said in an exchange filing. Live-attenuated vaccines contain weakened bacteria or viruses that trigger an immune response but do not cause disease. The company said DengiAIl induced robust neutralising antibody responses against all the four dengue virus serotypes. DengiAIl has been found to be safe and well-tolerated with no serious adverse effects, the company said. After a single-dose, more than 80 percent of the participants ...
Post a Comment
Read more

Check Chemcon Speciality Chemicals IPO allotment status in four simple steps

Equity shares will get credited into the accounts of eligible investors by September 30 and the listing of equity shares will be on October 1, 2020. Chemcon Speciality Chemicals, the manufacturer for pharmaceutical and oilfields industries, is expected to announce the basis of allotment early next week. As per the schedule provided by the company, the finalisation of the basis of the allotment will be done by September 28 and the initiation of refunds or unblocking of funds from ASBA account will take place on September 29. Equity shares will get credited to the accounts of eligible investors by September 30 and the listing will be on October The IPO comprised a fresh issue of Rs 165 crore and an offer for sale of Rs 153 crore by promoters. The company will utilise fresh issue proceeds for expansion of manufacturing facility, working capital requirements, and general corporate purposes. Chemcon manufactures specialised chemicals, such as Hexamethyldisilazane (HMDS) and Chloromethyl Iso...
Post a Comment
Read more

Taking Stock | Profit-booking pulls Nifty below 14,450; Sensex drops 549 points

  All the sectoral indices ended in the red with IT and PSU bank indices falling 2 percent each. The market remained under pressure on January 15 on the back of profit-booking across sectors amid weak global cues. At close, the Sensex was down 549.49 points or 1.11% at 49,034.67, and Nifty was down 161.90 points or 1.11% at 14,433.70. "The market witnessed profit-booking and following global trends. Nifty continues to resist 14,600 and has taken a dip towards 14,360. If the market closes below 14,380 levels, we might see a correction till the levels of 14,180-14,200. Momentum indicators like RSI, MACD are indicating a small correction in the markets," said Ashis Biswas, Head of Research at CapitalVia Global Research. All the sectoral indices ended in the red with IT and PSU bank falling 2 percent each. Broader markets performed in line with the main indices with BSE Midcap and Smallcap indices falling 1 percent each. Tech Mahindra, GAIL, HCL Tech, Wipro and ONGC...
Post a Comment
Read more