The Nifty remained in strength throughout the day, with a bullish sentiment ruling the trade on October 11. On the hourly chart, the index moved above the 200-period simple moving average (SMA) following a breakout from an inverted head-and-shoulders pattern.
In the short term, the index is likely to maintain its momentum. On the upside, it could potentially approach 20,000 mark. The support range is positioned at 19,700 - 19,750.
The Bank Nifty experienced a consolidation phase on the day of weekly F&O expiry, with support at 44,400 and resistance at 44,700. The overall undertone of the index remains bullish, suggesting that a 'buy on dips' approach is appropriate.
If the index manages to break above the 44,700 levels, it is likely to see further upside potential toward the 45,000 mark.
Here are three buy calls for next 2-3 weeks:
Motilal Oswal Financial Services: Buy | LTP: Rs 930 | Stop-Loss: Rs 880 | Targets: Rs 980-1,020 | Return: 10 percent
The stock found strong support at the descending trendline, accompanied by a notable increase in trading volumes. It has surpassed its previous week's high with a significant surge in trading volumes, confirming a bullish reversal.
The key support is evident at Rs 880 levels, which is expected to act as a buffer for the bulls. The stock's potential upside targets are set at Rs 980 and Rs 1,020, indicating further room for growth.
ACC: Buy | LTP: Rs 2,039 | Stop-Loss: Rs 1,960 | Targets: Rs 2,150-2,200 | Return: 8 percent
ACC has been exhibiting a robust uptrend, maintaining higher highs and higher lows on the daily chart. The momentum indicator, RSI (relative strength index), has displayed a positive crossover, affirming a buy signal.
The support is visible at Rs 1,970, which is expected to act as a cushion for the bulls. The potential upside targets for ACC are Rs 2,150 and Rs 2,200.
Asian Granito India: Buy | LTP: Rs 74 | Stop-Loss: Rs 65 | Targets: Rs 80-85 | Return: 15 percent
Asian Granito India has experienced a breakout from an Inverted Head and Shoulders pattern, a bullish reversal formation. The momentum indicator, RSI, has confirmed this with a positive crossover, signaling a buy.
The support is noticeable at Rs 65, expected to serve as a cushion for the bulls. The potential upside targets for Asian Granito India are Rs 80 and Rs 85.
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