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Hot Stocks | Double-digit return likely from Speciality Restaurants, Minda Corp, Anant Raj in short term. Here's why

Speciality Restaurants has broken a horizontal trend line resistance on the daily chart and has a strong bullish setup. It has retested its previous breakout level of Rs 240 after hitting a fresh all-time high.

January 18, 2023 / 06:41 AM IST
 
 
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The Nifty has been making higher highs and higher lows for the last four trading sessions, and on January 17, it managed to close above the 20-DMA (day moving average). However, we need a follow-through on January 18, and if the Nifty manages to trade above 18,088, then we can expect a move towards 18,250–18,300 zone.

On the downside, 17,950 will act as an immediate support level, while 17,800 is a sacrosanct support level on a closing basis.

Bank Nifty is also consolidating in a band of 41,700- 42,700, and any decisive move from this band will dictate further direction. However, if it slips below 41,700 level, the 100-DMA of 41,370 will be the immediate support level. If it crosses 42,700 level, then a short covering move towards 43,400 is expected.

Global cues are also muted for the last few days, but the FIIs' flow will be critical because they have been selling aggressively in the Indian market since the start of 2023. We can expect sector- and stock-specific moves amid the Q3 earnings season and pre-budget expectations.