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Hot Stocks | Double-digit return in Tata Coffee, Visaka Industries, VRL Logistics possible in short term

Vinay Rajani of HDFC Securities believes that Nifty is in continuation of an uptrend and same should extend. Currently Indian Markets are outperforming and we could see Indian benchmarks to register new all-time highs.

January 18, 2022 / 10:58 AM IST

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Nifty has been rising for last 7 consecutive sessions and settled the week at 18,308 - surpassing the previous swing high of 18,210. The index is currently placed above all important moving averages, which indicates bullish trend on all time frames.

Previous swing high of 17,944 was taken out recently, which is a sign of continuation of an uptrend with higher tops and higher bottoms on short term charts. Indicators and Oscillators have been showing strength in the current uptrend on the daily charts.

Nifty has surpassed the resistance of 61.8 percent Fibonacci retracement of the downswing seen from 18,604 to 16,410. Only resistance which is visible on the chart is 100 percent, which is placed at the 18,604.

The Previous swing highs of 18,210 and 17,944 are expected to interchange its role as a supports going forward for the Nifty.

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To conclude, we believe that Nifty is in continuation of an uptrend and same should extend. Currently Indian Markets are outperforming and we could see Indian benchmarks to register new all-time highs. Breadth of the market is very strong, which confirms the bullishness. We advise to Hold Nifty longs with 17,940 stop-loss and keep it trailing.

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

Visaka Industries: Buy | LTP: Rs 687.50 | Stop-Loss: Rs 645 | Target: Rs 784 | Return: 14 percent

Stock has broken out from bullish “Flag” pattern on the daily chart. Price breakout is accompanied with jump in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms.

Stock found support on previous swing high on daily charts and resumed its uptrend. Indicators and oscillators have been showing strength in the counter.

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VRL Logistics: Buy | LTP: Rs 477.85 | Stop-Loss: Rs 455 | Target: Rs 543 | Return: 14 percent

Last week, the stock broke out from the bullish “Flag” pattern on the weekly chart. For last four trading session, stock has been facing running correction, which has been with thin volumes.

Primary bullish trend of the stock is well intact and stock could resume its uptrend any time soon.

Logistics stocks have been showing strength on the medium term charts. Indicators and oscillators have turned bullish on daily and weekly charts. Stock has been forming higher tops and higher bottoms on weekly charts.

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Tata Coffee: Buy | LTP: Rs 221.45 | Stop-Loss: Rs 200 | Target: Rs 257 | Return: 16 percent

Downward sloping trend line breakout is seen on the daily chart. Stock broke out from the resistance on December 27, 2021, which was followed by 3 days of running correction. On December 31, the stock has resumed the uptrend by forming “Rising Three” candlestick pattern on daily chart.

Price breakout was accompanied with jump in volumes. For last few sessions, stock has fallen in to narrow consolidation. However, Primary trend of the stock has been bullish with higher tops and higher bottoms.

The stock is trading above all important moving averages. Indicators and oscillators have turned bullish on the daily charts.

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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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