Stock Tips: Bullish trend visible in Nifty in medium term, you can earn bumper profits by investing in these stocks

Stock Tips: Last week, the domestic benchmark index Nifty/Sensex touched the level of 16000/53500 for the first time and for the first time it reached a record level of 16349.45/54633.58. Technically speaking, the domestic indices have formed a strong breakout formation on the weekly chart indicating an uptrend from the current levels. In the medium term, Nifty can see a rise. In such a situation, if there is a fall in the market, then the strategy of buying and booking profit when it rises will be better for the positional traders. For Nifty 50, 16150-16050 and Sensex 54000-53500 will act as a strong support zone and domestic indices can go up to 16400-16550 / 54700-55000. Long positions traders can exit when the market goes below 16050/53500. Investors can earn profits by investing in SBI, Wipro, Tata Steel and HUL.

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SBIN: BUY, CMP 425.55, TARGET 450, SL 415.3

Short term correction followed by strong rally in SBI. After reaching a record high of Rs 467, its price declined but it is still trading around multiple support zones. In such a situation, there is a possibility of further growth in SBI. Currently, its price is Rs 425.55 and investors can buy with a stop loss of Rs 415.3 at the target price of Rs 450.

WIPRO: BUY, CMP 604.45, TARGET 635, SL 590

Wipro’s prices have strengthened in the last few times and still its prices are climbing up. Higher top and higher bottom chart series are indicating continuation of the bullish pattern of Wipro stock. With the increase in volume activity in the last few days, there is a bullish situation on Wipro. Currently its price is Rs 604.45 and investors can buy with a stop loss of Rs 590 at the target price of Rs 635.

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TATASTEEL: BUY, CMP 1389.25, TARGET 1440, SL 1340

There is a continuous bullish chart pattern in Tata Steel and its prices are getting stronger. Although at present, its prices have weakened due to profit booking, but there is every possibility of it continuing to rise further. Currently, its price is Rs 1389.25 and investors can buy with a stop loss of Rs 1340 at the target price of Rs 1440.

HINDUNILVR: BUY, CMP 2374, TARGET 2500, SL 2340

HUL has climbed back strongly from the double bottom support zone on the daily chart. HUL has a strong Bullish candlestick formation and now has increased volume activity. However, the formation of a hammer candlestick near the nearest short term average is showing signs of range breakouts in the coming trading sessions. Currently, its price is Rs 2374 and investors can buy at a target price of Rs 2500 by placing a stop loss of Rs 2340.

(Article: Shrikant Chauhan, Executive Vice President, Equity Technical Research, Kotak Securities)
(The stock recommendations given in the story are those of the respective research analysts and brokerage firms. Financial Express Online takes no responsibility for the same. Investments in capital markets are subject to risks. Please consult your advisor before investing.)

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