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Last Updated : May 30, 2017 08:31 AM IST | Source: Moneycontrol.com

Nifty likely to find support at 9570; 5 stocks which can give up to 5% this week

The immediate support zone for the coming session is placed at 9,565-9,570 and if the index sustains below these level for long would activate bears in the market.

 
 
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By Abnish Kumar Sudhanshu

Amrapali Aadya Trading & Investments

The market continued its upside momentum in Monday’s trading session to touch another milestone of an all-time high of 9,637.75. The benchmark Sensex also recorded fresh all-time high of 31,214.

Although, the market gained upside momentum but failed to hold on its gains on the upper edge and witnessed some selling pressure twice when the market reached on top leaving behind a spinning top candle formation on the Nifty daily charts.

Close

The immediate support zone for the coming session is placed at 9,565-9,570 and if the index sustains below these level for long would activate bears in the market.

Top five stocks which can give up to 5 percent return in this week:

UPL: BUY| Target Rs875| Stop Loss Rs815| Return 3.5%

The stock rose for the third consecutive session on Monday and witnessed a very strong closing above its immediate resistance above Rs842. The next trading session will likely to attract some more upside as the counter is gaining strength from the rising momentum indicators e.g. RSI and MACD both.

HDFC: BUY| Target Rs1,655| Stop Loss Rs1,560| Return 3%

The stock has attracted buying momentum during Monday’s session and closed at Rs1,598 with high volumes which is above its immediate resistance of Rs1,592.

The counter is expected to continue its upward rally in the coming sessions as the momentum indicator MACD is generating fresh buying signal on the daily charts.

BPCL: BUY| Target Rs788| Stop Loss Rs741| Return 4%

The stock is headed northwards for the fifth consecutive session where buying was very well supported by rising volumes along with 20-DMA and fresh MACD crossover.

The candle formation on the daily charts is still convincing and is hinting towards more upside to come in the coming session.

Tata Communications: BUY| Target Rs 740| Stop Loss Rs688| Return 4.9%

The counter witnessed heavy buying volumes in Monday’s session as it crossed above its 20- DMA during the intraday trades and touched 50-DMA during the same session.

The stock gained on the back of strong buying momentum which was supported by 200-DMA on the daily charts since past couple of sessions and closed slightly higher than Rs705 which is above its immediate resistance of Rs693.

Power Grid: BUY| Target Rs 221| Stop Loss Rs203| Return 5.7%

The stock has now started moving on the higher side since the last two sessions, suggesting some more positive momentum to come in the next session as the counter has crossed above 20 DMA during intraday and even marked its closing above those levels.

The stock is likely to attract some more northwards movement in the coming session and more upside is expected over short-term.

Disclaimer: The author is Director & Research Head, Amrapali Aadya Trading & Investments. 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.

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First Published on May 30, 2017 08:31 am
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