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Monday, December 6, 2021

Stock Tips: These two stocks will make great earnings of 11% in a month, Nifty’s weakness may continue in the short term

Stock Tips Buy these 2 shares for gains while Nifty short-term trend continues to remain weakNifty can get support at the level of 17200 in the short term. If it falls below this level, Nifty can fall to the level of 16800. (Image- Pixabay)

Nifty Outlook: After four consecutive days of decline, the stock market had returned on Tuesday, but it could not continue and on Wednesday, a trading day before, it again declined. It formed a negative candle on the daily chart, indicating that Nifty may again slide to the recent low of 17216. Talking about the short term trend of Nifty, it is looking weak and there is no significant sign of further upside from the lower levels. Nifty can get support at the level of 17200 in the short term. If it falls below this level, Nifty can fall to the level of 16800. Talking about individual stocks, investing in Carborundum Universal and SpiceJet can earn up to 11 percent profit in the next three to four weeks.

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Buy CARBORUNDUM UNIVERSAL LTD- (CMP Rs 985)

  • On the weekly timeframe chart, its price broke out sideways range movement at the level of Rs 940 and closed strongly. After this breakout, now there is a possibility of further increase in its price in the short term. It is getting support from the weekly 10-day EMA (Exponential Moving Average) and higher tops and bottoms are showing on the weekly timeframe chart. Apart from this, the volume activity is also increasing and the weekly RSI (Relative Strength Index) is also giving positive signals.
  • You can invest in this stock at the current price for the next three to four weeks at a target price of Rs 1100. If its prices break, then you can increase the number of shares up to Rs 940. In this, the stop loss will have to be kept at the level of Rs 910 on investment.

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Buy SPICEJET LTD – (CMP Rs 82)

  • For the last two weeks, this aviation stock is showing a steady uptrend. The stock tried to break the crucial resistance level of Rs 85 but then slipped. However, in the near term, there are signs of bullishness in this stock. Weekly RSI and Weekly DMI (Directional Movement Index)/ADX (Average Directional Index) are giving positive signals regarding the upside in its prices.
  • Investors can buy this stock at the current price and if its price breaks down, then they can increase the number of shares up to Rs 78. You can invest in this for the next three to four weeks by keeping a stop loss of Rs 75.50 at the target price of Rs 91.

(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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