GEPL Capital, Malay Thakkar
After a correction of about 15 percent on the mid-term chart, the Nifty once again saw a jump. After opening the gap on March 17, Nifty managed to close above its 200 day SMA located at 16,997 and filled the gap of 17,027-16,705 formed on February 24.
The RSI indicator on the weekly chart is trending upwards after forming a bullish hinge at the 40 level. Now strong support is seen for Nifty at 17000 level. As long as Nifty remains above this level, we are expecting it to move towards 17790 and 18,350.
Today’s 3 calls in which there can be huge earnings in the next 2-3 weeks
Godrej Properties: Buy | LTP: Rs 1,596.40 | Godrej Properties is making higher highs and higher low formations on the long term chart. Taking a look at the weekly chart, it is seen that the stock has got strong support at 61.8 per cent Fibonacci retracement (Rs 575-1,598) after a steep decline from 2,600 and has formed a bullish candle with long lower saddles. Which is an indication that buying has come from lower levels. In such a situation, a buy advice would be given in this stock with a stop loss of Rs 1,460 for a target of Rs 1900. In the next 2-3 weeks, this stock can see a return of 19 percent.
Titan Company: Buy | LTP: Rs 2,703 | Recently, the stock has come out of its long consolidation phase and is trading near its lifetime high. The RSI indicator is also indicating a bullish trend in this stock. In such a situation, buy advice will be given in this stock with a stop loss of Rs 2,560 for a target of Rs 3,005. In the next 2-3 weeks, this stock can see a return of 11 percent.
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PI Industries: Buy | LTP: Rs 2,815 | There are still signs of bullishness in PI Industries. All the technical indicators are indicating that we can see the level of Rs 3,110 and Rs 3320 in this stock in 1-2 weeks. At the current level, it would be advisable to buy this stock, for this put a stop loss of Rs 2,620. In the next 2-3 weeks, this stock can see a return of 18 percent.
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