Moneycontrol PRO
Upcoming Event:Attend Algo Convention Live, 2 Days & 12+ Speakers at best offer Rs.999/-, exclusive for Moneycontrol Pro subscribers. Register now!

Hot Stocks | Double-digit returns from ICICI Prudential, Suven Pharma, Bank of Baroda possible in short term, here's why

"Bank of Baroda is outperforming the PSU banking index where it has witnessed a breakout of a bullish Inverse Head and Shoulder formation, to resume its bullish momentum."

March 30, 2022 / 07:21 AM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Nifty is respecting its 200-DMA (day moving average - 17,052) along with the psychological level of 17,000 where it is likely to witness a breakout of bullish flag formation on daily charts. A move above its 100-DMA (around 17,330) may lead to a smart rally in the market towards 17,490-17,640-17,800 levels.

On the downside, 17,000 has become a strong base while 16,800 is a key support level.

BankNifty is respecting its 20-DMA (35,166) along with a psychological level of 35,000, but 36,700-37,000 is a key resistance area. Above this, we can expect a massive short-covering rally towards the 38,000 level.

On the downside, 35,500 is an immediate support level while 35,000 is a key support.

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

Close

ICICI Prudential Life Insurance Company: Buy | LTP: Rs 495.5 | Stop-Loss: Rs 465 | Target: Rs 545 | Return: 10 percent

The counter is bottoming out with bullish Inverse Head and Shoulder formation on the daily chart. It is respecting its 20-DMA (Rs 471) with positive divergence on momentum indicators.

On the upside, Rs 530-533 is an immediate resistance zone while Rs 545 is the next target level.

Image232932022

Suven Pharmaceuticals: Buy | LTP: Rs 621 | Stop-Loss: Rs 590 | Target: Rs 700 | Return: 13 percent

The counter has broken out of long consolidation with heavy volume and has witnessed bullish candlestick formation after retesting the breakout level indicating further strength in the trend.

It is trading above its all-important moving averages and momentum indicators are supporting the current strength of the trend. On the downside, Rs 590 will act as immediate support while Rs 555 is the next important support level.

Image242932022

Bank of Baroda: Buy | LTP: Rs 111.5 | Stop-Loss: Rs 105 | Target: Rs 124 | Return: 11 percent

The counter is outperforming the PSU banking index where it has witnessed a breakout of a bullish Inverse Head and Shoulder formation to resume its bullish momentum.

On the downside, Rs 108-105 are immediate and strong support levels while on the upside Rs 119-124 are the resistance levels.

Momentum indicator RSI (relative strength index) has crossed the hurdle of 60 after witnessing positive crossover whereas MACD (moving average convergence divergence) is trading above the centerline.

Image252932022

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.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

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.
Sections
ISO 27001 - BSI Assurance Mark