Due to negative global sentiment, the stock market remains volatile. If your investment outlook is short term and you are thinking of making good money by investing money within 1 month, then some stocks are ready to show a boom.
Top Buy & Sell Idea: Heavy selling pressure is being seen in the stock market. The pressure on the market has increased due to the global selloff. Global markets are under pressure due to fears of tightening of interest rates and rising bond yields, Russia and the Socrane crisis, inflation, rising crude prices. Most experts and brokerages are of the opinion that the long term outlook for the market is better, but in the short term there may be a correction. In such a situation it is better to be stock specific. If your investment outlook is short term and you are thinking of making good money by investing money within 1 month, then some stocks are ready to show a boom. Brokerage house Axis Securities has given information about some such technical picks, which may rise or fall in 3 to 4 weeks. These include Schneider Electric Infrastructure Limited, Jindal Steel & Power Limited, BSE Limited and Balkrishna Industries Limited (Feb. Futures).
Schneider Electric Infrastructure
CMP: Rs 128
Boy Range: Rs 124-120
Stop Loss: Rs 115
Upside: 12%-20%
On the weekly chart, the stock has broken out of the multiple resistance zone at 122 levels. This breakout is accompanied by significant volume, which indicates that participation is on the rise. The series of higher tops and higher bottoms on the daily chart indicate bullish sentiment in the stock. The stock is currently trading near its 100 and 200 day SMA support zones, which indicates a bullish sentiment. Both Daily and Weekly Strength Indicator RSI and Momentum Indicator are in bullish mode. Further strength of up to Rs 137-147 can be seen in the stock.
Jindal Steel & Power
CMP: Rs 435
Boy Range: Rs 430-422
Stop Loss: Rs 408
Upside: 8%-11%
The stock of Jindal Steel & Power is trading in the consolidation range of Rs 380-350 since last one year. However, the stock has been showing upward movement for the last few weeks. The stock is forming a series of higher tops and bottoms which is an indication of bullish sentiment. Volume is increasing in the stock which is a sign of increasing participation. Both Daily and Weekly Strength Indicator RSI and Momentum Indicator are in bullish mode. Further strength of up to Rs 460-473 can be seen in the stock.
BSE Limited
CMP: Rs 2276
Boy Range: Rs 2230-2186
Stop Loss: Rs 2080
Upside: 9%-14%
The stock is seeing a strong uptrend. Share has created a series of Higher Tops and Bottoms. The stock has broken 2 months rounding bottom formation around 2200 level on closing basis. This breakout is accompanied by significant volume, which indicates that participation is on the rise. The stock has managed to stay above its 20, 50, 100 and 200 day SMA support zones which indicates a bullish sentiment. Daily, Weekly and Monthly strength indicator RSI is in bullish mode. Further strength of up to Rs 2400-2520 can be seen in the stock.
Balkrishna Industries (Feb. Futures)
CMP: Rs 2165
Sale Range: Rs 2165-2207
Stop Loss: Rs 2265
Upside: 5%-9%
On the daily chart, the stock has made a breakout of the 2-week multiple support level of 2225 on the closing basis. This breakout happened with significant volume, indicating bearish momentum. The stock is trading below its 20, 50, 100 and 200 day SMA support zones which indicates bearish sentiment. Daily, weekly and monthly strength indicator RSI is also in bearish mode. Further weakness of up to Rs 2075-2000 can be seen in the stock.
(Disclaimer: Stock investment advice is given by the brokerage house. These are not the personal views of The Financial Express. Markets are risky, so take expert opinion before investing.)
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