The Nifty is still trading in a sideways broader range where 9,585 seems to be an immediate support for Nifty.
Abnish Kumar Sudhanshu
Amrapali Aadya Trading & Investments
The market witnessed a gap down opening on the very first session of the week and remained under selling pressure throughout the entire session.
Although market witnessed profit taking at higher levels. The only thing that is supporting the market right now is that it is trading well above 20-DMA.
The Nifty is still trading in a sideways broader range where 9,585 seems to be an immediate support for Nifty, only a close below could bring some more selling pressure in the market until then traders should expect a sideways movement to remain intact for a while.
On the flip side, 9690 is a strong resistance on the higher side and one should be very cautious before going long at these levels.
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The stock is well supported by 20-DMA and the daily charts ended up with a bullish hammer on Monday’s trading session hinting towards more upside to remain intact for some more time.
The candle formation is positive along with the momentum indicators RSI and MACD both are inching upwards suggesting Bulls should remain in action for the coming session.
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After five trading sessions, the stock came back in action on Monday’s trading session and crossed above its sideways range of trading attracting more upside in the coming sessions.
The counter gained momentum in the first session of the week along with the increased volumes and upwards moving momentum indicators.
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The stock closed in the green with the positive formation on the daily candlesticks charts, earlier the counter witnessed a bullish hammer followed by a Doji star and ended Monday’s session with one more bullish candle which is a clear indication that the counter should gain some more strength in the coming session.
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The stock witnessed some profit taking at higher levels and reached to the levels of fresh buying for over short term from the present levels.
The primary trend for the stock is upside as it is still making higher tops and higher bottoms constantly on the daily charts and the counter should attract some more buying into the system.
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The stock witnessed fresh upside breakout on the daily charts with a bullish hammer which is an indication of more upside in the short run.
Both the momentum indicators are in favor of upside from the present levels and attract more northwards movement 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.The Great Diwali Discount!
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