Market at 3-month low. Top 10 trading ideas for the December series

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Shipping Corporation of India, LIC Housing Finance, Cipla, Escorts, Divis Laboratories, GlaxoSmithKline Pharmaceuticals, Voltas, Mphasis, Hindustan Unilever, Astral

The market started off December series on a dismal note with the benchmark indices as well as broader markets falling around 3 percent each on November 26, as bears took a complete control over Dalal Street. As a result the weekly fall widened to over 4 percent. Fears of a new COVID-19 variant detected in South Africa which led to a shutdown of borders by nearby countries, heavy selling by FIIs and resurgence of COVID cases in European nations were the key reasons behind the sharp correction.

The Nifty50 broke crucial 17,000 mark intraday on Friday, though later managed to defend the same level at close. The index closed at 17,026, the lowest closing level since August 30, 2021 and saw the biggest single-day fall since April 12, 2021. Experts feel the mood at street turned more cautious and nervous after deep cut in the index and broader markets and hence the more correction can’t be ruled out if the index decisively breaks 17,000 mark in coming days.

“Considering the weekly chart, we will not be surprised to see it extending towards 16,500 – 16,200 in coming days. We do not want to sound too pessimistic, but this is what the price structure looks like at this moment,” says Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One. “On the flip side, 17,200 – 17,400 are to be seen as immediate hurdles.”

Chavan says with a slightly broader view, if Nifty has to regain any strength, it needs to surpass 17,700 with some authority. “Honestly this looks highly unlikely at current juncture as we expect lower levels to get tested first.”

The broader market too seems to have succumbed to this selling pressure and hence, “one should not be in a hurry to do any kind of bottom fishing immediately,” he advised.

Here are top 10 trading ideas by experts for the next 3-4 weeks. Returns are based on November 26 closing prices:

Expert: Nandish Shah, Senior Derivative & Technical Analyst, HDFC securities

Shipping Corporation of India: Buy | LTP: Rs 147.25 | Stop Loss: Rs 138 | Target: Rs 165 | Return: 12 percent

Stock price has broken out on the weekly chart to close at eleven-year high on the weekly chart. Stock price is forming bullish higher top higher bottom formation on the weekly chart.

Primary trend of the stock is positive where it is trading above its all important short term and long term moving averages. Daily RSI (relative strength index) and MFI (money flow index) line has witnessed trend line breakout, which is bullish development for the short term.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Shipping Corporation of India, LIC Housing Finance, Cipla, Escorts, Divis Laboratories, GlaxoSmithKline Pharmaceuticals, Voltas, Mphasis, Hindustan Unilever, Astral

LIC Housing Finance: Sell | LTP: Rs 379.15 | Stop Loss: Rs 400 | Target: Rs 350 | Return: (-8) percent

Stock price bas broken down from the upward sloping trendline, adjoining the lows of August 23 and November 23 with higher volumes.

RSI and MFI Oscillators are placed below 40 and in falling mode, indicating strength in the downtrend of the stock. Minus, DI (Directional Indicator) is trading above Plus DI while ADX (Average Directional Index) line is placed above 25, Indicating momentum in the current downtrend.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Shipping Corporation of India, LIC Housing Finance, Cipla, Escorts, Divis Laboratories, GlaxoSmithKline Pharmaceuticals, Voltas, Mphasis, Hindustan Unilever, Astral

Expert: Vidnyan Sawant, AVP – Technical Research at GEPL Capital

Cipla: Buy | LTP: Rs 966.70 | Stop Loss: Rs 915 | Target: Rs 1,005-1,093 | Return: 4-13 percent

Cipla has given a strong consolidation breakout with a volume confirmation which has been forming since last 6 weeks which shows strong bullish undertone of the stock for medium to long term. The stock has formed CIP formation (Change in Polarity) and Triple Bottom pattern at Rs 870 levels and moved up indicating the stock has limited downside risk.

The momentum indicator RSI has sustained above 55 levels on all the time frames which confirms strong positive momentum of the stock for the medium to long term.

Looking at the prices action and the momentum indicators and other technical parameters we believe this stock has a lot of upside potential left.

Going ahead, we expect the prices will move towards Rs 1,005 levels (Life Time High) followed by Rs 1,093 mark (78.6 percent extension level of Rs 738 – Rs 1,005 projected from Rs 883). The stop loss for this trade set up would be Rs 915 levels of closing basis.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Shipping Corporation of India, LIC Housing Finance, Cipla, Escorts, Divis Laboratories, GlaxoSmithKline Pharmaceuticals, Voltas, Mphasis, Hindustan Unilever, Astral

Escorts: Buy | LTP: Rs 1,869.40 | Stop Loss: Rs 1,755 | Target: Rs 2,008-2,164 | Return: 7.4-15.8 percent

Escorts has given a Bullish Flag pattern breakout on the daily charts and made a fresh Life Time High at Rs 1,889 levels and it has sustained near record high levels which shows strong positive undertone of the stock for the medium to long term. The breakout is backed by the strong volume confirmation indicating the strength of the upward move.

The momentum indicators and the technical indicators all point towards the possibility of the prices moving higher towards the Rs 2,008 mark immediately (61.8 percent extension level of Rs 1,422 – Rs 1,831 projected from Rs 1,755). If this level is breached, we might see the prices move towards Rs 2,164 (100 percent extension level of Rs 1,422 – Rs 1,831 projected from Rs 1,755).

The stop loss for this trade set up would be Rs 1,755 levels of closing basis.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Shipping Corporation of India, LIC Housing Finance, Cipla, Escorts, Divis Laboratories, GlaxoSmithKline Pharmaceuticals, Voltas, Mphasis, Hindustan Unilever, Astral

Divis Laboratories: Buy | LTP: Rs 4,937.80 | Stop Loss: Rs 4,670 | Target: Rs 5,425-5,770 | Return: 9.9-16.9 percent

The stock has created the Triple Bottom pattern at Rs 4,670 levels and moved up which shows strong positive undertone of the stock. On the daily charts, the stock sustained above its 20-day SMA (Rs 4,932) indicating positive strength of trend.

The momentum indicator like RSI is sustaining above 50 mark indicating positive momentum of the stock. As per price pattern, we feel that the stock prices gain momentum and move higher toward the Rs 5,425 (Life-Time High) levels and eventually towards Rs 5,770 (50 percent extension level of Rs 3,153 – Rs 5,425 projected from Rs 4,635).

Investors can accumulate Divis Labs at this point and hold for a target of Rs 5,425 and Rs 5,770 with a stop loss of Rs 4,670 on closing basis.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Shipping Corporation of India, LIC Housing Finance, Cipla, Escorts, Divis Laboratories, GlaxoSmithKline Pharmaceuticals, Voltas, Mphasis, Hindustan Unilever, Astral

Expert: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities

GlaxoSmithKline Pharmaceuticals: Buy | LTP: Rs 1,703.65 | Stop Loss: Rs 1,590 | Target: Rs 1,930 | Return: 13.3 percent

It is the most outperforming stock of the pharmaceutical basket. On Thursday, the stock did a price and volume break out formation. It is advisable to buy at supports. Buying is advisable at Rs 1,710 and at Rs 1,660. Keep a stop loss at Rs 1,590 for the same. On the higher side, Rs 1,800 and Rs 1,930 would be hurdles.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Shipping Corporation of India, LIC Housing Finance, Cipla, Escorts, Divis Laboratories, GlaxoSmithKline Pharmaceuticals, Voltas, Mphasis, Hindustan Unilever, Astral

Voltas: Sell | LTP: Rs 1,164.30 | Stop Loss: Rs 1,210 | Target: Rs 1,070 | Return: (-8.1) percent

It has formed lower top at Rs 1,282 and is also forming the Head and Shoulders pattern at the top of the rally. Based on it, the stock may fall to Rs 1,070 in the near term.

Selling is advisable at current and up to Rs 1,180. Keep a stop loss at Rs 1,210 for the same.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Shipping Corporation of India, LIC Housing Finance, Cipla, Escorts, Divis Laboratories, GlaxoSmithKline Pharmaceuticals, Voltas, Mphasis, Hindustan Unilever, Astral

Mphasis: Sell | LTP: Rs 3,059.20 | Stop Loss: Rs 3,110 | Target: Rs 2,880 | Return: (-5.9) percent

The stock was forming complex corrective pattern between Rs 3,500 and Rs 3,200, however, on Friday, the stock broke the support zone of the trading range and closed at Rs 3,060.

Technically, it is heading for the target of Rs 2,950-2,880. Sell at Rs 3,060 and protect the short positions with a stop loss at Rs 3,110.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Shipping Corporation of India, LIC Housing Finance, Cipla, Escorts, Divis Laboratories, GlaxoSmithKline Pharmaceuticals, Voltas, Mphasis, Hindustan Unilever, Astral

Expert: Vinay Dhanotiya, Lead of Technical Research at CapitalVia Global Research

Hindustan Unilever: Buy | LTP: Rs 2,335.10 | Stop Loss: Rs 2,294 | Target: Rs 2,424 | Return: 3.8 percent

Being defensive sector, we might see some relief rally as stock is sustaining above Rs 2,300 which is rock solid support in higher time frames.

The stock might rally 2-3 percent from this level as risk and reward is favourable for traders.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Shipping Corporation of India, LIC Housing Finance, Cipla, Escorts, Divis Laboratories, GlaxoSmithKline Pharmaceuticals, Voltas, Mphasis, Hindustan Unilever, Astral

Astral: Buy | LTP: Rs 2,141.4 | Stop Loss: Rs 2,128 | Target: Rs 2,275 | Return: 6.2 percent

Astral is taking support on its rising trend line and sustaining above its weekly support level Rs 2,050-2,100.

ADX is firmly stood around 25, indicating more traction ahead which might fuel stock’s sentiments.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Shipping Corporation of India, LIC Housing Finance, Cipla, Escorts, Divis Laboratories, GlaxoSmithKline Pharmaceuticals, Voltas, Mphasis, Hindustan Unilever, Astral

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

News Related

OTHER NEWS

Fed rate hikes not entirely dampers on stock market: AllianceBerstein

David Wong, senior investment strategist at AllianceBerstein, speaks during an online press conference held in Seoul, Tuesday. Courtesy of AllianceBerstein By Lee Min-hyung The U.S. Fed’s planned rate hikes will ... Read more »

Gold eases as US yields firm; investors await Fed rate hike cues

Gold prices eased on Tuesday, pressured by higher U.S. Treasury yields, as investors looked for clues about the Federal Reserve’s interest rate hike timeline from its policy meeting next week. ... Read more »

Sensex, Nifty slip after firm start; Prestige Estates surges 8%, UltraTech Cement drops 3%

The benchmark indices opened higher on Tuesday but soon slipped into the red, led by selling in shares of Maruti Suzuki, Reliance Industries and UltraTech Cement , among others. Less-than-expected ... Read more »

Daily Voice | FM likely to focus on these 5 sectors in Budget 2022: Sahil Kapoor of DSP Investment

Sahil Kapoor is the Head Products and Market Strategist at DSP Investment Managers Sahil Kapoor, Head – Products and Market Strategist at DSP Investment Managers, says it will be important ... Read more »

Asia shares higher, spotlight stays on Fed

Asia's share markets have been mostly higher even as global investor attention remains fixed on the prospect of US interest rate hikes in the next few months, after two years ... Read more »

Trade Spotlight | What should investors do with HFCL, ICICI Prudential, Exide, Adani Green Energy, Raymond?

Trade Spotlight The market was highly volatile and finally settled the trade at a three-month high on January 17. The BSE Sensex closed above 61,300 levels, nearly 90 points higher, ... Read more »

Hot Stocks | Double-digit return in Tata Coffee, Visaka Industries, VRL Logistics possible in short term

Hot Stocks for Tuesday Nifty has been rising for last 7 consecutive sessions and settled the week at 18,308 – surpassing the previous swing high of 18,210. The index is currently ... Read more »

Mcap of BSE-listed companies jumps to all-time high of over Rs 280 lakh cr

New Delhi: Market capitalisation of BSE-listed companies jumped to an all-time high of over Rs 280 lakh crore on Monday as benchmark indices bounced back after taking a breather in ... Read more »

Korean banks remain conservative toward cryptocurrency industry

Seen above is a real-time trading price of bitcoin at an office of Bithumb in Seoul on Jan. 10. Yonhap By Lee Min-hyung Korean banks are taking a cautious attitude ... Read more »

Bulk Deals | Societe Generale buys 57,406 shares in Alkali Metals; Nomura acquires 50 lakh Seacoast shares

Bulk Deals Societe Generale has acquired 57,406 equity shares in Alkali Metals at Rs 129.15 per share via open market transaction on the NSE, the bulk deals data showed on ... Read more »

Trade setup: Time to get less aggressive in buying stocks, use any upmove to book profits

After three days of consolidation, the Indian equity markets attempted to inch higher and end with gains in a very narrow session on Monday. Despite a relatively weak global setup, ... Read more »

Tech View: Nifty50 stays in narrow range; 18,350 an immediate hurdle, say analysts

NEW DELHI: The Nifty50 on Monday formed a small real body on the daily chart, similar to the one seen last week, reflecting the narrow range for the market of ... Read more »

Taking Stock | Nifty ends above 18,300, Sensex gains led by auto, realty; bank, pharma underperform

Indian market continued the rangebound movement on the second day on January 17 but ended on positive note with Nifty above 18,300 led by auto, power, realty stocks, while selling ... Read more »

Sensex gyrates 277 pts in choppy trade, ends 86 pts higher; Nifty tops 18,300

NEW DELHI: Benchmark indices managed to end in the green on Monday despite selling pressure due to rising inflation that threatens monetary tightening and surging Covid-19 cases that may result ... Read more »

Yoon-related stocks spike after clearing 'Kim phone call risk'

The main opposition People Power Party’s presidential candidate Yoon Suk-yeol is seen with his wife Kim Keon-hee on MBC’s program airing contents of phone calls between Kim and a YouTuber, ... Read more »

Voltas Q3 PAT may dip 17.5% YoY to Rs. 106.1 cr: ICICI Direct

ICICI Direct has come out with its third quarter (October-December’ 21) earnings estimates for the Consumer Discretionary sector. The brokerage house expects Voltas to report net profit at Rs. 106.1 ... Read more »

Consumer staples, discretionary stocks boost ASX including Wesfarmers despite Kmart, Target sales dip

The Australian sharemarket climbed higher despite weakness in the all-important resources sector, with consumer stocks leading the charge, while a new entrant tanked. The benchmark S&P/ASX200 index rose 0.32 per ... Read more »

Cryptocurrency exchange operators face audit amid money laundering concerns

Cryptocurrency exchange operator Bithumb’s logo is seen in this photo / Yonhap Financial authority to also examine digital finance businesses By Kim Bo-eun The country’s major cryptocurrency exchange operators will ... Read more »

Top 10 stock trading ideas by experts for next 3-4 weeks as bulls not seen giving up

The stock markets sustained their gains for the fourth consecutive week amid third-quarter corporate earnings and ahead of the Union Budget. The rise in Covid-19 cases appeared to be a ... Read more »

Sensex, Nifty see muted start; HCL Tech, HDFC Bank drop post Q3 numbers

NEW DELHI: The benchmark indices opened on a muted note on Monday as buying in heavyweights such as Infosys, Reliance Industries and select banks was offset by selling in HCL ... Read more »

Daily Voice | These 4 segments may get special treatment in Union Budget 2022: Deepak Jasani of HDFC Securities

Deepak Jasani is the Head of Retail Research at HDFC Securities Union Budget 2022, which is due to be presented by the Finance Minister on February 1, could focus on ... Read more »

Hot Stocks | Here's why you should bet on Jubilant Ingrevia, Varun Beverages in the short term

Hot Stocks The market was off to a cheerful start on January 10 despite mixed global cues. Barring a small dip around mid day, the Nifty traded in the green ... Read more »

Slideshow | Market likely to consolidate further with Nifty facing resistance at 18,400: Experts

Market continued the winning momentum in the fourth consecutive the week ended on January 14 with key benchmark indices crossing major hurdles as Nifty reclaimed the 18,000-mark and Sensex crossed ... Read more »

Trade Spotlight | What should investors do with Triveni Turbine, BEL, Jamna Auto, India Cements and Motherson Sumi?

Trade Spotlight On January 14, the market fell sharply for most part of the day following weak global cues, but recovered smartly in afternoon trade and finally settled on a flat note. ... Read more »

Deploy modified call butterfly spread strategy in Nifty this week, says Shubham Agarwal

Shubham Agarwal A bullish momentum continued in the broader market with the Nifty touching a fresh high of 18,320 in the last four weeks and closing around 18,282.70. The index ... Read more »

Nifty on course to all-time high, buy on dips to ride the rebound

Following last week’s gain of 2.5% in the Nifty, technical and derivative analysts expect the index to head towards 18,400- 18,500 in the coming days. The index is likely to ... Read more »

Asian shares brace for China data

Asian share markets are off to a cautious start as the US earnings season looms large and a slew of Chinese economic data is expected to show the deadening effect ... Read more »

Earnings bounce can offset Covid gloom

Mumbai: India’s stock indices are likely to head higher in the coming days as investors focus on corporate earnings and the upcoming Union Budget amid continued concerns around rising cases ... Read more »

Trade setup for Monday: Top 15 things to know before Opening Bell

Trade Setup The market corrected more than 100 points on the Nifty50 and over 450 points on the BSE Sensex but the sharp recovery in afternoon trade helped benchmark indices ... Read more »

Movers & Shakers | 10 stocks that moved the most in the week gone by

In the week gone by, the market, which has gained 7.5 percent in the last four weeks, was supported by positive earnings as well as commentary from IT majors along ... Read more »

The week that was: GMDC zoomed 50%, Wipro and Voda Idea tanked

New Delhi: Bulls continued to dominate the domestic equity markets in the week gone by, thanks to buying across sectors and high expectations from India Inc for the December 2021 ... Read more »

Scandal-hit Osstem facing delisting crossroads

Osstem Implant’s headquarters in Seoul / Courtesy of Osstem Implant Over 1,500 investors prepare to file class-action suit against dental implant maker By Yi Whan-woo Scandal-ridden dental implant maker Osstem ... Read more »

Listed companies become more active in public disclosure

Getty Images By Anna J. Park Listed companies on the Korean stock market have become more engaging, as the number of the firms’ public disclosures increased by 16 percent. According ... Read more »

Trade Setup: Shorts must be avoided; cautiously positive approach advised

It was practically the third day of consolidation for the Indian equity markets, where they traded in a defined range to end the day on a flat note. The Nifty ... Read more »

Daily Voice | Budget should focus on sectors that create jobs, boost exports to secure 7% growth, says Abhay Agarwal of Piper Serica

Abhay Agarwal is the Founder and Fund Manager at Piper Serica. Despite the Omicron crisis running riots across the world and interest rates on the rise, the market has given ... Read more »

[INTERVIEW] 'PEFs adapt better to global disruptions'

Unison Capital Korea Representative Director Kim Soo-min speaks during an interview with The Korea Times at his office in Seoul, Dec. 30, 2021. Korea Times photo by Shim Hyun-chul Unison ... Read more »

Here's how you can trade Options during the corporate results season

Every quarter we are presented with opportunities to trade due to announcement of corporate results. These results create movements in the stock prices. As we all know more movement means ... Read more »

These 18 smallcap stocks gained 20-47% as market jumped over 2% in last week

The market continued to be “happy” in the new year, gaining ,more than 2 percent in the week ended January 14 amid buying seen across the sectors led by power, realty sectors and mid-smallcap ... Read more »

D-Street Week Ahead: Trading range to be wider than usual; avoid creating shorts

In strong but modestly ranged sessions over the past five days, the Indian equity markets extended their up move for the fourth week in a row. The five sessions were ... Read more »

Hyundai Heavy mulls legal action against EU over veto of DSME takeover

A liquefied natural gas carrier vessel built by Hyundai Heavy Industries Korea Times file By Lee Kyung-min Korea Shipbuilding & Offshore Engineering (KSOE), the holding company of Hyundai Heavy Industries ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic