- by Stocktry Expert
- 15th Feb 2021
While Nifty Continued It’s Journey North, These 3 Stocks Can Give 11-16% Return in Short Term
The Nifty manages to zoom past the crucial psychological mark of 15,000. The upper trend line of the Andrew pitchfork is standing near the 15,500-mark, which indicates that the Nifty is headed towards 15,500. Labeling this rally with Elliott Wave count suggests that the recent up move is the typical impulse extended wave III behavior.
The crucial support zone stands near 14,500-14,700. Trend reversal and stop-loss level for the positional trader is 14,500 as that is the low of previous swing and also the level where five-week simple moving average stands.
The Bank Nifty gave an exponential up move in the last week and managed to close above life high levels. As long as the banking index is trading above 5- DMA, it can continue its upside journey. Nevertheless, the trading range for the banking index will be 34,000 on the lower side and 38,000 on the higher side for the coming week.
Here is the list of three stock recommendations that can return 11-16 percent in the short term:
Buy Around Rs 155
Target: Rs 180
Stop Loss: Rs 142
Upside: 16 percent
On the daily and weekly charts, the stock is broadly positive. The stock is trading well above short-term as well as medium-term averages, which means that an uptrend wave is likely to continue in the near term.
Buy around Rs 465
Target: Rs 530
Stop Loss: Rs 445
Upside: 12 percent
The bullish crossover in Stochastic and MACD are looking supportive for an upside breakout. Positive crossover of 20 and 50 DMAs indicates strength. Key support lies at Rs 450-445. Until this breaks decisively, a long position can be held.
Buy Around Rs 2,240
Target: Rs 2,500
Stop Loss: Rs 2,150
Upside: 11 percent
The counter is bottoming out with a bullish reversal formation, and above Rs 2,285 level, it is likely to rally towards Rs 2,500. The stock is trading above its 100 and 200-day moving averages, where the previous breakout point of Rs 2,150 will act as strong support. Momentum indicators are positive on both daily and weekly charts.