Nifty likely to head towards 10,200; 5 stocks which can give up to 19% return

September series derivative data is stronger than August series as we have been continuously seeing open interest addition in Nifty post-expiry.

The PCR OI is continuously moving up with fall in implied volatility. This indicates positive move to continue. On the technical front, 10,100 spot levels is strong support zone and current trend is likely to continue towards 10,225-10,250

Here is a list of top five stocks which could give up to 19% return in the short term:

Deepak Nitrite: BUY| Target Rs202| Stop Loss Rs160| Return 15%

After taking support at its 100-day EMA, the stock has shown a V-shaped recovery in prices. It is also holding above its short and long-term moving averages which is a positive sign.

On the daily charts, it has formed a ‘Bullish Flag’ formation and has also given a breakout above its falling trend line which suggests for next up move in the coming sessions.

Traders can accumulate the stock in a range of Rs175-180 for the target of Rs202 with the stop loss below Rs160.

GNA Axles : BUY| Target Rs365| Stop Loss Rs280| Return 17%

The stock has been maintaining its uptrend and was making higher highs and higher lows on daily charts. However, bears took control and pushed the prices towards Rs240 after testing 299 levels.

In the previous session, the stock has given a fresh breakout above its previous resistance level of Rs299 and also above the 100% Fibonacci retracement level of swing from 299-240.

Traders can accumulate the stock in a range of Rs310-315 for the upside target of Rs365 with a stop loss below Rs280.

Symphony : BUY| Target Rs1620| Stop Loss Rs1285| Return 14%

In the recent past, the stock has given a break below its 200-days EMA and fell towards Rs1,200 levels sharply. However, since then the recovery has been seen one-sided as once again it has risen above its 100 and 200 days EMA.

On the daily charts, the stock has formed a symmetrical triangle formation and gave a breakout above its resistance of Rs1350. Traders can accumulate the stock in a range of Rs1410-1420 for the target of Rs1620 and a stop loss below Rs1285.

MEP Infrastructure: BUY| Target Rs137| Stop Loss Rs101| Return 19%

In the recent past, the stock has given a sharp rally from Rs50 to 145 levels in the very short span of time and since then it went into consolidation zone.

The stock was trading in a broader range of Rs98-140 making a lower channel on the daily charts. However, in the previous session, buying momentum was seen in prices with relatively high volumes.

Traders can accumulate the stock in a range of Rs115-120 for the target of Rs137 with a stop loss below Rs101.

NBCC: BUY| Target Rs241| Stop Loss Rs198| Return 12%

The stock has been consolidating in a range of Rs200-220 for more than ten weeks and is on the verge of a breakout as secondary indicators like RSI and stochastic are supporting for the up move in prices.

Moreover, short-term moving averages along with higher volumes with the rise in price also suggests consolidation breakout in prices in coming sessions.

Traders can accumulate the stock in a range of Rs220-215 for the target of Rs241 with a stop loss below Rs198.

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