Ashish ChaturmohtaSanctum Wealth ManagementAfter a long weekend, the market saw a positive start to the week with Nifty50 closing at yet another record high of 11,130 levels with 0.55 percent gain on Monday.
Last week, index gave a breakout above the psychological level of 11,000 with a gap and since then managed to sustain above it, indicating strong bullish bias.
But, the broader market has been trading in contrast to Nifty with Mid and Small cap space seeing a good correction. Thus, the rally has been stock specific and confined to frontline stocks.
Immediate support for the index is seen at 11,000-10,970 levels, holding above these levels index is likely to rally towards 11,360-11,400 levels on the upside.
In Put, Nifty options 10,800 to 11,000 strikes witnessed open interest (IO) addition suggesting base moving higher for the market while maximum OI stood at 10,500.
The Nifty option Put/Call ratio (PCR) of open interest (IO) has seen cooling off from an extreme high of 1.89 post-January expiry to 1.44 levels currently.
India VIX has moved up from 14 levels to 17.89 levels in anticipation of Budget this week as the market may see volatility later in the week.
Here is a list of top 5 stocks which could give up to 10% return in the short term:
Bajaj Auto Ltd: CMP 3364| Stop loss 3290| Target 3650| Return 9%
The stock is in a long-term uptrend forming the higher top and higher bottom formation. For the last three months, the stock has been consolidating broadly in a range of 3380 and 3140 levels.
This consolidation has been above the previous pivotal high of 3120 indicating buying coming in at higher levels. The MACD on the daily charts has moved above neutral level of zero and the stock is likely to see a breakout on the upside.
Thus, the stock can be bought at current levels and on dips to 3335 with a stop loss below 3290 for a target of 3650 levels.
Zee Entertainment Ltd: BUY| CMP 609| Stop loss 593| Target 660| Return 8%
The stock hit a high of 590 in October 2016 and since then it has been trading below it to form a base for the next leg of the rally. A couple of weeks back, the stock witnessed a breakout above this pivotal high of 590 with high volumes indicating buying participation in the stock.
Since then, the stock has been consolidating above breakout level of 590 and sustaining above it. Relative strength index or RSI and Stochastic indicators have given a positive crossover with their respective averages suggesting a change in momentum and the stock is likely to see a breakout on the upside after recent consolidation.
The stock can be bought at current levels and on dips to 600 for a target of 658 levels which is the previous all-time high for the stock. Price has been taking support at 20-days moving average (DMA) which comes at 593 levels, and a stop loss can be placed below this average on a closing basis for long positions.
Tata Steel Ltd: BUY| CMP 783| Stop loss 760| Target 840| Return 7%
The stock is in a strong long-term uptrend forming a higher top and higher bottom formation. The rally had stalled in the month of November and December after hitting high of 735 as it faced resistance at a multi year high of 739 levels.
Post two-month consolidation price gave a breakout above 739 in early January to hit a high of 793. Post breakout, the price is sustaining above the previous highs and the volumes have also seen decline indicating market participants holding on their long positions in the stock.
In the last few trading sessions, positive price action has been witnessed accompanied by volumes suggesting the stock is likely to see resume its uptrend after short-term consolidation.
Thus, the stock can be bought at current levels and on dips to 775 with a stop loss below 760 for target 840 levels.
Mahindra & Mahindra Ltd: BUY| CMP 764| Stop loss 740| Target 840| Return 10%
Looking at the long-term chart, the stock has seen multiyear consolidation between 750 and 545 levels since August 2014.
Recently, the stock gave breakout from this consolidation with high volumes indicating strong buying participation in the stock.
Since then volumes have been below average as the stock went into a consolidation zone. The stock is currently witnessing consolidation at all-time highs and above its breakout levels suggesting a breakout is likely to sustain.
Thus, the stock can be bought at current levels and on dips to 755 with a stop loss of 740 for a target 900 levels.
IndusInd Bank Ltd: BUY| CMP 1743| Stop loss 1700| Target 1850| Return 6%
The stock is in a long-term uptrend forming a higher top and higher bottom formation. The stock hit a high of 1804 in last September and then corrected down to 1572 levels.
It has seen consolidation at lower levels and this month stock has started to see upward movement. Thus, leading to saucer bottom formation in the stock.
MACD on the weekly chart has given positive crossover with its average indicating correction is over and the stock is resuming its uptrend. Thus, the stock is a buy at current levels and on dips to 1725 with a stop loss of 1700 for target 1850 levels.
Disclaimer: The author is Head of Technicals and Derivatives, Sanctum Wealth Management. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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