Many indicators have been weakened by the Russia and Ukraine crisis. Crude has reached a 14-year high. In such a situation, the market sentiment has also deteriorated badly.
Stock to Buy & Sell: There is selling pressure in the stock market. In the last 1 month, the Sensex has broken more than 5000 points. Nifty also went below 16000 today. Many indicators have been weakened by the Russia and Ukraine crisis. Crude has reached a 14-year high. In such a situation, the market sentiment has also deteriorated badly. Experts are especially advising short term investors to trade cautiously. However, in the meantime, some stocks are looking strong on the technical chart and even in this period of decline, they can give double digit returns in 3 to 4 weeks. Brokerage house Axis Security has advised to invest in 2 such strong stocks and sell the 2 stocks which are looking weak on the chart.
Triveni Engineering & Industries
CMP: Rs 273
Buy Range: Rs 268-264
Stop loss: Rs 244
Return: 7%-12%
A strong upside trend is being seen in the stock on the technical chart. The stock is making a series of higher tops and higher bottoms. The stock is trading above its 20, 50, 100 and 200 Day SMAs. The recent rally of the stock has been accompanied by increased volumes, indicating increased participation. Daily Strength Indicator RSI is in Bullish Mode which is showing strength in near term. The stock can touch the level of Rs 285-297 in the next 3 to 4 weeks.
Tech Mahindra Limited
CMP: Rs 1455
Buy Range: Rs 1440-1412
Stop loss: Rs 1362
Return: 5%-9%
The stock has rebounded from its early support zone at 1380-1350 levels on the daily chart. The stock has recaptured its 20 and 200 day SMA. The recent rally of the stock has been accompanied by increased volumes, indicating increased participation. Daily Strength Indicator RSI is in Bullish Mode which is showing strength in near term. The stock can touch the level of Rs 1500-1555 in the next 3 to 4 weeks.
SRF Limited
CMP: Rs 2243
Sell Range: Rs 2260-2304
Stop loss: Rs 2410
Downside: 6%–10%
The stock is in a downtrend and has formed a series of lower tops and bottoms. There has been a breakdown of multiple support levels in the stock on a weekly closing basis on the daily chart. This breakdown coincided with an increase in volumes indicating a bearish sentiment. The stock is trading below its 20, 50, 100 and 200 Day SMA which is bearish sentiment. Daily, Weekly and Monthly trend indicator RSI is in bearish mode. The stock can show a downward trend at 2150-2060 levels within 1 month.
Bajaj Finance Limited
CMP: Rs 6557
Sell Range: Rs 6580-6710
Stop loss: Rs 6950
Downside: 5%–8%
Selling pressure is being seen in the stock on the weekly chart. The stock fell below the level of multiple support zone 6700 on Friday. This was the support zone for the stock for 3 months. The stock is trading below its 50, 100 and 200 Day SMA which is bearish sentiment. Daily, Weekly and Monthly trend indicator RSI is in bearish mode. The stock can show the level of 6280-6130 downwards within 1 month.
(Disclaimer: Investing or Selling advice in stocks is given by the brokerage house. These are not the personal views of Financial Express. Markets are risky, so take expert opinion before investing.)
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