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HomeNewsBusinessMarketsHot Stocks | PNC Infratech, Garden Reach Shipbuilders, Just Dial can return up to 10% in short term

Hot Stocks | PNC Infratech, Garden Reach Shipbuilders, Just Dial can return up to 10% in short term

For those looking to buy Nifty, the recommended range is between 21,550-21,600. One can set a stop-loss at 21,480 and aim for a target of 21,750.

January 11, 2024 / 07:05 IST
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    By Kunal Shah, senior technical & derivative analyst at LKP Securities

    The Nifty 50 index bounced back strongly from its important support at 21,500, indicating that the bulls are quite active at this level. The Nifty closed at 21,623, near its resistance on January 10. If it manages to close above 21,700-21,750 levels, we might see the Nifty reaching 22,000.

    For those looking to buy Nifty, the recommended range is between 21,550-21,600. One can set a stop-loss at 21,480 and aim for a target of 21,750.

    The Bank Nifty index experienced a volatile trading session on the day of weekly expiry, but the bulls successfully defended the crucial support level of 47,000. Despite this, the overall market sentiment remains in "sell on rise" mode.

    The immediate hurdle for the banking index is at 47,500, where the highest open interest is concentrated on the Call side. To initiate a short-covering move and potentially target the 48,000 mark, the index needs to convincingly surpass the level of 47,500 on a closing basis.

    Here are three buy calls for short term:

    PNC Infratech: Buy | LTP: Rs 368 | Stop-Loss: Rs 350 | Target: Rs 385-400 | Return: 9 percent

    PNC Infra has exhibited a robust breakout on the daily chart, accompanied by a sharp surge in volumes, marking the end of a prolonged consolidation phase.

    The momentum indicator RSI (relative strength index) has confirmed the bullish momentum with a positive crossover, surpassing the crucial 60-mark. With a lower-end support established at Rs 350, acting as a cushion for the bulls, the stock has potential upside targets set at Rs 385 and Rs 400.

    Image110012024

    GRSE: Buy | LTP: Rs 905.5 | Stop-Loss: Rs 850 | Target: Rs 950-1,000 | Return: 10 percent

    Garden Reach Shipbuilders & Engineers (GRSE) stock has recently experienced a significant consolidation breakout on the daily chart, accompanied by a notable surge in volumes. The stock found support at its 20-day moving average (20DMA), positioned at Rs 850, which is acting as a cushion for potential upward movements.

    The momentum indicator RSI has surpassed the 60-mark, indicating an acceleration in momentum, further supporting the bullish sentiment.Image210012024

    Just Dial: Buy | LTP: Rs 840 | Stop-Loss: Rs 810 | Target: Rs 890-920 | Return: 9.5 percent

    Just Dial stock is currently exhibiting a robust uptrend, maintaining higher highs and higher lows on the daily chart. The stock recently surpassed a critical resistance level of Rs 820 with substantial volumes, confirming the bullish setup.

    Moreover, the stock closed above its previous swing high, providing confirmation that the existing uptrend remains intact.

    Image310012024

    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.

    Kunal Shah
    Kunal Shah is the Senior Technical and Derivative Analyst at LKP Securities. He has over 9 years of experience in the field of derivative markets. He is an MBA graduate with specializations in finance.
    first published: Jan 11, 2024 06:58 am

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