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Budget 2021

Associate Partners:

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Hot Stocks | Can bet on Sun TV, Hero MotoCorp and Tata Coffee for short term

Technical indicators suggest that the market is likely to witness intraday volatility in the upcoming sessions while bias is likely to remain in favour of bulls as long as Nifty is trading above 14,300 levels.

January 13, 2021 / 07:15 AM IST

Representative image | Source: Pixabay

 
 
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Indian markets once again reached record high levels as the benchmark Nifty closed above 14,500 level while Bank Nifty ended above 32,300 on January 12.

On the derivatives front, heavy Put writing was observed at 14,500 strike while Call writers were seen shifting to higher bands.

This indicates that bulls are likely to keep charge in the upcoming sessions as well.

Technical indicators suggest that the market is likely to witness intraday volatility in the upcoming sessions while bias is likely to remain in favour of bulls as long as Nifty is trading above 14,300 levels.

Close

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

Sun TV Network | LTP: Rs 526.85 | Target price: Rs 583 | Stop loss: Rs 480 | Upside: 11%

After forming a double bottom pattern around the Rs 410 level, the stock made a smart recovery and tested its 52-week high on January 8.

The stock has given a breakout above the cup and handles pattern, visible on daily charts. It has been consistently moving well above its short and long-term moving averages.

The prices have been fluctuating in a rising channel with the formation of the higher high and higher bottom pattern.

Moreover, positive divergences on secondary oscillators with rising volumes also suggest that the up-move could continue in the upcoming sessions as well.

Traders can accumulate the stock in the range of Rs 520-528.

Hero MotoCorp | LTP: Rs 3,242.05 | Target price: Rs 3,555 | Stop loss: Rs 3,000 | Upside: 10%

This week, the stock has given a prolonged consolidation breakout after nearly nine weeks of rangebound moves.

The breakout can be seen with marginally higher volumes.

In the recent past, it took support at its 100-day exponential moving average on the daily charts and made an almost V-shape recovery to once again get back above its short-term moving averages on the daily interval.

At the current juncture, the stock has also given a breakout above the ascending triangle pattern on the daily charts which points towards the next upswing in the prices.

Traders can accumulate the stock in the range of Rs 3,200-3,250.

Tata Coffee | LTP: Rs 114 | Target price: Rs 122.50 | Stop loss: Rs 103 | Upside: 7%

After testing Rs 119 level in August 2020, this stock took a breather and fell towards Rs 100 level to take support at its 200-day exponential moving average on the weekly interval.

Since then, recovery has been seen in prices as once again the stock is trading well above its short and long-term moving averages on the weekly charts.

At the current juncture, the stock has made a rounding bottom pattern on the weekly interval and given a fresh breakout above the key resistance level of Rs 114.

On the daily charts as well, a breakout above the symmetrical triangle pattern can be witnessed with marginally higher volumes which point towards strength in an uptrend.

Traders can accumulate the stock in the range of Rs 110-114.

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: Jan 13, 2021 07:15 am

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