Last week was another bullish week for Dalal Street. The market started the new year on a high note. In the week ended January 7, the Sensex-Nifty had managed to close with a gain of more than 2.5 percent. However, gains were limited due to news of US Fed tightening monetary policy ahead of estimates. The banking and financial sectors were instrumental in last week’s rally.
Market experts believe that the level of 18000 will be very important for any rally in the market in the coming days. As long as Nifty holds above its 20-week SMA of 17,553, bullish signals will remain in it. Going forward, the level of 17640 will act as an important support for Nifty.
Malay Thakkar of GEPL Capital Says that if we look at the price action, then the level of 18000 will now be an important resistance for Nifty. If Nifty breaks 18000 then it will again see us going towards 18210. On the downside, support is visible for it at 17,640.
Malay Thakkar says that if you look at the options data, the maximum open interest is at 18,000 CE and 17,500 PE. Calls and Puts at 17,800 have almost equal (30 lakhs) Open Interest, which is an indication that there is a straddle writing at 17,800 strike. He further said that it is expected that further Nifty will be seen moving in the range of 17500-18000. If Nifty breaks the 18,000 level, then we will see fresh buying coming in it.
10 trading calls suggested by veterans, which can lead to double digit earnings in 3-4 weeks
Short Term Picks of Vijay Dhanotiya of CapitalVia Global Research
Vinati Organics: Buy | LTP: Rs 2,103.90 | Buying advice in this stock is a target of Rs 2,550 with a stop loss of Rs 1,800. This stock can see a return of 21.2 percent in 3-4 weeks.
Amber Enterprises: Buy | LTP: Rs 3,428.50 | Buying advice in this stock is a target of Rs 3,950 with a stop loss of Rs 3,200. This stock can see a return of 15.2 percent in 3-4 weeks.
Apollo Hospitals Enterprises: Buy , LTP: Rs 5,021.85 | Buying advice in this stock with a stop loss of Rs 4,350 and target of Rs 6,200 would be a buy call. This stock can see a return of 23.5% in 3-4 weeks.
Short term pics of Ruchit Jain of 5paisa.com
Tata Power: Buy | LTP: Rs 229.80. Buying advice in this stock with a stop loss of Rs 219, target of Rs 243-245. This stock can see a return of 8.4 percent in 3-4 weeks.
UPL: Buy | LTP: Rs 788.95 | Buying advice in this stock with a stop loss of Rs 759 and target of Rs 820 would be a buy. This stock can see a return of 4 percent in 3-4 weeks.
Indiabulls Real Estate: Buy , LTP: Rs 166.15 | A buy call on this stock with a stop loss of Rs 157 and target of Rs 183. This stock can see a return of 10 percent in 3-4 weeks.
JSW Steel: Buy , LTP: Rs 672.85 | Buying advice in this stock with a stop loss of Rs 655 and target of Rs 705 would be a buy. This stock can see a return of 5 percent in 3-4 weeks.
Short Term Picks of Chandan Tapadiya of Motilal Oswal Financial Services
Aarti Industries: Buy | LTP: Rs 1,030.95 | Buying advice in this stock with a stop loss of Rs 1,005 and target of Rs 1,080 would be a buy. This stock can see a return of 5 percent in 3-4 weeks.
Short Term Picks of Vinay Rajani of HDFC Securities
Chambal Fertilisers: Buy , LTP: Rs 423.15 | Buying advice in Chambal Fertilizer with a stop loss of Rs 384, target of Rs 499. This stock can give 18% return in 3-4 weeks.
Natco Pharma: Buy , LTP: Rs 915.50 | Buying advice at Natco Pharma with a stop loss of Rs 824, target of Rs 1,065. This stock can give 16.3% returns in 3-4 weeks.
Tata Coffee: Buy , LTP: Rs 213.20 | Buying advice is given in Tata Coffee with a stop loss of Rs 195, target of Rs 257. This stock can give 20.5% return in 3-4 weeks.
.