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Last Updated : Apr 23, 2019 08:43 AM IST | Source: Moneycontrol.com

Podcast | Stock picks of the day: Nifty likely to find support near 11,550 ahead of expiry

The likelihood of volatility cannot be ruled out ahead of current month’s F&O expiry next week, and sluggish growth outlook as indicated by big corporate which also is expected to halt the momentum.

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Dinesh Rohira

Indian market broke below crucial support levels on Monday after making a fresh lifetime-highs on intraday basis last week.

The index made a weekly low of 11,550 levels which will now act as a crucial support for the index, and a record high of 11,856.

Going forward, the likelihood of volatility cannot be ruled out ahead of current month’s F&O expiry next week, and sluggish growth outlook as indicated by big corporate which also is expected to halt the momentum.

Further, the second phase of election and remaining polling days will keep the market in tight rangebound levels. We advise investors to remain selective on long-position and maintain a weekly level of 11,856 levels on upside and 11,550 levels on the downside.

Here is a list of top 3 stocks which could give 4-7% return in next 1 month:

Minda Industries: Buy| LTP: Rs 379| Target: Rs. 408| Stop-loss: Rs. 370 | Upside: 7%

Minda Industries witnessed a positive momentum on daily scale last week which helped the stock to move upward from its long-term resistance coming from 200-days moving average placed at 339 odd levels on closing basis.

The scrip formed a bullish engulfing kind of candlestick pattern with ‘long’ body on a weekly price chart coupled with the bullish pattern on a daily scale.

The momentum indicator also outlined a positive divergence in price with weekly RSI at 62 odd levels coupled with MACD making a bullish crossover to trade above its Signal-Line on the daily scale.

Bajaj Auto: Buy| LTP: Rs 3050| Target: Rs 3193| Stop Loss: Rs 2950| Upside 5%

Bajaj Auto continued to trade in positive trajectory last week and managed to break out from its short-term resistance of 50-days moving average level placed at 2905 odd levels on closing basis.

The scrip initially made a healthy correction from the highs of 3047 levels towards a low of 2830 which also stood as a support zone.

It formed a bullish candlestick pattern on both weekly and daily price chart scale backed by decent volume growth.

The momentum indicator outlined a positive divergence in price with weekly RSI at 62 odd levels and MACD trading above its Signal-Line.

Tata Communications: Sell| LTP: Rs 577| Target: Rs 554| Stop Loss: Rs 590| Downside 4%

Tata Communication continued to trade in a negative trajectory in the last three weeks despite a positive market-breath and fell from higher price band of 627-620 odd levels towards a low of 568 levels.

The scrip breached below the crucial support of 50-days moving average placed at 575 odd levels, and currently, it is holding just a few points above 200-day moving average which is likely to breach downward in the coming session.

The scrip formed a bearish candlestick pattern on the weekly chart for three consecutive periods indicating a persistent selling pressure and made a long bearish pattern on the daily scale.

The momentum indicator continued to outline a weak trend with RSI at 41 odd levels coupled with MACD likely to trade below its Signal-Line.

(The author is Founder & CEO, 5nance.com.)

Disclaimer: The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Apr 23, 2019 08:41 am
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