Stock Tips: In the last few trading days, there was a record rise in Nifty and it had reached a record high. However, a trading day earlier on September 1, a day before the weekly F&O expiry, it was slippery due to profit booking. On September 1, the Nifty had reached a record high of 17225 but at the close of trading due to profit booking, it had slipped 55.95 points to 17,076.25. A logical negative candle has formed at new record highs, indicating slight weakness in the market.
This fall in Nifty should be seen as a better buying opportunity. Nifty has more chances of recovery in the short term. On Wednesday, September 1, the Nifty closed with a decline, but the Midcap index closed at 0.75 percent and the Small Cap index gained 0.34 percent, which is positive for the market. Nifty is currently getting support at the level of 16950.
Investors are investing fast in Arbitrage Funds, know what are Arbitrage Funds and should you invest in them?
Buy PNC Infratech Ltd (CMP Rs 340.50)
- After showing range bound action in the last two weeks, PNAC Infratech Limited made an upside breakout at Rs 330 level this week and closed higher on Wednesday. The stock is looking strong on the weekly chart and the stock’s low of Rs 275 in mid-August 2021 can be considered as a new higher bottom. Volume and 14 days weekly RSI (Relative Strength Indicator) is showing positive movement.
- Investors can invest in this stock at the current price of Rs 340.50. If it falls further, then you can increase the number of shares at the price of Rs 325. In the next three to four weeks, its prices can reach Rs 375, which means that in less than a month, investors have a chance to earn up to 10 percent profit. Investors should invest in this stock by keeping a stop loss of Rs 315.
Stocks Tips: Nifty is expected to rise, the stocks of these four companies are showing strong on the chart
Buy SOBHA Ltd – (CMP Rs 679.70)
- According to the weekly chart, there has been a range correction in the realty stock Sobha in the last 5-6 weeks. However, there has been an upside breakout this week and now it is showing a trend of going above Rs 680. The volume activities have increased during this breakout and the weekly DMI (Directional Movement Index)/ADX (Average Directional Index) shows the possibility of further bullish momentum in the stock.
- Investors can invest in this stock at the current price of Rs 679.70 and if it declines, then the stock should be added at the price of Rs 652. In the next 3-4 weeks, by keeping a stop loss of Rs 630, investors can invest at the target price of Rs 750 i.e. investors have a chance to earn about 10 percent profit within the next one month.
(Article: Nagraj Shetty, Technical Research Analyst, HDFC 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.)