Market Outlook: For the last two days, the market has returned brightly but still there is a possibility of a fall in it.
Market Outlook: Amidst heavy volatility on Tuesday, the Nifty returned to the bullish trend and closed with gains for the second consecutive day on Wednesday. It has formed a long bull candle on the daily chart, which is indicating that the market will remain bullish. The resistance level of 17000-17200 is important for Nifty. Today (December 23) Nifty is trading with strength beyond the level of 17 thousand. Despite the bullish trend in Nifty, there is still a possibility that it may slip down again in the coming trading days from near the level of 17000-17200. It is currently getting immediate support at the level of 16830. Talking about individual stocks, investors can earn up to 12 percent profit in the next three to four weeks by investing in TV18 Broadcast and Aurobindo Pharma.
Stocks in Focus: Today’s eyes will be on stocks like ZEE-Kotak Mahindra Bank, advice to bet in these stocks in intra-day
Buy TV18 Broadcast – (Wednesday closed price – Rs. 45.35)
- Despite sharply crossing the Rs 50 level last week, TV18 Broadcast could not sustain this level and slipped from this high. In the last trading session, it has made a higher bottom at the level of Rs 43 and is showing a bullish trend. Its prices remain above the support level of 10 and 20 week EMM (Exponential Moving Average). The higher bottom on the weekly chart and the strength of the recent uptrend are showing signs of further upside in its prices. Technical indicators like RSI (14) and DMI/ADX are also giving positive signals for near term.
- Investors can buy its shares at the current price and if its price slips to Rs 43.25 then the number of shares should be increased. One can invest in TV18 Broadcast by placing a stop loss of Rs 42 at the target price of Rs 51 for the next three to four trading weeks.
Aurobindo Pharma Ltd – (Wednesday closing price – Rs 718.95)
- In the last one month, the prices of this stock have been strengthening. After this week’s rally, the price of Aurbindo Pharma broke the consolidation level of Rs 715. This gave indications of a boom in Aurbindo Pharma. Technical indicators like RSI (14) and ADX/DMI are also showing positive signals.
- At the current price, you can add its shares to your portfolio and increase the number of shares up to Rs 685. Its prices can reach the level of Rs 800 in the next three to four weeks. However, keep a stop loss at Rs 665.
(Article: Nagraj Shetty, Technical Research Analyst, HDFC Securities)
(The stock recommendations given in the story are those of the respective research analyst and brokerage firm. 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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