The Nifty managed to reach the highest close ever above the 18,800 mark at the end of an action-packed the week on June 16.
Amid the ambiguity, the Nifty is close to kissing fresh record highs and even reaching yet another milestone of 19,000. Considering a strong close above 18,800 and with recent laggard, BFSI space, participating in the move last Friday, we will not be surprised to see this achievement in the first half of this week.
On the flip-side, the base has shifted higher towards 18,600 – 18,550, before which 18,700 could be an immediate support.
We continue to remain sanguine and would reiterate on using intra-week decline to add bullish bets in the market. All eyes would be on global markets as they play a vital role in next leg of the rally.
Also, it’s important for high beta financial space to start showing its buoyant nature. If things fall in place as per the expectations, we are likely to have merry run in the near term.
Here are two buy calls for short term:
IRCTC: Buy | LTP: Rs 665 | Stop-Loss: Rs 642 | Target: Rs 706 | Return: 6 percent
The stock has been underperforming for quite a long time now. Recently, stock prices formed a strong base around Rs 580 – 600 and started moving higher in the recent past.
On Friday, we finally witnessed a decisive close above the recent hurdle of Rs 656, which confirms a breakout from the ‘Bullish Cup and Handle’ pattern on the daily time frame chart. It coincides with traversing of key moving average i.e., 200-SMA for the first time in the current calendar year.
Looking at the higher volumes, we recommend buying for a trading target of Rs 706, with a stop-loss at Rs 642.
United Breweries: Buy | LTP: Rs 1,512.20 | Stop-Loss: Rs 1,482 | Target: Rs 1,565 | Return: 3.5 percent
This counter has been quite on and off these days. However, taking a glance at the weekly time frame chart, we can see prices cementing their position precisely at ‘200-week SMA’ placed around Rs 1,353. Now, gradually it is trying to move in the northward direction.
With prices sustaining above ’89-day EMA’ for few days, we can see some buying interest coming back into this trader’s favourite stock.
On Friday, it managed to confirm its close above Rs 1,500 mark with rising volumes. We recommend buying for a near-term target of Rs 1,565. The strict stop-loss needs to be placed at Rs 1,482.
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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