The Nifty remained above the previous swing high on the daily chart, confirming the ongoing uptrend. On the higher end, however, the headline index found resistance around 18,300, where Call writers added significant positions.
The overall trend is expected to remain volatile as long as it remains below the crucial resistance of 18,300.
The fear index India VIX remains well below 20, suggesting an absence of panic.
Going forward, a decisive move above 18,300 may induce a rally towards 18,600. However, failure to move beyond 18,300 may trigger further profit-taking. On the lower end, support is pegged at 18,000, below which the index may extend its loss towards 17,700.
Here are three buy calls for next 2-3 weeks:
Aster DM Healthcare: Buy | LTP: Rs 267.25 | Stop-Loss: Rs 257 | Target: Rs 290 | Return: 8.5 percent
The stock on the daily chart has sustained above the symmetrical triangle, exhibiting the strength of the uptrend. Also, the price is trading above 50EMA (exponential moving average Rs 244.60) comfortably.
The momentum indicator RSI (relative strength index 14) is in bullish crossover. The short term trend looks bullish.
On the higher end, price may move towards Rs 290, whereas support is visible at Rs 257.
Bajaj Holdings & Investment: Buy | LTP: Rs 6,874 | Stop-Loss: Rs 6,644 | Target: Rs 7,335 | Return: 7 percent
The stock has moved above the previous consolidation on the daily chart, suggesting a rise in optimism among the investors.
The RSI (14) is in bullish crossover. The stock is placed well above the 200DMA (days moving average).
The short term trend looks bullish. On the higher end, price may move towards Rs 7,335, whereas support is visible at Rs 6,644.
ITC: Buy | LTP: Rs 361 | Stop-Loss: Rs 348 | Target: Rs 390 | Return: 8 percent
The stock has given a consolidation breakout on the daily timeframe, suggesting a rise in optimism among the investors.
The RSI (14) is in bullish crossover. The stock is placed above the crucial short term moving averages.
The short term trend looks bullish. On the higher end, price may move towards Rs 390, whereas support is visible at Rs 348.
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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