Top 10 Trading Ideas That Could Give 9-20% Return in 3-4 Weeks.
Indian market consolidated in a narrow range and closed below crucial support levels. The S&P BSE Sensex and Nifty50 closed with losses of more than 1 percent each.
Sectorally, the action was seen in power, Utilities, oil & gas, infra, and metal stocks while profit-taking was visible in auto, consumer durable, healthcare, IT, and FMCG names.
The Nifty50 closed below the crucial support placed at 15000 and the immediate support for the index is placed at 14750, but if bulls regain control then the immediate resistance at 15200 levels.
After a stellar rally from 13,600 to 15,430 on the Nifty and 46,200-52,516 on the Sensex, the market witnessed selling pressure. From the last four days, the index corrected by over 500 points.
The sell-off was so intense that the market could not sustain above the lowest levels of the previous week which was at 14977 on the Nifty50, and 50846 on the Sensex.
On a weekly chart, the index has formed a bar reversal candlestick pattern that clearly suggests that in the short term weakness might continue in the near future.
“The medium-term texture of the market is still bullish and likely to continue if the nifty manages to trade above 15000/51000 levels. In such a scenario, we could see 15150/15200 (51600) levels where the market has spent maximum time during the recent fall,” Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities told Moneycontrol.
“On the flip side, a decisive break of 14900/50600, would result in retesting of 14750/50150, which was earlier resistance for the market before the announcement of the Union Budget,” he said.
Chouhan further added that the strategy should be to buy strong and heavyweight companies between 14850/50500 and 14750/50200 levels with a stop loss at 14600/49750.
Here is a list of top 10 trading ideas for the next 3-4 weeks, suggested by the Expert:
Expert: Mehul Kothari, AVP – Technical Research at AnandRathi
- HUL: BuyLTP: Rs 2181Stop Loss: Rs 2080Target: Rs 2,380Upside: 9%
- PetronetLNG: BuyLTP: Rs 251Stop Loss: Rs 230Target: Rs 285Upside: 13%
- SBI: SellLTP: Rs 400Stop Loss: Rs 430Target: Rs 370Downside: 7.5%
Expert: Ashish Biswas, Head of Technical Research at CapitalVia Global Research Limited
- Coforge: BuyLTP: Rs 2566Target: Rs 2845Stop Loss: Rs 2480Upside 10%
- Maruti Suzuki:BuyLTP: Rs 7328Target: Rs 7940-8070Stop Loss: Rs 7169Upside 10%
- ONGC:BuyLTP: Rs 105Buy above Rs 112Target: Rs 135Stop Loss: Rs 97Upside 20%
Expert: Sameet Chavan, Chief Technical & Derivatives Analyst at Angel Broking
- Ashok LeylandSellLTP: Rs 124.45Target price: Rs 114Stop loss: Rs 128.60Downside: 8%
- United Breweries (UBL)SellLTP: Rs 1,218.50Target price: Rs 1,145Stop loss: Rs 1,258Downside: 6%
Expert: SMC Global Securities
- NTPC:BuyLTP: Rs 104.30Target: Rs 115-118Stop Loss: Rs 95Upside 13%
- Pidilite Industries: BuyLTP: Rs 1781Target: Rs 1980Stop Loss: Rs 1670Upside 11%