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Hot Stocks | Intellect Design Arena, Bajaj Finserv, Page Industries can give 11-22% return in short term, here's why

Page Industries is moving in a rational uptrend with higher highs and lows formation. The stock is continuously taking support and bouncing off the 20-day SMA (Rs 41,143)

April 01, 2022 / 07:18 AM IST
 
 
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The Nifty has seen a decent up move during the week and has broken the swing high of 17,490 to make a fresh eight-week high. The index has managed to sustain comfortably above the 200-day simple moving average  (17,069) and a 20-week SMA (17,261).

The relative strength index (RSI) indicator on weekly charts is hovering around the 50-mark giving neutral signals.

The Nifty has an immediate resistance at 17,640 followed by 17,790, whereas the downside supports are placed at 17,340 and the psychologically important 17,000 level.

We expect the Nifty to move sideways in the 17,000-17,800 range and only a break on either side will lead to a directional move.

Here are three buy calls for next two-three weeks:

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Intellect Design Arena: Buy | LTP: Rs 945.75 | Stop-Loss: Rs 840 | Target: Rs 1,160 | Return: 22 percent

Intellect Design has been moving in a strong uptrend since March 2020. Recently, the stock has broken out of an eight-month consolidation and also managed to break above the previous swing high (Rs 892) this indicates strength in the counter.

The Bollinger bands are expanding with the breakout indicating chances of a trending move going ahead.

We expect the stock to move higher towards Rs 1,040 followed by Rs 1,160 levels. We recommend a stop-loss of Rs 840 on daily closing basis.

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Bajaj Finserv: Buy | LTP: Rs 17,060.45 | Stop-Loss: Rs 15,900 | Target: Rs 19,325 | Return: 13 percent

On long-term charts, Bajaj Finserv is moving in a strong uptrend. After the recent correction, the stock took support and bounced from its 38.2 percent Fibonacci retracement (Rs 3,985-Rs 19,325).

The stock is showing good strength and is trading at a 10-week high. It has also managed to breach and sustain above its 20-week SMA placed at 16,534.

The RSI indicator on the weekly is moving higher after forming a bullish hinge near the 45-mark.

We expect the stock to move higher towards Rs 18,600 followed by Rs 19,325. We recommend a stop-loss of Rs 15,900 for this trade.

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Page Industries: Buy | LTP: Rs 43,189.35 | Stop-Loss: Rs 41,000 | Target: Rs 48,000 | Return: 11 percent

Page Industries is moving in a rational uptrend with higher highs and lows formation. Within the uptrend, the stock is continuously taking support and bouncing off the 20-day SMA (Rs 41,143).

In the current week, the stock has formed a strong bullish candle and is now trading at an eight-week high.

The RSI on weekly has witnessed a range shift and is sustaining above the 50-mark since August 2020.

We expect the stock to continue its outperformance and move higher towards Rs 45,600, a break above which can lead the stock towards Rs 48,000-mark.

A stop-loss of 41,000 should be maintained for this setup.

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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.
Malay Thakkar is the Technical Research Associate at GEPL Capital.
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