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Hot Stocks | Double-digit return in Apollo Hospitals, Minda Corporation, L&T Infotech possible in short term. Here's why

If Nifty surrenders its 200-DMA (16,877) then things may become ugly where 16,400-16,000 are the next important support levels, says Santosh Meena of Swastika Investmart.

February 23, 2022 / 07:30 AM IST
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Santosh Meena, Head of Research at Swastika Investmart

The Nifty again respected its 200-DMA (day moving average 16,877) beautifully, gave confidence to the bulls, however the 20-DMA is acting as a strong resistance for many days that is currently placed at 17,325 level. Above this, we can expect the positive momentum to pick up towards 17,600-17,800 levels.

If the Nifty surrenders its 200-DMA, then things may become ugly where 16,400-16,000 are the next important support levels.

FIIs are still selling in the cash market but the momentum has come down a little bit despite the Russia-Ukraine's standoff and they are making bullish positions in the F&O market for the last few days which is also a positive sign.

As per the open interest data, 17,000 should act as strong support for the Nifty ahead of expiry while 37,000-36,500 is a critical support zone for the BankNifty.

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

Apollo Hospitals Enterprises: Buy | LTP: Rs 4,576 | Stop-Loss: Rs 4,300 | Target: Rs 5,100 | Return: 11.5 percent

The counter is bottoming out at its 200-DMA following a meaningful correction where it has formed a bullish Engulfing candlestick formation with a double bottom chart pattern. The counter is in a very narrow range for the last many days where Rs 4,750 is acting as a strong hurdle. Above this, we can expect a swift move towards the Rs 5,100 level.

Momentum indicator RSI (relative strength index) witnessed positive crossover with a positive divergence whereas MACD (moving average convergence divergence) also showed positive crossover however it is trading below the centerline.


L&T Infotech: Buy | LTP: Rs 5,991 | Stop-Loss: Rs 5,600 | Target: Rs 6,600 | Return: 10 percent

The counter has created a strong base around Rs 5,600 level that coincides with its 200-DMA. It created a strong bullish candlestick formation near the major base with positive divergence in momentum indicators.

On the upside, 20-DMA is acting as a strong hurdle that is currently placed at the Rs 6,075 level. Above this, we can expect a move towards a cluster of 100 and 50-DMA which is currently placed around Rs 6,600 level.


Minda Corporation: Buy | LTP: Rs 195 | Stop-Loss: Rs 180 | Target: Rs 225 | Return: 15 percent

Minda Corporation is outperforming the market and managed to hold important support of Rs 180 despite a sell-off in the overall market. It formed a bullish opening Marubozu candlestick formation from the support of Rs 180 in Tuesday's trading session.

The overall structure is bullish where it is consolidating in the range of Rs 180-210 and a move above Rs 210 may lead to a fresh leg of the rally. Momentum indicator RSI is witnessing positive crossover from the support of 40 levels whereas other momentum indicators are also positively poised.


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Santosh Meena
Santosh Meena is the Head of Research at Swastika Investmart Ltd. He is a professional finance marketer with 10 years of expertise in technical & derivative analysis.