Nifty Outlook: The market remained volatile throughout the day on Wednesday but Nifty could not handle its rise. A trading day ago, Nifty 50 movement remained in a limited range and closed with a fall of 27 points. However, it has formed a small positive candle on the daily chart. Simply put, Nifty is showing signs of weakness in the short term and it can move up and down in a limited range.
As long as the Nifty remains at the level of 17900-17850, there will be a possibility of a bounce in it and it can move towards 18150. Conversely, if Nifty fails to maintain the level of 17900-17850, then it may slide down to the level of 17600. Talking about individual stocks, 11 percent return can be achieved in three-four weeks by investing in Hemisphere Properties India and Dishman Carbogen Amcis.
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Hemisphere Properties India Ltd (Wednesday closing price – Rs. 153.45)
- The stock was rising in a limited range for the last few weeks but this week it has seen a rise so far. Now it is trying to break the resistance level at Rs 152. After crossing this level, there can be a great rally in this stock.
- Right now the shares of this company are at a price around the 10-week moving average level of Rs 139 and the 20-week EMA (exponential moving average) ie around Rs 141.
- The volume activity of its shares has increased i.e. its trading has increased and the RSI (Relative Strength Index) for the period of 14 days is giving positive indications.
- From the overall chart pattern, it is showing a good investment opportunity for long term.
- Investors can buy in this stock at the current price and if the price breaks down, they can increase the number of shares up to Rs 147. Investors should keep a stop loss of Rs 142 in it and invest at a target price of Rs 170 for the next three to four weeks.
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Dishman Carbogen Amcis Ltd (Wednesday closing price – Rs 217.65)
- There was a fall in this stock for the last three weeks, but now it is showing signs of stopping this correction. Its price is getting necessary support near the level of 20 weeks EMA i.e. around Rs 203 from where it has seen a jump ahead.
- Higher bottom is visible in weekly chart and last week’s low of Rs 201.50 is now new higher bottom. In such a situation, in the near term it can be seen further acceleration.
- The weekly 14-day DMI (Directional Movement Index) is positive.
- The overall chart pattern is better and there is a better opportunity for long term investment.
- Investors can invest in this company at the current price and if there is a slippage from the current level, then they can increase the number of shares up to the price of Rs 208.50. For the next three-four weeks, you can invest with a stop loss of Rs 202 and invest at a target price of Rs 242.
(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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