On January 28, the market closed with a fall for the second consecutive week. The Nifty lost nearly 3 per cent in the past amidst the dominance of bears on Dalal Street. Indications of a 4-rate hike in 2022 from the US Fed, accelerated FII sell-offs and the rise in oil prices have deepened the decline in the market. In the last two weeks before the budget coming on February 1, the Sensex-Nifty saw a fall of more than 6 percent.
During the last week, Nifty fell to 16,836, but managed to retain 17000 amid volatility. Market experts say that in the coming days, the level of 16800 will act as an important support for Nifty. If Nifty manages to maintain this level till the Union Budget, then we can see a good rally going forward due to short covering.
Technically, the level of 16,800 is very important for Nifty. Because it is coinciding with the recent upmove with 78.6 retracement as well as trend line support. The market has managed to hold this level for the last few trading sessions. With this, while making this recovery, the level of 17000 has been achieved again. As long as this support remains for Nifty, chances of recovery will remain in it.
Hot Stocks: The market will remain in the first range of the budget, bet on these stocks for the short term, there will be strong earnings
But at the same time, even if there is a recovery in the market, it is unlikely to cross the 17,350–17,500 barrier before the budget. Now whatever breakout has to come, it will be seen to happen on or after the budget day. Till then the market will see us bounded. In such a situation, we should keep an eye on selected stocks only.
Sameet Chavan’s short term pics of Angel One, which can make huge money in 2-3 weeks
Cadila Healthcare: Buy , LTP: Rs 396 | Buy Cadila Health with stoploss of Rs 378, target of Rs 432. This stock can give a return of 9 percent in 2-3 weeks.
Maruti Suzuki: Buy | LTP: Rs 8,550.95 | Buy Maruti Suzuki with a stop loss of Rs 8,240 and target Rs 9,000. This stock can give 5 percent return in 2-3 weeks.
Nandish Shah’s short term picks of HDFC Securities, which can earn huge money in 2-3 weeks
JB Chemicals and Pharmaceuticals: Buy | LTP: Rs 1,759.10 | Buy JB Chemicals with stop loss of Rs 1,625, target of Rs 1,970. This stock can give 12 per cent return in 2-3 weeks.
IDFC: Buy | LTP: Rs 64.05 , Buy IDFC with a stop loss of Rs 58, target of Rs 74. This stock can give a return of 15 per cent in 2-3 weeks.
Polyplex Corporation: Buy , LTP: Rs 1,815.55 | Buy Polyplex with stop loss of Rs 1,700 and target Rs 2,000. This stock can give 10 per cent return in 2-3 weeks.
The picks of Shrikant Chauhan of Kotak Securities
Tata Power: Buy , LTP: Rs 244.05 | Buying advice in this stock with a stop loss of Rs 220 and target of Rs 280 would be a buy call. This stock is seeing a return of 23 per cent in 3-4 weeks.
LIC Housing Finance: Buy , LTP: Rs 383.15 | Buying advice in this stock with a stop loss of Rs 360, target of Rs 445-465. This stock is seeing a return of 21 percent in 3-4 weeks.
Tata Motors: Buy , LTP: Rs 497.30 | Buying advice in this stock with a stop loss of Rs 460, target of Rs 535-550 would be a buy call. This stock is seeing a return of 11 per cent in 3-4 weeks.
Picks by Rajesh Palvia of Axis Securities
Gujarat Ambuja Exports: Buy , LTP: Rs 208.65 | Buying advice in this stock with a stop loss of Rs 188, target of Rs 232-255. This stock is seeing a return of 22 per cent in 3-4 weeks.
PSP Projects: Buy , LTP: Rs 575.35 | Buying advice in this stock with a stop loss of Rs 520, target of Rs 640-685. This stock is seeing a return of 37 per cent in 3-4 weeks.
Maruti Suzuki: Buy , LTP: Rs 8,550.95 | This stock will have a buy call with a stop loss of Rs 8,300 with a target of Rs 9,050-9,250. This stock is seeing a return of 8 percent in 3-4 weeks.
Bank of Baroda: Buy , LTP: Rs 103.30 | Buying advice in this stock with a stop loss of Rs 90, target of Rs 120-135. This stock is seeing a return of 31 percent in 3-4 weeks.
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