Hot Stocks | Advanced Enzyme Technologies, Redington, Adani Total Gas may fetch double-digit returns in short term. Here's why

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The Nifty50 is witnessing some profit booking from 18,888 level; however, the overall texture is still bullish, where 18,600–18,550 is an immediate demand zone and the 20-DMA (day moving average) around 18,440 is the next support level.

On the upside, 18,735 is an immediate hurdle, and then 18,888 and 19,000 are the next resistance levels.

Bank Nifty is consolidating nicely above the 9-DMA, while the 20-DMA around 42,700 is the next important support level. On the upside, 43,500 is an immediate hurdle; above this, we can expect fresh momentum towards 44,000.

The good part of the current market is that FIIs' long exposure in index futures has come down to 66 percent and the Put Call ratio has slipped into oversold territory without any major correction in the market, therefore Nifty may resume its bullish momentum from current levels.

Here are three buy calls for next 2-3 weeks:

Advanced Enzyme Technologies: Buy | LTP: Rs 315.50 | Stop-Loss: Rs 281 | Target: Rs 384 | Return: 22 percent

We have seen a breakout of the rounding bottom formation as well as a breakout of an Inverse Head and Shoulders formation pattern on a longer time frame. The overall structure of the counter is very lucrative, as it is trading above all of its moving averages.

The momentum indicator RSI (relative strength index) is also positively poised, whereas MACD (moving average convergence divergence) is supporting the current strength.

On the higher side, Rs 340 is the immediate resistance; above this, one can expect Rs 384 levels in the near term, while on the lower side, a cluster of moving averages around Rs 281 level will act as a strong support level.

Redington India: Buy | LTP: Rs 185 | Stop-Loss: Rs 170 | Target: Rs 214 | return: 16 percent

The counter is in a classical uptrend, as it has given a breakout of a Flag formation on the daily chart with huge volume. It has given a multi-month breakout above Rs 180.

The structure of the counter is very impressive. It is trading above all of its important moving averages with a positive bias in momentum indicators.

On the higher side, Rs 200 is an immediate psychological resistance level. Above this, we are expecting a move towards Rs 214+ level. On the downside, Rs 170 is major support during any correction.

Adani Total Gas: Buy | LTP: Rs 3,697 | Stop-Loss: Rs 3,370 | Target: Rs 4,354 | Return: 18 percent

The counter has made a Hammer candlestick pattern, which is a bullish trading pattern that may indicate that a stock has reached its bottom and is positioned for a trend reversal.

On the daily chart, it has given a breakout of the triangle pattern. Momentum indicators and moving averages are also supporting the positive trend.

On the upside, Rs 4,000 is an immediate psychological resistance level. Above this, we are expecting a move towards Rs 4,350+ level. On the downside, Rs 3,500 is major support, and below this, Rs 3,370 is the next important support.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.