Kshitij Anand Moneycontrol News
The Nifty50 closed above its crucial 200-days exponential moving average (DEMA) and 200-days moving average (DMA) on Tuesday ahead of March expiry.
The recent move was largely led by short coverings which pushed the index back above 10,000 levels. The Nifty futures rollover suggest long positions are rolling forward which is a positive sign.
In recent short covering, call writers were once again seen active, as selling in 10,200 and 10,250 call strikes was observed which indicates that expiry might end up below 10,200 levels.
However, put writers are still holding sell positions in 10,100 and 10,000 put strikes which indicate expiry in the range of 10100 to 10,200 levels.
“The initial rollover data towards April series indicates long rollover in stocks. However, on any bounce in the prices, the Nifty index will face strong resistance at 10,250-10,300 levels. On the downside, the next support is placed around 10,100-10,050 levels,” Shitij Gandhi, SMC Global Securities Ltd told Moneycontrol.
We have collated a list of top 8 stocks from different analysts which could give up to 12% return in April series:
Analyst: Shitij Gandhi, SMC Global Securities Ltd
Network18 Media & Investments Limited: BUY | Target: Rs 70| Stop loss: Rs 53| Return 18%
The stock has been continuously trading lower after testing Rs 62 levels in the recent past. However, prices took support at its 200-days exponential moving average on the daily interval and once again recovered back above its short-term moving averages to form Cup and Handle formation on a daily interval.
This week the breakout above the pattern formation has been witnessed which suggest for more upside in prices moving forward. So, traders can accumulate the stock in a range of Rs 59-60 levels for the target of Rs 70 and a stop loss below Rs 53.
(Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.)
Manappuram Finance Limited: BUY | Target: Rs 119| Stop loss: Rs 102 | Return: 10%
The stock has been consolidating in range of Rs 100-108 from last seven weeks alongside consistent buying at lower levels which formed the symmetrical triangle pattern on the daily and weekly interval.
This week the breakout above the pattern formation has been witnessed along with positive divergence on secondary indicators like RSI and stochastic indicators which supports for the next up move in prices.
Traders can accumulate the stock in a range of Rs 108-110 for the upside target of Rs 119 and a stop loss below Rs 102.
NTPC Limited: BUY | Target: Rs 187| Stop loss: Rs 161 | Return 10%
The stock has been trading down for the last three months and recently slipped below its 200-days exponential moving average on the daily interval to test Rs 160 level.
However, this month some lower levels buying was seen in the stock which took the prices once again above its 200 days exponential moving average.
Additionally, the stock has formed a cup and handle pattern on a daily interval which is a bullish signal for the prices. Traders can accumulate the stock in a range of Rs 170-171 levels for the upside target of Rs 187 with a stop loss below Rs 161.
Analyst: Abhishek Mondal of Guiness Securities Bajaj Finance Ltd: Buy | Close: Rs 1772.45 | Target: Rs 1960 | Stop loss: Rs 1650 | Return: 10.58%
The stock has given a consolidation breakout above Rs 1740 level in the weekly scale after taking support around its 50-DMA.
The weekly Relative Strength Index (RSI) is showing upward momentum and the MACD is sustaining above the zero line and is trying to cross over the signal line whereas OBV — On Balance Volume continuously trading in a positive channel, which indicates that the stock has potential to move higher from current level.
Positional traders can buy the stock at current levels and add on dips around Rs 1745-1755 with a stop loss below Rs 1650 (closing) for a target of Rs 1960.
UPL Ltd: BUY | Close: Rs 736.80 | Target: Rs 800 | Stop loss: Rs 699 | Return: 8.55%
The stock has given a consolidation breakout on Tuesday above Rs 733 level with higher volume in daily scale. The Relative strength index (RSI) has given positive crossover and MACD continuously trading with positive crossover whereas +DI trading above -DI.
Traders can buy the stock in the range of Rs 730-737 with a stop loss below Rs 699 (closing) for the target of Rs 800.
Balkrishna Industries Ltd: Buy | Close: Rs 1095.15 | Target: Rs 1200 | Stop loss: Rs 1050 | Return: 9.59%
The stock has given a breakout from symmetrical triangle pattern above Rs 1085-1090 levels on Monday with higher volumes in the daily scale.
The Daily Relative strength index (RSI) showing upward momentum and +DI continuously trading above -DI whereas MACD trading with positive crossover.
Based on the above-mentioned observations traders can buy the stock in the range of Rs 1085-1095 with a stop loss below Rs 1050 (closing) for the target of Rs 1200.
Zee Entertainment Ltd.: Buy | Close: Rs 586.50 | Target: Rs 638 | Stop loss: Rs 560 | Return: 8.69%
In daily scale, ZEEL has taken support around its 200-DEMA and bounced back with higher volumes, which suggest that the stock has made a temporary bottom around Rs 550 levels.
The Daily Relative strength index (RSI) showing upward momentum and MACD trading with a positive crossover around zero line, which indicates the stock price has potential to move higher.
Traders can buy the stock in the range of Rs 580-587 with a stop loss below Rs 560 (closing) for the target of Rs 638.
LIC Housing Finance Ltd: Buy | Close: Rs 552.10 | Target: Rs 620 | Stop loss: Rs 512 | Return: 12.12%
The stock has given consolidation breakout on Monday with moderate volume in weekly scale. Weekly Relative strength index (RSI) making higher bottom while MACD has given positive crossover and are in Buy mode, which indicates that the stock price has a potential to move higher.
Traders can buy the stock around current levels and also add on dips around Rs 535-540 with a stop loss below Rs 512 (closing) for the target of Rs 620.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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