Gaurav Ratnaparkhi
The rise in the Nifty50 which we witnessed in the month of November was nothing but a short-term pullback. It retraced nearly 50 percent of the September-October fall and thereon the index seems to have started the next leg down.
The short-term momentum indicator that has been showing negative divergence has triggered bearish crossover. Thus, a top seems to be in place at the recent high of 10,941 and the index looks poised for a fall towards 10,000.
Here is a list of top three stocks which could give 12-15% return in the next 1 month:
Dabur: LTP: Rs 411| Stop Loss: Rs 395| Target: Rs 463| Return 12%
Dabur formed an Impulse on the upside from the level of Rs 362 till Rs 426 and has retraced the same till 38.2% retracement mark which is also a key Fibonacci level, the stock has started rallying again. In the last session, the stock has crossed a falling trendline on the hourly chart.
Axis Bank: Sell| LTP: Rs 603| Stop Loss: Rs 630| Target: Rs 535| Return 11%
Axis Bank has broken down from an Ending Diagonal pattern recently. The pattern marks the end of a short-term pullback and the stock has started a fresh move down. The daily momentum indicator has been showing negative divergence whereas the weekly momentum indicator has given a fresh sell signal
Ujjivan: Sell| LTP: Rs 215.85| Stop Loss: Rs 227| Target: Rs 182| Return 15%
After a short-term pullback, the stock has formed a distribution near the junction of 40 daily exponential moving average & the daily upper Bollinger Band.
The two in combination act as key hurdle zone. From there the stock seems to have resumed the medium-term downtrend.
Disclaimer: The author is a Senior Technical Analyst, Sharekhan by BNP Paribas. 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.
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