Hot Stocks | Shriram Properties, Kalpataru Power, Gujarat Ambuja Exports can give you double-digit returns in short term

Technically, 18,300-18,350 is a minor resistance zone where the Nifty witnessed a Bearish Engulfing candlestick pattern that may lead to further weakness. Tuesday's low of 18,085 is at 9-DMA (daily moving average); below this, 17,950-17,800 will be the next important support level, while 17,650 is critical support at any correction, however, every correction is a good buying opportunity.

For the Bank Nifty, 38,800-39,100 is an important resistance zone and 38,850 is a 61.8 percent retracement of the previous fall where it witnessed sharp profit-booking in late trade. On the downside, 38,000 is an immediate and psychological support level, while 37,500-37,000 will be the next major support levels. On the upside, if it manages to take out the 39,100 level, then we can expect a rally towards the 40,000 level.

Here are three buy calls for next 2-3 weeks:

Shriram Properties: Buy | LTP: Rs 103.35 | Stop-Loss: Rs 96 | Target: Rs 121 | Return: 17 percent

The counter manages to cross the high made on the IPO listing day and sees all-time closing high that's considered as a positive for any counter. We don't have a long historical chart but it is forming higher highs and higher lows formation after hitting a low of 79.5. RSI (relative strength index) manages to cross the hurdle of 60 that may lead to further thrust in this counter.

Kalpataru Power Transmission: Buy | LTP: Rs 410.05 | Stop-Loss: Rs 385 | Target: Rs 475 | Return: 16 percent

The counter sees a breakout of falling channel formation and managed to close above all important moving averages. On a weekly time frame, it is forming a bullish flag formation for the next leg of the rally.

On the upside, Rs 450 is an immediate horizontal resistance line while Rs 475-480 is the next target area. MACD (moving average convergence divergence) and ADX (average directional index) are positively poised and RSI is in overbought territory however it may remain in overbought territory for some more time.

Gujarat Ambuja Exports: Buy | LTP: Rs 190.15 | Stop-Loss: Rs 180 | Target: Rs 211 | Return: 11 percent

The counter is in strong bullish momentum and it is continuing its bullish momentum following the breakout of bullish flag formation. It is trading above its all-important moving averages with a positive bias in most of the momentum indicators.

On the upside, Rs 200 is an immediate resistance while Rs 211-225 are the next target levels. On the downside, Rs 182-180 is an immediate demand zone, while Rs 174-169 is a critical support zone.

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