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Last Updated : Aug 07, 2020 09:44 AM IST | Source: Moneycontrol.com

Hot Stocks | NMDC, HDFC, Exide Industries can give up to 16% return in short-term

Bank Nifty should witness an upward breakout as multiple higher bottoms in the range of 21,100-21,300 levels and the event of the credit policy is behind.

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Vikas Jain

Nifty tested the support range of 10,880 at the start of the week and witnessed a sharp pullback from lower levels with index heavyweights leading the upmove.

Close

Nifty Midcap Smallcap indices outperformed frontliners, gaining 2.8 percent and 3.9 percent, respectively, for the week while Nifty has gained 1.1 percent.

We maintain our positive stance as the lower band of averages has been tested. Midcap and smallcap indices will continue to outperform as they have crossed the long term 200-day averages with sharp positive price performance.

The trend reversal continues to be placed at 10,850 levels, being the 200-day average and the current week's low.

Bank Nifty should witness an upward breakout as there are multiple higher bottoms in the range of 21,100-21,300 levels and the event of the credit policy is behind.

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

NMDC | Buy | LTP: Rs 87.85 | Target price: Rs 102 | Stop loss: Rs 81 | Upside: 16%

The stock has witnessed a breakout above its short and medium-term averages with strong volumes.

The sector is in positive momentum with RSI crossing upwards from its average line.

On the higher side, we expect a move near Rs 95 levels and crossover of the same would extend to Rs 102 levels over the next few weeks.

HDFC | Buy | LTP: Rs 1,778.45 | Target price: Rs 2,030 | Stop loss: Rs 1,595 | Upside: 14%

The stock is trading in a narrow range near its short and medium-term averages and we expect an upward breakout from the current levels.

It has made higher bottoms on the weekly charts and RSI cutting upwards from lower end confirms our positive outlook.

Exide Industries | Buy | LTP: Rs 157.50 | Target price: Rs 173 | Stop loss: Rs 147 | Upside: 10%

The stock has closed in an inside range on monthly expiry and we expect a strong reversal breakout on the higher side.

It has closed at a 4-week high with strong volumes and RSI has been trading above the average line for the last couple of weeks.

The prolonged rangebound move and crossover of the medium-term averages will witness a sharp upmove.

(The author is Senior Research Analyst at Reliance 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 Aug 7, 2020 07:12 am
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