With Friday’s tail-end surge, the Nifty finally knocked the door at the psychological 18,000 mark. In fact, it managed to reclaim this key level with some authority. We concluded the April month with a whopping 4 percent gains and on week-on-week basis, the bulls added more than a couple of percent to their kitty.
On the domestic front, we had a lot of tailwinds, but global markets remained a bit spoilsport until last week. Things seem to be improving there as well, which certainly bodes well for the bulls.
As far as the Nifty is concerned, it has certainly cemented its position at ‘200-SMA’ (simple moving average) placed around 17,600 - 17,550. Before this, 17,900 - 17,700 should now be treated as immediate supports. On the flipside, we expect the Nifty to continue this northward trajectory to enter the next important cluster of 18,200 – 18,500 very soon.
Traders are advised to remain upbeat and should use declines (if any) to add bullish bets in the coming week.
Here are two buy calls for next 2-3 weeks:
Gujarat Ambuja Exports: Buy | LTP: Rs 291 | Stop-Loss: Rs 277.80 | Target: Rs 314 | Return: 8 percent
The stock prices experienced a remarkable surge in April after consolidating around multi-month lows of Rs 230. On the daily chart, prices have broken out of a range after a brief pause over the last few sessions.
This breakout is accompanied by a substantial rise in volumes and a bullish candlestick pattern, indicating some strength in the up move.
Additionally, prices are comfortably placed above the key moving averages, and momentum oscillators are also in bullish territory.
Based on the above evidence, we recommend buying for a trading target of Rs 314. The stop-loss can be placed at Rs 277.80.
Aditya Birla Capital: Buy | LTP: Rs 167.20 | Stop-Loss: Rs 162 | Target: Rs 176 | Return: 5 percent
The second half of 2022 was excellent for this counter as stock prices doubled to register a new 4-year high of Rs 162.45 in December. Post this, the stock once again slipped into a consolidation mode and did not do much for nearly 3 months.
Recently, we witnessed good traction in the counter after cementing its positions around key short-term moving averages placed at Rs 140. In fact, On Friday, we witnessed yet another price breakout to clock new multi-year high for the counter.
Taking a glance at the volume activity, we expect this northward move to continue in the coming days. Traders can look to buy for a near-term target of Rs 176. The strict stop-loss needs to be placed at Rs 162.
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.
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