By Abnish Kumar Sudhanshu
High rise continues in the market as Nifty spot manages to close at all-time high of 9,915 which is above its psychological mark 9,900 for the first time. Buying remains intact into the system that persisted from an earlier session.
Sensex also touched its fresh all time high of 32,129 during the intraday trades and managed to close at its fresh high of 32,074.
After gaining about 2.28 percent in the previous week, the market opened higher on the first trading session of this week showing no sign of reversal at the moment.
The Nifty opened with the gains of nearly 20 points and traded within the small range of 30 points throughout the day while Sensex opened with the gains of around 30 points and traded within 70 points tight range for the day showing gradual buying and participation of the traders at higher levels.
The market is looking moderately bullish as the bulls are still in control of the bears, supported by gradual upwards moving momentum indicators on the daily charts and traders should be very cautious at these higher levels whereas any dip should be treated as an opportunity of going long.
Top five stocks which can give up to 2% upside in trade today:
Indiabulls Housing Finance: BUY| Target Rs1170| Stop Loss Rs1125| Return 2.4%
The stock ended with a positive candle on the daily charts on Monday and closed well above its short to medium term moving averages.
The MACD has shown fresh breakout on the higher side which might support the counter to move further higher in the coming sessions as well and higher levels near Rs1170 are likely to achieve.
Bharat Forge: BUY| Target Rs1170| Stop Loss Rs1130| Return 2.2%
After a sideways move since the past couple of sessions, the stock has witnessed an upside breakout which is likely to continue in the coming session as well. The counter is very well supported by its 20-DMA along with rising RSI and MACD.
Cipla: BUY| Target Rs565| Stop Loss Rs550| Return 1.6%
The stock gained momentum during the intraday session and ended well above its 20-DMA which was also supported by crossovers in both RSI and MACD. It is likely to bring some more upside momentum in the coming session as well.
Quess Corp: BUY| Target Rs970| Stop Loss Rs935| Return 1.5%
The stock closed at its all-time high and has now slipped into the tight grip of the bulls with a fresh upside breakout after Monday’s trading session.
Positive momentum is likely to remain intact in the coming session, as the counter has generated a fresh crossover in MACD and is trading well above its 20-DMA.
DLF: BUY| Target Rs208| Stop Loss Rs202| Return 1.9%
The stock is again gaining attention from the Bulls camp and closed with the gains of close to 1.5 percent in the Monday’s session.
More upside is supported by higher tops and higher bottom formation depicted on the daily chart from last one month along with the RSI and MACD both are supporting the same.
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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