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Hot Stocks | 'Can bet on Godrej Industries, ACC, Praj Industries for double-digit return in short term'

Shitij Gandhi of SMC Global Securities expects markets to consolidate at higher levels in coming sessions with bias likely to remain in favour of bulls. However traders should keep stock specific action on radar.

November 03, 2021 / 07:32 AM IST
 
 
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Indian markets begin this week on a positive note as bulls made a strong comeback before deepawali festival. Nifty indices took support at its 50-day exponential moving average on daily charts to once again reclaim a move above 17,800 levels. The support was seen coming from realty, PSU Banks and midcap counters.

From derivative front Call writers were observed shifting to higher bands and holds maximum open interest at 18000 strike now.

From technical front, the support for Nifty is seen around it's 50-day exponential moving average on daily charts which is placed around 17,650 levels. We expect markets to consolidate at higher levels in coming sessions with bias likely to remain in favour of bulls. However traders should keep stock specific action on radar.

Here are three buy calls for next two-three weeks:

ACC: Buy | LTP: Rs 2,392 | Stop Loss: Rs 2,200 | Target: Rs 2,700 | Return: 13 percent

Close

After making its 52-week high of Rs 2,509 in September, stock witnessed a pullback rally and tested its 100-day exponential moving average on daily charts which is placed around Rs 2,225 levels. Since then recovery has been witnessed in prices as once again stock has given a V shape recovery to surpass above the falling trend line of downward sloping channel.

From the technical front, breakout can be observed above the triangle pattern. Traders can accumulate the stock in range of Rs 2,380-2,390 levels for the upside target of Rs 2,700 levels with stop loss below Rs 2,200.

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Praj Industries: Buy | LTP: Rs 359.10 | Stop Loss: Rs 320 | Target: Rs 400 | Return: 11.4 percent

Nearly, from the last three months, stock can be seen consolidating in a broader range of Rs 310-350 zone with prices consistently holding above its 100-day exponential moving average on daily charts.

This week stock has witnessed a fresh breakout above the key resistance level of Rs 350 level after a prolonged consolidation phase. The rising volumes along with rise in price suggests a next leg up into the prices.

Traders can accumulate the stock in range of Rs 350-359 levels for the upside target of Rs 400 levels with stop loss below Rs 320.

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Godrej Industries: Buy | LTP: Rs 604.10 | Stop Loss: Rs 555 | Target: Rs 680 | Return: 12.6 percent

Stock can be seen trading in a rising channel with formation of higher high and higher bottom pattern. Alongside, price is well maintained above its short and long term moving averages on broader charts.

This week stock has given breakout above its recent resistance level of Rs 600 level. The breakout can be seen with high volumes. The price volume action in stock suggests for next upswing into the prices.

Traders can accumulate the stock in range of Rs 600-605 levels for the upside target of Rs 680 levels with stop loss below Rs 555.

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Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Shitij Gandhi is a senior technical analyst at SMC Global Securities
first published: Nov 3, 2021 07:32 am

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