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Last Updated : Mar 13, 2018 08:20 AM IST | Source: Moneycontrol.com

Strong resistance for Nifty around 10,460; top 5 stocks which can return up to 5% in near term

"Nifty moved higher to test its short term moving averages of 20 EMA while strong hurdle comes around 10,460 levels. It has to cross this level for further upside," says Rajesh Agarwal of AUM Capital.

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By Rajesh Agarwal

AUM Capital

Benchmarks traded on a positive note throughout the day and ended with gain of around 2 percent amid strong global cues. The market breadth was slightly in favour of advances with one stock advancing against each declining one.

In the global markets, a relief rally swept across Asia after the latest US jobs report which managed to impress, with its strength while also easing fears of inflation and faster rate hikes. Overall, Bharti Airtel, ITC, NTPC, Yes Bank and Hero MotoCorp were the top gainers whereas, Coal India and SBI were the top losers.

Technical Outlook

Nifty

Nifty opened with gap-up amid strong global cues and witnessed sustained buying interest till the end of session as it headed towards the 10,430 level. After three days of consolidation around 200 SMA of 10,145 marks, Nifty moved higher to test its short term moving averages of 20 EMA. Strong hurdle comes around 10,460 levels.

It has to cross this level for further upside. Furthermore, RSI (14) has given positive crossover.

Nifty Bank

The index has formed 'Bullish' candlestick pattern on daily scale. It opened with positive note and continued to move higher. It is currently trading around its major moving average of 200 SMA i.e.27,790 levels which might work as immediate resistance levels. Any significant breach above this level may add further

upside momentum till 25,100 marks.

Moreover, Oscillators like RSI has given positive crossover and MACD is on verge of crossover which is bullish sign.

Here are the 5 stocks which can return up to 5% in the near term:

Tata Motors | Rating: Buy | Target: Rs 363, stop loss: Rs 345 | Return: 3%

Reliance Capital | Rating: Buy | Target: Rs 448, stop loss: Rs 420 | Return: 4%

V-Guard Industries | Rating: Buy | Target: Rs 249, stop loss: Rs 231 | Return: 5%

Chennai Petroleum Corporation | Rating: Buy | Target: Rs 358, stop loss: Rs 338 | Return: 3%

InterGlobe Aviation | Rating: Sell | Target: Rs 1250, stop loss: Rs 1300 | Return: 2%

Disclaimer: 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.
First Published on Mar 13, 2018 08:20 am
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