Best Stocks Idea: There is a boom in the stock market today. Nifty has crossed 17400 Kara level in today’s trading. After the pullback from 100-DMA in Nifty, a smart rally has been seen in today’s trading session. Santosh Meena, Research Head, Swastika Investmart, says that the possibility of a break of 100-DMA is high, which is currently at the level of 17360. On going above this, one can expect a rally towards the level of 17490/17800 in Nifty. On the downside, the level of 17000 has become a good term base for Nifty while 16800 is a critical support level. He has chosen 3 such stocks for short term, in which further returns of 15 to 16 percent can be given.
Technical View on Bank Nifty
Santosh Meena says that the level of 36600-37000 is a critical supply zone for Nifty. On going above this, one can expect a sharp short-covering rally in the index to 38000/39000 levels. On the downside, the level of 35500 has become a near term base. Whereas 35000 is an important support level. Talking about the Indian markets, there is relative strength and if further positive global sentiment is supported, then it will continue to perform better.
Intellect Design Arena
Rating: BUY
CMP: Rs 818.7
SL: Rs 750
TGT: Rs 950 (+16%)
This counter is in a strong uptrend where it is breaking out of its symmetrical triangular formation. On the downside, it has formed a strong base near the Rs 600 level and has managed to move above the all-important moving average. Momentum indicators are supporting the current uptrend. On the upside, 850-880 is an intermediate resistance level. On breaking this, the stock can go up to Rs 1000.
CHALET
Rating: BUY
CMP: Rs 303.6
SL: Rs 275
TGT: Rs 350 (+15%)
This counter is making higher high and higher low formation. It has seen a breakout of a bullish cup and handle formation which could further increase the bullish momentum. It is trading across all its moving averages. There is an immediate demand zone for the stock at 280-275 level, while there is an immediate hurdle at 330 level for the stock. Beyond this, resistance is visible at Rs 360.
SUNDRAM FASTNER
Rating: BUY
CMP: Rs 892
SL: Rs 830
TGT: Rs 990 (+11%)
The counter is outperforming the entire auto pack where it is breaking the symmetrical triangular pattern after 5 months of consolidation. The stock has formed a strong base at 780 level and has managed to close above its all important moving averages. On the upside, there is an immediate hurdle for the stock at 928 level, followed by Rs 990 as the next target level.
(Disclaimer: Stock investment advice is given by experts. These are not the personal views of The Financial Express. Markets are risky, so take expert opinion before investing.)
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