On the technical chart, there is a bullish momentum after the breakout in some stocks. If you are looking for the best stocks in the short term, then you can keep an eye on them.
Short Term Stocks Idea: There is a bullish momentum in the stock market today. The stock crossed the level of 17900 in intraday. At the same time, the Sensex has also seen an increase of 1000 points. When there is a bullish momentum in the market, breakout has been seen in some stocks on the technical chart. Some of these stocks have come out of their long consolidation phase. Now a bullish trend is being seen in them on the technical chart. If you are looking for some such stocks which can give better returns in the short term, then you can keep an eye on these stocks. Brokerage house Axis Securities has also given a list of 4 such stocks, which include Mahindra & Mahindra, NMDC, Shriram Transport Finance Company and Hindustan Aeronautics.
Mahindra & Mahindra
CMP: Rs 825
Buy Range: Rs 820-804
Stop loss: Rs 781
Upside: 6%-9%
On the weekly chart, the stock has seen a rebound from its 2-year multiple support zone 730-720. This buying momentum was seen from the 20-day SMA. The stock has made higher top and bottom on the daily chart which is indicating a positive trend. Daily and weekly strength indicator RSI is in bullish mode. The stock can show a level of Rs 860-885 in the next few days.
NMDC Limited
CMP: Rs 166
Buy Range: Rs 164-160
Stop loss: Rs 157
Upside: 8%–12%
On the weekly chart, the stock has formed a rounding bottom on closing basis which is indicating a bullish pattern. The stock has recaptured its 20, 50 and 100 days SMA. Rising volumes are indicative of increasing participation in the stock. Daily and weekly strength indicator RSI is in bullish mode. The stock can show a level of Rs 175-182 in the next few days.
Shriram Transport Finance Company
CMP: Rs 1190
Buy Range: Rs 1190-1167
Stop loss: Rs 1125
Upside: 8%–11%
The stock has seen a breakout from the 6-month down sloping trend on the daily chart. This breakout coincided with increased volumes indicating that the participation in the stock is increasing. The stock has recaptured its 20 and 50 day SMA. Daily and weekly strength indicator RSI is in bullish mode. The stock can show a level of Rs 1275-1310 in the next few days.
Hindustan Aeronautics
CMP: Rs 1521
Buy Range: Rs 1520-1490
Stop loss: Rs 1430
Upside: 9%–12%
On the weekly chart, the stock has seen a breakout at the level of 1500 and the stock has made a rounding bottom. This breakout coincided with increased volumes indicating that the participation in the stock is increasing. The stock has recaptured its 20, 50, 100 and 200 Day SMA. Daily and weekly strength indicator RSI is in bullish mode. The stock can show a level of Rs 1640-1685 in the next few days.
(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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