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Last Updated : Jun 03, 2020 07:31 AM IST | Source: Moneycontrol.com

Hot Stocks | Mindtree, Infosys, Shree Cement can give double-digit returns in short term

On the technical front, now 10,050 mark would act as an immediate hurdle for Nifty where its 100-days exponential moving average is placed on daily charts.

Moneycontrol Contributor @moneycontrolcom
 
 
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Shitij Gandhi

The Indian market began this week with Nifty surging to two-month high despite Moody's downgrade of India's long-term sovereign rating by one notch - from ‘Baa2’ to ‘Baa3.

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The sentiment got supported by firm global equities and reassurance by Prime Minister Narendra Modi that India will return to growth.

On the derivative front, we are continuously witnessing open interest build up in Puts with writers shifting to the upper band.

This suggests that bias is likely to remain bullish for the upcoming sessions as well. On the technical front, now 10,050 mark would act as an immediate hurdle for Nifty where its 100-days exponential moving average is placed on daily charts.

However, a move above that can further add follow up buying and Nifty can move towards 10,400 as well in coming sessions. On the downside, 9,700-9,600 zone would be a major support for Nifty.

Here are three buy recommendations for the next 3-4 weeks:

Mindtree | Buy | LTP: Rs 921 | Target price: Rs 1,017 | Stop loss: Rs 830 | Upside: 10%

For the last five weeks, the stock has been consolidating in a range of Rs 820-920 with prices holding well above the short and long-term moving averages on daily charts.

The prolonged consolidation has formed a rectangle pattern on the charts and this week the stock has given a consolidation breakout above the defined range with marginally higher volumes.

Traders can accumulate the stock in the range of Rs 900-920 levels for the upside target of Rs 1,017.

Infosys | Buy | LTP: Rs 708.20 | Target price: Rs 785 | Stop loss: Rs 660 | Upside: 11%

The stock has been consistently holding above its 200-days exponential moving average on a weekly interval and seen trading in a rising channel on the daily charts with the formation of the higher high and higher bottom.

This week, it has managed to give breakout above its 200-day EMA on the daily intervals as well.

On the derivative front, we have observed a fresh long build-up in the stock which could add further buying momentum into the prices.

Traders can accumulate the stock in the range of Rs 705-708 for the upside target of Rs 785 levels.

Shree Cement | Buy | LTP: Rs 21,241.50 | Target price: Rs 24,000 | Stop loss: Rs 19,000 | Upside: 13%

After five weeks of prolonged consolidation, the stock has given a fresh breakout above the broader range of Rs 18,000-20,000 and also managed to surpass above its 200-days exponential moving average on the daily charts.

On the technical front, the breakout can be seen above the rectangle pattern, which is generally traded as a continuation pattern.

Traders can accumulate the stock on dips in the range of Rs 20,800-21,100 for the upside target of Rs 24,000.

(The author is Senior Technical Analyst at SMC Global Securities)

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Jun 3, 2020 07:31 am
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