Some stocks are looking very strong on the technical chart and may see upside movement in the short term. You can also keep an eye on them.
Top Stocks to Invest for Short Term: Markets around the world are under pressure due to geopolitical risk. There is also huge volatility in the domestic market. At present, there is an environment of uncertainty in the market and volatility is expected to remain in the near term. But in the meantime, some stocks are looking very strong on the technical chart and they can see upside movement in the short term. If you are also thinking of earning money by investing money in the market during 3 to 4 weeks, then you can keep an eye on these strong fundamentals stocks. Brokerage house Axis Securities has given information about some such technical picks, which can be bullish in 3 to 4 weeks. These include Avenue Supermarts, Birla Cable Limited, Maruti Suzuki India and Gujarat Narmada Valley Fertilizers and Chemicals Limited.
Avenue Supermarts
CMP: Rs 4188
Boy Range: Rs 4188-4108
Stop Loss: Rs 3940
Upside: 6%-10%
The stock of Avenue Supermarts has been in consolidation mode for the last 5 weeks around the level of 3907 on closing basis. This strong consolidation is with the support of 200-day SMA ie 4044 level. However, increasing volume in consolidation is an indication that participation is increasing from lower levels. Daily strength indicator RSI is in bullish mode. Further strength of up to Rs 4410-4550 can be seen in the stock.
GNFC
CMP: Rs 547
Boy Range: Rs 545-535
Stop Loss: Rs 504
Upside: 8%-15%
On the daily chart, the stock has seen a rebound from the early breakout zone 520-500 level. A strong up trend is visible in the stock to form a series of higher tops and higher bottoms. The breakout in the stock has been accompanied by increased volume which is an indication that participation is increasing in it. The stock is trading above its 20, 50, 100 and 200 Day SMA which shows bullish sentiment. Weekly and Monthly strength indicator RSI is in bullish mode. The stock may rise up to the level of 585-620.
Birla Cable Limited
CMP: Rs 134
Boy Range: Rs 133-128
Stop Loss: Rs 115
Upside: 14%-20%
A strong up trend is visible in the stock to form a series of higher tops and higher bottoms. The stock has broken out of a rounding formation on the weekly chart. Which indicates a continuous upward trend. The stock is trading above its 20, 50, 100 and 200 Day SMA which shows bullish sentiment. Daily, Weekly and Monthly strength indicator RSI is in bullish mode. The stock may rise up to the level of 149-157.
Maruti Suzuki India Limited
CMP: Rs 8355
Boy Range: Rs 8350-8190
Stop Loss: Rs 7980
Upside: 5%-8%
The stock has managed to manage its 1-year breakout zone at 8300-8250 since last 3 to 4 weeks. The stock has seen a breakout from the 50-day SMA (8121) support zone. The breakout in the stock has been accompanied by increased volume which is an indication that participation is increasing in it. The stock is trading above its 50, 100 and 200 Day SMA which shows bullish sentiment. The stock can rise up to the level of 8700-8950.
(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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