Bulls pushed Nifty to trade higher for the fifth consecutive week and close above the 13,200-levels for the first time in the history. The momentum is likely to continue in the coming week as well as long as Nifty holds above 12,800 levels, suggest experts.
The S&P BSE Sensex rose 2.1 percent while the Nifty50 climbed 2.2 percent for the week ended December 4 while the action was more prominent in the broader market space.
The S&P BSE Mid-cap index rose 2.8 percent while the S&P BSE Smallcap index closed with gains of 2.6 percent for the week ended December 4.
The weekly price action formed a bull candle carrying a higher high-low over the fifth week in a row indicates a continuance of positive bias underpinned by elevated buying demand.
“The Nifty surpassed our earmarked target of 13200. On expected lines, midcaps and small-cap stocks remained in limelight throughout the week. The current rally, supported by broad-based participation helped the index to resolve out of brief consolidation (13200-12800), indicating acceleration of upward momentum, which makes us confident to revise our target to 13600,” Dharmesh Shah – Head – Technical, ICICI direct told Moneycontrol.
“Going ahead, we expect cyclical to outperform, with a leadership mainly from banking index. Since banking components contribute 33% weightage in the benchmark index Nifty, we believe, traction in banking stocks would drive the index higher and extend the current up move towards 13,600 in coming weeks,” he said.
Here is a list of top 10 buy or sell trading ideas that could give 8-30% return in the next 3-5 weeks:
Expert: Manish Srivastava is the Senior Technical Analyst (Equity & Currency) at Rudra Shares & Stock Brokers Ltd.
Sumitomo Chemical India: Buy | CMP: Rs 306.55 | Target: Rs 352 | Stop Loss: Rs 284 | Upside 15%
The stock has been consolidating in the range of Rs 260 to Rs 310 since June 2020. The recent rounding formation in the counter suggests that bulls are likely to take the rally forward and the breakout of a trading range might not be ruled out.
The short and medium-term moving averages have developed a positive curve along with bullish crossover.
The momentum indicators are trading in a bullish zone and the rising average directional index (ADX) suggests that the stock is getting ready for a trending move in the short term.
The violation of a falling trend line resistance is likely to provide further strength to the stock and could trigger a fresh leg of an up move.
Traders can initiate buying in the counter at the current market price (CMP) and can add more once the prices start trading above Rs 310.
A close above Rs 310 could trigger a sharp up move in the stock and could be a prudent trading idea for the short-term.
Larsen & Toubro: Buy | CMP: Rs 1,149.5 | Target: Rs 1,265 | Stop Loss: Rs 1,100 | Upside 10%
After a recent move, the stock went sideways for the last few days which resulted in the formation of a bullish flag. The pattern suggests that a fresh leg of an upmove can be expected in the coming days after the recent consolidation.
The bounce has been witnessed in the counter after testing its short-term moving averages and RSI has also bounced back from the significant support levels.
As per the Fibonacci theory, the stock has taken support at the 23.6 percent retracement level of the latest swing move and showing a sign of strength again. Considering a lucrative trading opportunity, traders can initiate buying at CMP and on any dip till Rs 1,125 for the short term gain.
SRF: Buy | CMP: Rs 5,332.90 | Target: Rs 5,760 | Stop Loss: Rs 5,110 | Upside 8%
The stock is in a roaring uptrend and trading with the higher top and higher bottom cycle. Recently a mild consolidation has been witnessed in the counter and the prices have taken support at 20-day moving average.
The momentum indicators in monthly as well as in weekly time frame are trading in bullish territory and in the daily time frame, the RSI has bounced back from important support levels.
As per retracement theory, the stock is trading with "justified good above series" and a fresh buying signal has been witnessed after a mild consolidation.
The overall setup is painting a bullish picture for the short term and traders can initiate buying at CMP and on any dip till Rs 5,280.
Expert: Sacchitanand Uttekar, DVP – Technical (Equity), Tradebulls Securities
Lupin: Buy| LTP: Rs 932| Stop Loss: Rs 905| Target: Rs 1035| Upside 11%
We have seen a strong sectoral performance. Formation of fresh longs during the week as price confirms the Bullish Harami formation on its weekly scale while the convergence of its short-term averages on its daily scale too warrants a fresh bullish momentum.
Sudarshan Chemicals: Buy| LTP: Rs 508| Stop Loss: Rs 475| Target: Rs 620| Upside 22%
The stock witnessed a breakout from its Cup & Handle formation on its weekly scale and is well supported with significant volumes.
Advanced Enzyme Technologies: Buy| LTP: Rs 349| Stop Loss: Rs 320| Target: Rs 455| Upside 30%
Its recently evolved secular uptrend should continue as the probable target of its latest breakout from its weekly Bullish Pennant formation is complimenting well with its life high zone.
Coal India: Buy| LTP: Rs 133| Stop Loss: Rs 124| Target: Rs 155| Upside 16%
We have a positive outlook on the sector. Weekly RSI has confidently scaled above 50 while the ADX line (from its ADX indicator) seems to in pursuit with its +DI line which has already scaled into its positive territory.
A similar setup was last seen in MAY 2015 when its short term averages also complimented the indicators with a convergence leading into fresh momentum.
Expert: Shabbir Kayyumi, Head of Technical Research at Narnolia Financial Advisors Ltd.
The scrip gave a falling channel breakout on the weekly chart with a long bull candle. Sustainability above significant moving averages on the daily chart can push it further higher.
Daily RSI indicator also moving above 9 EMA suggests upside move. Trend following indicator ADX also started crawling upside with +DMI pointing strength in the breakout.
Strong support lies near 27 marks (200 DMA). One can take a long position around 32 with a stop loss of 27 (closing basis) for an upside target of 40 levels.
Biocon Limited: Buy| Buy around: Rs 435| LTP: Rs 442| Target: Rs 490| Stop Loss: Rs 405 | Upside 10%
On the daily chart, the stock price has decisively broken out from its ascending triangle pattern and sustaining above the same.
On the daily and weekly chart, the stock has witnessed a shift of trend to the upward forming base with congestion.
The stock price is sustaining well above all its significant moving averages which supports bullish sentiment ahead. One can buy Biocon around 435-440 with a stop loss of 405, and a target of 480 & 500.
The stock is expected to give Pennant breakout on the daily chart with decent volume. Bullish crossover in Stochastic and MACD are looking supportive for this upside breakout.
Positive crossover of 20 & 50 DMA's is also indicating strength. Key support lies at 584-580 zone until this break decisively, a long position can be held.
Investors can take entry above 620 levels with a stop loss of 585 on a closing basis for the target of 680.
Disclaimer: The views and investment tips expressed by 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.
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