Podcast | Top three stocks to buy which could give 9-16% return in next 3-4 weeks
Broader markets i.e. midcap and smallcap indices continue to underperform the headline Index leading to a divergence confirming the view that markets can witness choppy trading in the coming sessions.
The Nifty50 index bounced back sharply in the last three trading sessions post witnessing a similar correction in the previous week.
Further, following this upmove, the index is approaching 61.8 percent Fibonacci retracement level placed at 10,735. A sustained trade above this Fibonacci resistance can extend the upmove to levels of 10,820-10,930.
However, failure to trade beyond 10,735 i.e. 61.8 percent Fibonacci retracement level can resume the downside corrections dragging it lower to levels of 10,550-10,325.
Moreover, the index has entered in a volatile trading range suggesting a rise in the volatility index in the coming trading sessions which can lead to more choppiness.
Further, broader markets i.e. midcap and smallcap indices continue to underperform the headline Index leading to a divergence confirming the view that markets can witness choppy trading in the coming sessions.
Nilkamal Ltd: Buy| Target: Rs 1,975| Stop loss: Rs 1,600| Return: 16%
On the weekly chart, Nilkamal Ltd. (NILKAMAL) has broken out from a consolidation channel and is approaching the upper end of the Triangle pattern placed at Rs 1,975 (as indicated on chart) indicating bullishness building up in the stock.
A sustained trade above Rs 1,730 with healthy volumes can take the stock to the upper end of the pattern placed at Rs 1,975. Further, on the daily chart, it has taken support at the 61.8% Fibonacci retracement level and turned upwards affirming bullishness.
Moreover, RSI has witnessed a range shift after taking support at the 40-level entering the bull zone affirming bullishness. The stock can be bought in the range of Rs 1,705-1,710 for targets of Rs 1,895-1,975, keeping a stop loss below Rs 1,600.
The New India Assurance Company Ltd: Buy| Target: Rs 790| Stop loss: Rs 690| Return 9%
On the daily chart, the New India Assurance Co. Ltd. (NAICL) has turned upwards after breaking out of a Triangle pattern suggesting bullishness dominant in the stock.
Further, it has broken out on healthy volumes affirming the bullishness. The RSI has turned upwards breaking out of the upper Bollinger Bands suggesting extended bullishness in the coming trading sessions.
The stock may be bought in the range of 720-725 for targets of 760-790, keeping a stop loss below 690.
Axis Bank Ltd: Buy| Target: Rs 600| Stop loss: Rs 519| Return 10%
On the weekly chart, Axis Bank Ltd. (AXISBANK) is on the verge of a breakout from an Ascending Triangle pattern suggesting bullishness building up in the stock.
Further, on the daily chart, it has turned upwards after taking support at the 50% Fibonacci retracement level placed at 520 and has broken out from a consolidation phase affirming bullishness.
The RSI has entered in the bull zone after bearing out of broken out from upper Bollinger Band. The stock may be bought in the range of 544-547 for targets of Rs 585-600, keeping a stop loss below Rs 519.
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