Stock Tips: This month Nifty 50 continues to be bullish. After crossing the level of 15960, Nifty is continuously touching new highs and today on August 5, it is trading with an increase. A positive candle is forming on the daily chart with minor upper shadows, which is expected to continue in the market. According to this pattern, the possibility of booking more profit at record high is not visible. According to the weekly timeframe chart, there is a possibility of a rise in Nifty in the long term. In such a situation, if there is a fall due to profit booking at record high, then it should be taken as a buying opportunity.
Due to profit booking in the next one to two trading days of this week, there may be a slight decline in Nifty due to profit booking and coming below 16 thousand should be considered as a better opportunity to enter the market. The target of Nifty for the next one week is the level of 16500. Investors can earn up to 11 percent profit in the next three-four weeks by investing in The Hague Limited and Can Fin Homes Limited at this time.
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Buy HEG LTD– (Current Market Price Rs 2371)
According to the weekly timeframe, the current price of this stock is showing signs of increasing its prices. The stock is currently trying to cross the resistance level of Rs 2370-2380. After crossing this level, tremendous speed can be seen in it. Weekly 14 period RSI has reached above 60, due to which its price is expected to remain bullish.
You can buy this stock at the current price of Rs 2371. If it declines, then investment can be increased in it at a price of Rs 2265. For the next three-four weeks, keep a target of Rs 2605 and set a stop loss of Rs 2205.
Buy CAN FIN HOMES LTD – (Current Market Price Rs 564)
Shares of Can Fin Home are currently at a price of Rs 564 and there is a possibility of a sharp increase this week. A triangle type is being formed in the weekly chart and now its stock price is trying to breakout in the upside at the level of Rs 575 i.e. this stock can cross this level. In the short term, this stock can reach even higher. The weekly 14-day period RSI (Relative Strength Index) and DMI/ADX (Directional Movement Index/Average Directional Moving Index) are indicating further strengthening of the stock.
You can buy this stock at the current price of Rs 564. If it declines, then investment can be increased in it at a price of Rs 540. For the next three-four weeks, keep a target of Rs 625 and set a stop loss of Rs 525.
(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.)
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