The Nifty, however, made a remarkable comeback the next day to reclaim 17,200. Later in the week, it also tested 17,400 but was sluggish. The Nifty ended the week above 17,300, rising more than a percent.
As the Nifty has managed to surpass 17,200 and is holding above it, 17,200–17,000 now becomes a sacrosanct zone for the market. A positive crossover in daily ‘RSI-Smoothened’ will likely provide a helping hand to the bulls.
If global cues are supportive, the Nifty can continue its journey north. As far as levels are concerned, 17,400, 17,500 and 17,650 are seen as immediate hurdles.
We advise traders to remain sanguine and looking at the placement of the Nifty midcap 50 index, a stock-specific approach would be the best.
Here are two buy calls for next two-three weeks:
Jubilant Ingrevia: Buy | LTP: Rs 545.85 | Stop-Loss: Rs 518 | Target: Rs 590 | Return: 8 percent
This stock has seen a strong traction in terms of volume from the recent swing low Rs 460 and has since maintained a positive stature of higher highs-higher lows.
Major technical indicators are signaling a continuation of the bullish momentum. The weekly time frame chart also shows prices gearing up for a strong move.
We recommend buying for a near term target of Rs 590. Traders can participate by following a strict stop-loss at Rs 518.

HBL Power Systems: Buy | LTP: Rs 114.65 | Stop-Loss: Rs 103 | Target: Rs 128 | Return: 12 percent
This small company has gone unnoticed but has gained more than 82 percent during the calendar year. Recently, the stock price resumed its upward trajectory after seeing a decent price retracement of the previous rally.
On October 7, the stock witnessed a massive surge after confirming its breakout from the ‘horizontal line’ resistance of Rs 105.
If we look at the volume activity, we can see more than four– five times supporting this price action.
Traders are advised to buy on a decline at around Rs 112–108 for a positional target of Rs 128. A strict stop-loss needs to be placed at Rs 103.

Disclaimer: The views and investment tips expressed by 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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