Nifty ended almost flat on June 1 after hitting an all-time high as traders booked some profit in IT, pharma and metal counters.
On the derivatives front, Call writers were seen adding open interest at 15,600 and 15,700 strikes while Put writers hold the highest open interest concentration at 15,400 strike.
On the technical front, the higher highs and higher bottom formation on charts suggest the continuation of an uptrend in the coming sessions as well.
At the current juncture, we can expect stock-specific action rather than any sharp upside in the index.
The banking index may be on a volatile path from hereon as tug of war among bulls and bears can keep the markets shaky.
Here are three buy calls for the next 2-3 weeks:
Voltas | LTP: Rs 1,013 | Target price: Rs 1,120 | Stop loss: Rs 930 | Upside: 11%
This week, positive divergences have been witnessed on secondary oscillators on daily charts as the stock is on the verge of a fresh breakout after a prolonged consolidation of nearly twelve weeks.
The stock has seen a fluctuation in a broader range of Rs 940-1,020 since March with prices sustaining well above their 100-day exponential moving average on the daily interval.
On the technical front, it is maintaining its higher bottom formation as well. Traders can accumulate the stock in the range of Rs 1,000-1,015 for the upside target of Rs 1,120.
Maruti Suzuki India | LTP: Rs 7,085 | Target price: Rs 7,800 | Stop loss: Rs 6,600 | Upside: 10%
Since the beginning of the year, this stock has been moving lower with the formation of a lower bottom pattern as prices fell below the 200-days exponential moving average in the recent past.
However, it took support around Rs 6,400 and recovered sharply to regain momentum above its 200-days exponential moving average on the daily charts.
At the current juncture, the stock has given almost a V-shape recovery, forming a higher high pattern on charts with closing above 200-days exponential moving average on both daily and weekly intervals.
Traders can accumulate the stock in the range of Rs 7,050-7,090 for the upside target of Rs 7,800.
Infosys | LTP: Rs 1,388.95 | Target price: Rs 1,500 | Stop loss: Rs 1,300 | Upside: 8%
Last week, this stock gave a fresh breakout above Rs 1,375 after consolidating in a range of Rs 1,310-1,375 for nearly five weeks.
However, after testing Rs 1,416, it witnessed a pullback towards Rs 1,390 once again. The breakout was observed with rising volumes which suggest the strength in the current trend.
The prices are holding well above short and long-term moving averages as well. Traders can accumulate the stock in the range of Rs 1,375-1,390 for the upside target of Rs 1,500.
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