The Nifty maintained a strong bullish trend, closing at 22,198, up 0.34 percent, on February 27. Despite an initial dip, the index recovered and stayed largely positive. Notable sector outperformance was seen in realty, consumer durable, and auto. Global markets added strength, boosting the sentiment locally.
The India VIX rose 0.83 percent, settling at 15.73, after fluctuating within 14.50 to 16.50 in recent weeks. A drop below 14.50 would reinforce the bullish stance.
The benchmark index is expected to take a support at 22,050-22,000, with immediate resistance at 22,350.
FPIs remain net sellers this month and investors should remain cautious as midcaps see some rush to book profits.
Bank Nifty closed marginally higher at 46,588.05, ending a four-day losing streak. The 50-day simple moving average (SMA) provides robust support around 46,000 with resistance at 47,000, followed by 47,200. The index traded within a 400-point range signalling sideways movement in the upcoming sessions.
Here are three buy calls for short term
Computer Age Management Services: Buy | LTP: Rs 3,138 | Stop-Loss: Rs 3,000 | Target: Rs 3,400 | Return: 8 percent
The stock is rising strongly after breaking out from a Bullish Saucer pattern. Importantly the stock is sustaining above 20 EMA (exponential moving average) and 40 EMA provides strong support.
The MACD (moving average convergence divergence) indicates a positive stance as well. The positive crossover is indicated in the MACD indicator while the RSI (relative strength index) stood at 72 level.
Hence, based on the above technical structure, one can initiate a long position at CMP Rs 3,138 for a target price of Rs 3,400. The stop-loss can be kept at Rs. 3,000.
Max Healthcare Institute: Buy | LTP: Rs 850 | Stop-Loss: Rs 800 | Target: Rs 930 | Return: 9 percent
The stock is experiencing a gradual recovery after consolidating at the 61.8 percent Fibonacci retracement level. The stock is currently trading above the 50 SMA (simple moving average) indicating positive momentum.
The RSI is holding a strong base around 55 levels. In the daily chart, the previous resistance levels have transformed into support adding to the stock steadiness.
Hence, based on the above technical structure, one can initiate a long position at CMP Rs 850 for a target price of Rs 930. The stop-loss can be kept at Rs 800.
Hindustan Aeronautics: Buy | LTP: Rs 3,095 | Stop-Loss: Rs 2,970 | Target: Rs 3,330 | Return: 8 percent
The stock has been consolidating for the past two months after a significant rally. In the last two trading sessions, the stock has recently surged from its base with substantial volume. The RSI's recovery from the 50 level to around 59 indicates consistent strength.
The stock maintained a positive stance above the 50-day simple moving average (SMA). Notably, the Bollinger bands have contracted hinting at reduced volatility and a potential breakout above Rs 3,135 could further intensify the buying interest.
Hence, based on the above technical structure, one can initiate a long position at CMP Rs 3,095 for a target price of Rs 3,330. The stop-loss can be kept at Rs 2,970.
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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