Some stocks have come out of their long consolidation phase. Now a bullish trend is being seen in them on the technical chart.
Short Term Stocks Idea: There is volatility in the stock market. Today, amidst weak global cues, weakness is also seen in the domestic market. The market is expected to remain volatile in the short term. However, in the meantime 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 Bharat Electronics, SBI Life Insurance Company, Steel Authority of India and Syngene International.
Bharat Electronics
CMP: Rs 239
Buy Range: Rs 235-230
Stop loss: Rs 223
Upside: Rs 8%-15%
On the weekly chart, the stock has broken out of the 8-month consolidation range (230-195) on a closing basis. This breakout has happened with significant volumes, indicating an increase in participation. This buying momentum is being seen from 20, 50 and 100 day SMA. The stock has made a new 52-week high, which is giving bullish signals in it. The daily and weekly strength indicator RSI for the stock is in bullish mode. The stock may soon show the level of 252-267.
SBI Life Insurance Company
CMP: Rs 1157
Buy Range: Rs 1157-1135
Stop loss: Rs 1099
Upside: 7%–10%
On the Daily chart, the stock has formed an inverse head and soldier pattern on closing basis. Due to which the bulls are indicating a strong comeback. This breakout has happened with significant volumes, indicating an increase in participation. The stock has recaptured its 50, 100 and 200 Day SMA. The daily and weekly strength indicator RSI for the stock is in bullish mode. The stock may soon show the level of 1230-1255.
Steel Authority of India
CMP: Rs 111
Buy Range: Rs 109-106
Stop loss: Rs 102
Upside: 10%–15%
On the closing basis on the daily chart, the stock has seen a strong breakout from its rounding bottom pattern. Volume is increasing near the support zone. The stock has recaptured its 20 and 50 day SMA. The daily and weekly strength indicator RSI for the stock is in bullish mode. The stock may soon show the level of 118-124.
Syngene International
CMP: Rs 648
Buy Range: Rs 648-636
Stop loss: Rs 601
Upside: 8%–12%
On the daily chart, the stock has seen a breakout from the consolidation range (640-530) on a closing basis. This breakout has happened with significant volumes, indicating an increase in participation. The stock has recaptured its 20, 50, 100 and 200 day SMA. The daily and weekly strength indicator RSI for the stock is in bullish mode. The stock may soon show the level of 695-720.
(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.)
