Top 10 options to bet on as markets scale record highs

Asia's Tech News Daily

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Adani Ports, Lakshmi Machine Works, Redington India, SBI Card, Coal India, Bajaj Finance, ITC, Tata Consumer Products, Federal Bank, HBL Power Systems

It was a historic week for the Indian equities as the Nifty50 scaled 18,300 and the BSE Sensex climbed above 61,000 mark for the first time and also held these levels at close on October 14, backed by auto, banking and financial, energy and infra stocks.

The Nifty50 gained 2.5 percent during the last week and formed a bullish candle on the weekly charts. The index also saw a bullish candle formation on the daily scale as it gained 1 percent on Thursday. Despite being a truncated week, bulls remained in a strong position throughout the week, indicating that the uptrend may continue and the broader index could move up to 18,500 but being in an uncharted territory, moderate profit-booking or consolidation can’t be ruled out, according to experts.

“Now since we are trading in an uncharted territory, it would be very difficult to project higher levels. Hence, 18,500 is to be seen as an immediate psychological level and thereafter every 100 points round figure is to be considered as next level,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, at Angel One.

He said that 18,200 followed by 18,000 should be seen as strong support for the coming days. “Here, 18,000 holds a key for the bulls and as long as it’s defended comfortably, the bulls have no reason to worry about. Although the trend has been extremely strong, we reiterate that one should avoid getting complacent at such elevated levels,” Chavan said.

Pragmatic approach would be to go one step at a time and try to avoid aggressive bets overnight. “The stock-specific action continues and hence, traders are advised to keep focusing on such bets,” he advised.

Here are 10 technical ‘buy’ calls for the next 3-4 weeks:

Expert: Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities

Adani Ports: Buy | LTP: Rs 812.80 | Stop Loss: Rs 750 | Target: Rs 960 | Return: 18.1 percent

Adani Ports is in a healthy intermediate uptrend as it has been consistently making higher tops and higher bottoms for the last several months. Recently, the stock has corrected from a high of Rs 901 and found support near the Rs 638 levels. The 200-day SMA (simple moving average) has also been providing support to the stock while it has bounced back.

Over the last few weeks, the stock was consolidating in a tight range of Rs 721-786 before breaking out on Thursday on the back of above average volumes.

The facts that stock is trading above the key moving averages like the 20 and 50-day SMA, the intermediate technical setup seeming positive, and momentum readings like the 14-day RSI (relative strength index) are in the rising mode and not extremely overbought, augur well for the uptrend to continue.

We, therefore, recommend a ‘buy’ between Rs 800 and Rs 817. Stop loss is at Rs 750, while target is at Rs 960.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Adani Ports, Lakshmi Machine Works, Redington India, SBI Card, Coal India, Bajaj Finance, ITC, Tata Consumer Products, Federal Bank, HBL Power Systems

Lakshmi Machine Works: Buy | LTP: Rs 9,032.80 | Stop Loss: Rs 8,500 | Target: Rs 10,600 | Return: 17.4 percent

Laxmi Machine Works has been rising over the last several weeks and making higher tops and higher bottoms in the process. On Thursday, the stock broke out of the Rs 7,364-8,550 trading range on the back of above-average volumes. This paves way for the rally to sustain.

With the stock trading above the key moving averages like the 20 and 50-day SMA and the 14-day RSI in rising mode and not overbought, the technical indicators are supporting more upsides.

With the intermediate technical setup too looking positive, we recommend a ‘buy’ in the Rs 9,000-9,200 levels. Stop loss is at Rs 8,500, while target is at Rs 10,600.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Adani Ports, Lakshmi Machine Works, Redington India, SBI Card, Coal India, Bajaj Finance, ITC, Tata Consumer Products, Federal Bank, HBL Power Systems

Redington India: Buy | LTP: Rs 153.25 | Stop Loss: Rs 144 | Target: Rs 177 | Return: 15.5 percent

Redington has been consolidating in a range of Rs 136-153 for the last few weeks. On Thursday, it broke out of this range on the back of above-average volumes.

Technical indicators are giving positive signals as the stock trades above the 20 day and 50-day SMA. Momentum readings like the 14-day RSI are in the rising mode and not overbought, which implies potential for further upsides.

We, therefore, expect the stock to move up further and test its previous intermediate highs in the coming sessions. Buy between Rs 151, and Rs 155. Stop loss is at Rs 144, while target is at Rs 177.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Adani Ports, Lakshmi Machine Works, Redington India, SBI Card, Coal India, Bajaj Finance, ITC, Tata Consumer Products, Federal Bank, HBL Power Systems

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

SBI Card: Buy | LTP: Rs 1,134.95 | Stop Loss: Rs 1,080 | Target: Rs 1,300 | Return: 14.5 percent

Since March 2021, the stock has been forming an ascending triangle on the daily chart. The broad formation and stock trend is positive, suggesting a bullish consolidation.

Based on the weekly chart, the stock is on the way to cross the upper barrier at the level of Rs 1,150. Once that is dismissed, we can see the Rs 1,350-1,400 level in the next few weeks. Buy at current levels and more with a stop loss at Rs 1,050.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Adani Ports, Lakshmi Machine Works, Redington India, SBI Card, Coal India, Bajaj Finance, ITC, Tata Consumer Products, Federal Bank, HBL Power Systems

Coal India: Buy | LTP: Rs 183.80 | Stop Loss: Rs 170 | Target: Rs 220 | Return: 19.7 percent

It is in a strong uptrend, however, the stock has been in a corrective pattern for the last seven days and should end the correction between the Rs 180 and Rs 178 levels.

Once the completion of the corrective pattern, we expect the stock to move to the Rs 210-220 level. At current prices, the risk-reward ratio is favourable.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Adani Ports, Lakshmi Machine Works, Redington India, SBI Card, Coal India, Bajaj Finance, ITC, Tata Consumer Products, Federal Bank, HBL Power Systems

Bajaj Finance: Buy | LTP: Rs 7,862.90 | Stop Loss: Rs 7,740 | Target: Rs 8,250 | Return: 4.9 percent

The stock reversed from a high of Rs 8,000-8,010. However, volume-based activity is missing, indicating that sellers are not confident and eventually, the stock should cross the big barrier of Rs 8,000-8,020.

On a weekly basis, the stock is crossing the crowded area, which is between Rs 7,300 and Rs 8,000 levels. It is worth buying at the current level. Keep the stop loss at Rs 7,740 level.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Adani Ports, Lakshmi Machine Works, Redington India, SBI Card, Coal India, Bajaj Finance, ITC, Tata Consumer Products, Federal Bank, HBL Power Systems

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

ITC: Buy | LTP: Rs 256.55 | Stop Loss: Rs 230 | Target: Rs 310 | Return: 21 percent

ITC has given a triangle pattern breakout on the weekly charts with volume confirmation a few weeks ago that shows a strong bullish undertone for the stock in the medium to long term.

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

Going ahead, we expect the bullish momentum to accelerate if the price goes above the previous swing high of Rs 310. If this level is breached, we might see the stock move towards Rs 322 followed by Rs 367.

The stop loss for this trade setup would be Rs 230 levels on closing basis.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Adani Ports, Lakshmi Machine Works, Redington India, SBI Card, Coal India, Bajaj Finance, ITC, Tata Consumer Products, Federal Bank, HBL Power Systems

Tata Consumer Products: Buy | LTP: Rs 849.60 | Stop Loss: Rs 796 | Target: Rs 960 | Return: 13 percent

The stock had entered a corrective phase after hitting a lifetime high of Rs 889 and moved lower towards Rs 796, which coincides with the 20-week simple moving average and 23.6 percent retracement level of Rs 458 to Rs 889. For the past three weeks, the prices have been finding support near the same, and bounced back sharply.

If this level holds, we might see prices gain momentum and move higher toward the recent lifetime highs of Rs 889 and eventually towards Rs 960 (38.2 percent extension level of Rs 458 – Rs 889 projected from Rs 796).

Investors can accumulate Tata Consumer at this point and hold with a target of Rs 889 and Rs 960, and maintain a stop loss of Rs 796 on closing basis.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Adani Ports, Lakshmi Machine Works, Redington India, SBI Card, Coal India, Bajaj Finance, ITC, Tata Consumer Products, Federal Bank, HBL Power Systems

Federal Bank: Buy | LTP: Rs 93.10 | Stop Loss: Rs 85 | Target: Rs 110 | Return: 18 percent

Federal Bank has given a triangle pattern breakout with volume confirmation this week on the weekly charts which indicates strong positive sentiment for the medium to long term.

The momentum and technical indicators all point to the possibility of the prices moving higher towards the Rs 98.55 mark immediately. If the level is breached, we might see the prices move towards the Rs 110 level eventually.

The stop loss for this trade setup would be Rs 85 levels on closing basis.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Adani Ports, Lakshmi Machine Works, Redington India, SBI Card, Coal India, Bajaj Finance, ITC, Tata Consumer Products, Federal Bank, HBL Power Systems

Expert: Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One

HBL Power Systems: Buy | LTP: Rs 54.70 | Stop Loss: Rs 49.80 | Target: Rs 61 | Return: 11.5 percent

This small ticket size counter has been consolidating since last four months now. However, all this while it never lost its positive posture. On Thursday, we finally witnessed a huge breakout from this congestion zone.

If we look at the volume activity, we can see sizable volumes to support this price action. In addition, the ‘RSI-Smoothened’ oscillator on the daily chart has surpassed the 70 mark, which may provide impetus for the next leg of the rally.

We recommend buying in a range of Rs 54 – 53.50 for a short-term target of Rs 61. The stop loss can be placed at Rs 49.80.

#Market Edge, #Nifty, #Sensex, #Stocks Views, #Technicals, Adani Ports, Lakshmi Machine Works, Redington India, SBI Card, Coal India, Bajaj Finance, ITC, Tata Consumer Products, Federal Bank, HBL Power Systems

Disclaimer: 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.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

One of Russia's largest winemakers to export to France

The first batch of wines has been shipped from Fanagoria to the French Auchan retail network Read more »

The long and tumultuous journey of Amtek Auto's insolvency process

(Representative image. Source: ShutterStock) Any corporate insolvency resolution procedure ought to be completed strictly within the timeframe set out under the Insolvency and Bankruptcy Code (IBC) and any deviation from ... Read more »

Economic dynamics in Russia positive in general, says Putin

As the Russian President pointed out, investments were up by 7.6% in first three quarters of this year Read more »

No Dutch initiative for vaccination campaign companies yet

Photo: ANP Companies active in the Netherlands have no plans for a joint campaign to increase the vaccination rate against corona. In Germany there are at least 150 large companies ... Read more »

Cramer says stock market comeback fueled by scramble to get back in after omicron overreaction

Jim Cramer on CNBC's Halftime Report.Scott Mlyn | CNBC CNBC's Jim Cramer said Tuesday the market's snapback has taken many investors off guard, and it's being fueled by the rush ... Read more »

US trade deficit narrows in October as exports rebound

The Associated PressIn this April 9, 2021 photo, cargo containers are shown stacked near cranes at PortMiami in Miami. The U.S. trade deficit narrowed to $67.1 billion in October, after ... Read more »

Uncertainties remain but defence contractor Babcock says it's time to go for gold

Babcock's boss is targeting cost savings as he aims to turn around its fortunes but admits the wider macroeconomic environment remains "a bit difficult". Read more »

The latest sign of President Biden's inflation politics problem comes from Main Street

U.S. President Joe Biden speaks as he holds a meeting with CEOs of companies in a variety of sectors to discuss the holiday shopping season, at the White House in ... Read more »

NVM is also feeling the pressure and is taking a new step towards bidding log

Real estate association NVM wants to make bids on houses fairer with a new online platform for bidding by registration. The real estate association tries in this way to meet ... Read more »

British watchdog opposes Suez takeover by Veolia

Photo: ANP The British market watchdog CMA does not yet agree with the acquisition of waste processor and water company Suez by industry peer Veolia. The two French companies have ... Read more »

Taxpayers could face higher bills after £11bn waste management merger, watchdog warns

The UK regulator has the power to order the sale or divestment of part or the whole of a business if it ultimately concludes that there are competition concerns outstanding. Read more »

Jet founder Marc Lore plots U.S. expansion of food delivery biz: A 'one-stop shop' for cooked meals

A Wonder van parked outside of a customer's home. Each Wonder vehicle is staffed with one chef who preps the meals before bringing them to the front door.Source: Wonder Whether ... Read more »

COVID-hit small businesses worried about impact of possible third wave

File Photo. Image: AFP Just when micro, small and medium enterprises (MSMEs) were gearing up to recover from two consecutive waves of COVID-19 infections, a new variant of the coronavirus ... Read more »

Stellantis wants to outfit cars with AI to drive up revenue

The Associated PressFILE – The Stellantis sign outside is shown on Jan. 19, 2021 at the Chrysler Technology Center in Auburn Hills, Mich. Carmaker Stellantis announced a strategy Tuesday to ... Read more »

Brussels wants more information about Nuance purchase by Microsoft

Photo: ANP The competition authority of the European Union wants more information about the acquisition of Nuance Communications by Microsoft. Brussels has asked customers and competitors of the two companies ... Read more »

House prices rising at fastest pace in 15 years on quarterly basis, says Halifax

The three month-on-three month increase of 3.4% is the strongest seen since 2006, the lender said, but it does not expect growth to continue at the same level into the new year. Read more »

Katrina Kaif and Vicky Kaushal may move into a rented beachfront property in Mumbai after wedding

Bollywood actors Katrina Kaif and Vicky Kaushal. (Image credit: AFP) Bollywood actors Katrina Kaif and Vicky Kaushal, who are in Jaipur for their wedding to be solemnized at a hotel ... Read more »

No sun, no stars for six months. How to work and live in the North

The chain of meteorology stations stretches to Chukotka - and at every station people are waiting for the supplies Read more »

Reliance, Abu Dhabi-based TA'ZIZ form joint venture for $2 billion chemical projects in Ruwais

The signing of the agreement was overseen by RIL Chairman and MD Mukesh Ambani and UAE Industry Minister Dr Sultan Ahmed Al Jaber. Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on ... Read more »

Stocks making the biggest moves premarket: American Airlines, AutoZone, GlaxoSmithKline and others

Check out the companies making headlines before the bell: American Airlines (AAL) – Chief Executive Officer Doug Parker announced he would step down from that job on March 31 and ... Read more »

DNB sees risks from corona, interest, inflation and technology

Photo: ANP Supervisor De Nederlandsche Bank (DNB) will pay a lot of attention next year to the risks that financial institutions ran due to the corona crisis. The persistently low ... Read more »

Instagram launches tool urging teens to take a break

The Associated PressFILE – This Friday, Aug. 23, 2019 photo shows the Instagram app icon on the screen of a mobile device in New York. Instagram on Tuesday Dec. 7, ... Read more »

Ngee Ann Kongsi's $2.94m donation to IPS will help fund interest-free loan project in Yishun

SINGAPORE – Low-income families who need some cash to pay the rent, medical bills or school fees can steer clear of illegal moneylenders and borrow from a community lending pilot ... Read more »

Rs 2,000 notes now 1.75% of total banknotes in circulation; down from 3.27% in Mar 2018            

Representative image The number of Rs 2,000 currency notes in circulation has decreased to 223.3 crore pieces or 1.75 percent of total notes in circulation (NIC) in November this year, ... Read more »

American Airlines CEO Parker to step down next March

The Associated PressAn American Airlines flight arrives at Miami International Airport, Monday, Nov. 8, 2021, in Miami. The U.S. says that as of Monday, with bans on travelers from 33 ... Read more »

DNB warns financial sector: do not wait any longer to consider climate risks

It is almost becoming a regular tune from De Nederlandsche Bank: the warning to the financial sector about the impact of climate change. It is really a risk for the ... Read more »

Astranis signs deal to bring satellite internet to 3 million people in Peru by 2023

A visualization shows an Astranis satellite over Peru in orbit.Astranis Astranis, a San Francisco-based company with an alternative approach to providing internet access from satellites, on Wednesday announced a deal ... Read more »

EU ministers clear the way for abolishing VAT on solar panels

Photo: ANP VAT levies on certain goods and services, including solar panels, water, passenger transport and live streaming of sports matches or shows, can be reduced in the EU to ... Read more »

EU agreement: The Netherlands may abolish VAT on solar panels and water

The Netherlands has argued in the past for the use of a zero rate, but this was only possible in specific cases, such as the supply and supply of ships ... Read more »

American Airlines CEO Doug Parker to retire, after 20 years at helm

Parker is the longest-serving chief executive of a major U.S. airline. Read more »

'Wind direction' partly to blame after thousands cut off by storm, energy boss tells MPs

Paul McGimpsey of the Energy Networks Association faced questions at a select committee over storm Arwen, which has left thousands of homes cut off. Read more »

Moscow court fines Google over $188,000 in four cases of unlawful content

As of now, Google has been fined a total of 58 mln rubles ($778,890) for the same offense Read more »

Large profit margins on cheap self tests but the market may be volatile: FD

A coronavirus nasal testing kit. Photo: Depositphotos.com Now that self testing is being encouraged, including for people with mild symptoms, the trade in tests is booming but purchase prices appear ... Read more »

SaaS startup MoEngage raises $30 million led by Steadview Capital

Customer analytics startup MoEngage on December 7 said that it has raised $30 million led by Steadview Capital, doubling its valuation to about $500 million in six months. While MoEngage ... Read more »

American Airlines CEO Doug Parker to retire, president Robert Isom to take reins March 31

An American Airlines plane lands at Ronald Reagan Washington National Airport November 23, 2021 in Arlington, Virginia.Drew Angerer | Getty Images American Airlines CEO Doug Parker, the longest-serving chief executive of a ... Read more »

Biggest gainers & losers of the day: Ramky Infra rallies, Voda Idea drops 5%

New Delhi: Domestic equity markets made a strong comeback on Tuesday after a sharp two-day fall as the concerns over the Omicron variant eased. Investors lapped up quality stocks at ... Read more »

Tech view: Nifty50 likely making triangular formation; expect consolidation for few days

NEW DELHI: After the last two sessions of sharp sell-off, the bulls finally managed to stage a comeback on Tuesday as the Nifty50 index almost recouped all losses sustained in ... Read more »

Half of office occupiers with presence in tier-II cities using flex spaces: JLL- Awfis Survey

Almost half of the office occupiers who already have a presence in tier-II cities are using flexible spaces due to the availability of shorter leases and a cautious approach by ... Read more »

Chip companies lead in sharply higher AEX

The stock exchange in Amsterdam traded sharply higher on Tuesday, partly due to the gains made by shares in the chip sector. Investors were less concerned about the economic impact ... Read more »

Gainers & Losers: 10 stocks that moved the most on December 7

India’s benchmark indices ended higher on December 7 led by gains in auto, metal, realty and financial names. At close, the Sensex was up 886.51 points, or 1.56%, at 57,633.65, ... 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