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Last Updated : Aug 02, 2017 08:52 AM IST | Source: Moneycontrol.com

Nifty like to breach 10,400 levels soon; top 5 stocks which can give up to 13% return

We have observed that long rollover to August series and thereafter we are observing continuous open interest addition which indicates strength in the current trend.

 
 
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The Nifty50 has once again made a new high above 10,100 (spot) in a recent session and as per derivative data, the more upside is still on cards for Nifty going forward.

The data indicate that positive expectations have been built up in the futures and options market even at all-time highs.

We have observed that long rollover to August series and thereafter we are observing continuous open interest addition which indicates strength in the current trend.

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Options data also favors bullish scenario to continue as call writers are unwinding calls and simultaneously writing puts of near strikes.

As per data, we can witness 10,400 levels soon going forward. However on downside major support is now placed at 10000 levels.

Here is a list of top 5 stocks which can give up to 13% return in the short term:

Bharat Electronics: BUY| Target Rs197| Stop Loss Rs168| Upside 10%

After consolidating in a thin range of Rs168-178, the stock has given a breakout above Rs180 levels with rising volumes.

Moreover, it has also given an upside breakout from the rising channel it made on daily charts after recovering from its recent lows. The stock managed to trade well above its 50 and 100-days EMA which is a bullish sign.

Traders can accumulate the stock in a range of Rs182-178 for the target of Rs197 with a stop loss placed below Rs168.

Kaveri Seed Company: BUY| Target Rs770| Stop Loss Rs630| Upside 13%

The stock has been moving in a range of Rs610-680 since last two months. However, in recent sessions, it has managed to give upside breakout in prices with larger volumes.

The consolidation breakout in prices accompanied with hefty volumes suggests for the upside rally to once again resume in the stock going forward.

Traders can accumulate the stock in the range of Rs685-680 for the target of Rs770 with a stop loss below Rs630.

Exide Industries: BUY| Target Rs245| Stop Loss Rs207| Upside 11%

The stock has formed a head and shoulder formation on the daily charts and bounced sharply from its neckline with bounce above 100-days EMA, thereby negating the bearish formation.

Moreover, in Tuesday’s session prices have just surged above its falling trend line with heavy volumes. The secondary indicators like relative strength index RSI and stochastic are also giving positive divergence and supporting upside in prices.

Traders can accumulate the stock in a range of Rs225-220 for the target of Rs245 with a stop loss placed below Rs207.

Asahi India Glass: BUY| Target Rs313| Stop Loss Rs262| Upside 11%

The stock is maintaining its bull run since the beginning of the year and has risen from Rs180 to Rs280 levels. In the recent past sessions, the stock has given a fresh breakout from bullish flag formation with decent volumes.

The short and long term moving averages are also placed well below the price and maintaining the upside in stock with multiple supports below.

Traders can accumulate the stock in a range of Rs290-280 for the target of Rs313 and a stop loss placed below Rs262.

Ceat: BUY| Target Rs2,080| Stop Loss Rs1800| Upside 9%

The stock is consolidating in the range of Rs1780-1900 from the last two months and is on the verge of a fresh breakout. Moreover, on the shorter time frame charts, it has made inverted head and shoulder formation and is on edge of its neckline breakout.

The breakout in prices can once again push the stock towards north going forward. Traders can buy the stock above Rs1,900 levels for the target of Rs2,080 with a stop loss placed below Rs1,800.

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 decision.

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First Published on Aug 2, 2017 08:52 am
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