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Wednesday, October 27, 2021

Hot Stocks: Stocks can give strong returns of up to 15% in short term, what do you have

In Nifty last week we saw a breakdown from its rising channel pattern. It had found strong support near its 21 DEMA. This week we saw a minor sized V-shape reversal pattern on the daily time frame and Nifty closed above 18,100 for the first time.

On the last 3-4 occasions, when Nifty appears to be in correction mode, then 21 DEMA has acted as a big support for Nifty. Recently, Nifty has been seen breaking out of the bearish engulfing candlestick pattern on the daily chart. With this, it has managed to break this pattern and close above it. The thing to keep in mind is that whenever we see a bearish pattern breaking down, we see strength on the higher side.

On October 13, Nifty opened with a gain of 0.5 per cent and gave a horizontal trendline breakout located near 18,000. On 13 October, Nifty gave a strong bull market break out at daily interval closing above 18,100.

Meanwhile, a channel pattern break out was seen on the weekly time frame in the Nifty Auto Index. It is expected that the Auto Index will continue to outperform in the coming weeks as well.

Since Nifty50 has given a break out on daily time frame. Therefore, it would be advisable to buy every fall. There is immediate support for Nifty at 17,950 – 18,000 levels which was the previous resistance zone for the index. Now the next nearest target or resistance of Nifty is seen near 18,500.

Talking about Bank Nifty, there is a resistance around 39,500 for it. On the other hand, if there is weakness in it and it goes below 37,500, then we can also see the level of 36,000 in this.

In the next 2-3 weeks, there can be strong earnings in these stocks

Dhampur Sugar Mills: Buy | CMP: Rs 329 | Buy this stock with a stop loss of Rs 315, target of Rs 360. In the next 2-3 weeks, this stock can give a return of 9.50 percent.

Indian Bank: Buy | CMP: Rs 163.55 | Buy this stock with a stop loss of Rs 150, target of Rs 189. In the next 2-3 weeks, this stock can give a return of 15.6 percent.

Maruti Suzuki: Buy | CMP: Rs 7,482.15 | Buy this stock with a stop loss of Rs 7,180, target of Rs 8,010. In the next 2-3 weeks, this stock can give a return of 7 percent.

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Shehnazhttps://www.businesskhabar.com/
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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