By Abnish Kumar Sudhanshu
Amrapali Aadya Trading
The S&P BSE Sensex and Nifty posted yet another all-time high on Monday but traded in a very bound range ahead of the RBI policy meeting which is scheduled on Wednesday this week.
The market is heading northwards as there is no divergence which is seen on the charts so far which suggests there is still some moderate upside over the short-term.
The market is likely to touch upper levels near 9,700-9,720 in the coming sessions post then some profit taking on the higher levels could be expected. Traders should trade with caution as the market is heading into the overbought zone.
One should wait for a clear indication of reversals on the charts before they go fresh short of start booking their profits.
Here is a list of top five stocks which can give up to 5% upside this week:
Adani Ports: BUY| Target Rs380| Stop Loss Rs350| Return 5%
The stock gained momentum in Monday’s session and closed with a positive Doji candle with gains of almost one percent. A doji tells indecisiveness between the bulls and bears are high but the lower tail was larger so the Bulls might be the gainer over the short term.
The counter has taken a very strong support at 20-DMA along with a fresh upside breakout in MACD recently, hinting some more upside movement in the coming sessions to come.
Indiabulls Housing Finance: BUY| Target Rs 1225| Stop Loss Rs1135| Return 4%
The stock has seen a fresh upside breakout with high volumes after two consecutive declines. The short term momentum indicators are very well supporting the counter as there is no negative divergence seen on the charts which might bring some more upside in the coming few sessions.
Yes Bank: BUY| Target Rs 1610| Stop Loss: Rs1470| Return 5%
The stock has crossed above 20-DMA in Monday’s trading session with increasing volume and rising RSI. The counter has also confirmed its double bottom formation on the daily charts which is likely to take the stock even higher over coming sessions until 1600 or more.
TCS: BUY| Target: Rs2,650| Stop Loss: Rs2570| Return 2%
The stock gained momentum during the session and reached a six-session high where bulls might still retain control over the bulls in the coming session.
The counter has shown a fresh breakout in RSI over daily charts hinting upside to remain intact over the short term.
Kotak Mahindra Bank: BUY| Target Rs995| Stop Loss: Rs950| Return 3%
The stock has shown a small dragon fly doji which is an indication of more bullish upside to come in near future. The stock is also supported by 20DMA along with a fresh upside breakout in RSI on the daily charts.
All the technical indicators are supporting upside momentum to remain intact in the coming session.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.