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Last Updated : Jun 29, 2020 07:37 AM IST | Source: Moneycontrol.com

Hot Stocks | PFC, Bodal Chemicals, Maruti Suzuki can give double-digit return in short term

The banking index managed to give a 'cup and handle' pattern breakout by closing above 21,100 and the target, as per the pattern, will reach 24,000 which suggests a bullish movement ahead in mid-term.

Moneycontrol Contributor @moneycontrolcom
 
 
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Shabbir Kayyumi

Nifty managed to close at a 15-week high level overcoming minor hiccups during last week.

Close

Weekly 'Heikin Ashi' candle continues as a bullish flat bottom candle and has given closing above the last three candles’ highs.

Also, Nifty has given a breakout of 'cup and handle' larger degree pattern and the target as per that pattern comes to 11,200.

Daily RSI is sustaining above its 9-day SMA, also adding strength to the current ongoing momentum.

At the same time, the upside movement towards 200-DMA above 10,900 in the coming days is highly probable.

However, the confirmation of the new range will come only above 10,600 where Nifty will cross 61.8 percent retracement mark of March fall.

Buying on dip strategy should be continued till market trades above 100-DMA.

The banking index managed to give a 'cup and handle' pattern breakout by closing above 21,100 and the target, as per the pattern, will reach 24,000 which suggests a bullish movement ahead in mid-term.

Nevertheless, the trading range for the banking index will be 23,300 on the higher side and 20,000 on the lower side for the coming week.

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

Power Finance Corporation (PFC) | Buy Around: Rs 90 | Target price: Rs 105 | Stop loss: Rs 81 | Upside: 16%

PFC on the daily chart has witnessed a falling trend line breakout and is trading above the falling resistance line now.

Momentum indicator RSI is also trading above 50 with bullish crossover on the cards. Along with that, the line of polarity is providing support near the base of the chart.

Meanwhile, the MACD indicator is likely to reverse and seems to have bottomed out on the daily chart which suggests upside momentum.

Bodal Chemicals | Buy Around Rs 61 | Target price: Rs 75 | Stop loss: Rs 50 | Upside: 22%

This stock has been trading higher after making a bottom near Rs 40 levels in the last few weeks.

At the same time, the crucial support trendline is also supportive of the counter near Rs 50-53 zone, indicating a higher probability of short-term bottoming out scenario near Rs 60 levels.

Overall, this stock is running in a rising wedge pattern and the upper trendline is standing around Rs 65.

Relative Strength Index is trading above 60 which is also adding support to positive momentum.

Maruti Suzuki India | Buy Around: Rs 5,750 | Target price: Rs 6,480 | Stop loss: Rs 5,280 | Upside: 12%

For the last few weeks, this counter has been moving in a well-defined ascending channel with multiple touchpoints and appears to be having strong support around Rs 5,180-5,200 zone as it bounced back on a couple of times from the demand zone of the mentioned channel.

As long as the stock is sustaining above this support, it can easily go higher towards Rs 6,500.

(The author is Head of Technical Research at Narnolia Financial Advisors)

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 29, 2020 07:37 am
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