Buy these two stocks for near-term gains Nifty consolidating after breakout above 16000

Stock Tips: Strong signals are being received in Nifty, investors can earn 14% profit in these stocks in a month

Investors can earn up to 14 percent profit by investing in Tata Chemicals and Vedanta in the next 15-26 trading days.

Stock Tips: Last week, the domestic index Nifty50 broke the range of 15451-15962. Since then, the Nifty has shown an increase in the last few trading sessions. Talking about the daily chart, Nifty is continuously climbing above the trend line passing through the important low level of the last few months. Apart from this, Nifty is trading above the 20 and 50 day average moving averages (SMA). In such a situation, in the coming few trading sessions, Nifty can see a rise and it can show the level of 16500. Talking about the lower level, Nifty can show the level of short term trend reversal at 16105. Investors can earn up to 14 percent profit by investing in Tata Chemicals and Vedanta in the next 15-26 trading days.

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Tata Chemicals

  • This week, Tata Chemicals jumped 4.4 per cent against the marginal rise in Nifty. Its shares also reached record highs and there is a possibility of further increase in it. Technical indicators are giving positive signals. The SMA on the 20 and 50 days is showing an upward slope. Daily Momentum Indicators like the 14-day RSI have also jumped, giving rise to the possibility of a rise in Tata Chemicals.
  • There is a possibility of further upside in this stock. The share price of Tata Chemicals is currently Rs 860. Investors can buy it in the range of Rs 858-862 with a stop loss of Rs 800 with a target price of Rs 980.

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Vedanta

  • Vedanta broke a 7-day trading rage a day earlier on Wednesday on the back of above average volumes and its stocks closed at a record high of 52 weeks. Technical indicators of this stock are giving positive signals. Vedanta is trading above 20 and 50 day SMA. The RSI for 14 days and 14 weeks is showing an upward trend and is not showing any overbought conditions which is a positive sign for the investment.
  • The price of Vedanta can also see a rise in the future. Right now its price is Rs 324.45 per share. Investors can buy in the range of Rs 232-325 at a target price of Rs 375 by placing a stop loss of Rs 300 in it.

(Article: Subhash Gangadharan, Senior Technical and Derivatives Analyst, HDFC Securities)
(The stock recommendations given in the story are those of the respective research analysts. 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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