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Strong resistance for Nifty at 10,300; top 5 stocks to bet on in the near term

"The level of 10,300 i.e. upper band of Falling Channel might work as strong hurdle zone. Decisive break above this trendline would take Nifty further higher," says Rajesh Agarwal of AUM Capital

March 28, 2018 / 08:26 AM IST
 
 
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By Rajesh Agarwal

AUM Capital

Benchmarks indices ended with an optimistic note where the banking stocks gained after the government announced lower-than-expected borrowing programme for the first half of the fiscal year 2019.

Indian government bonds also rose, posting their sharpest intraday gain, with the 10-year bond yield dropping to as much as 7.3565 per cent from 7.62 percent. Moreover, global equities also gained as trade war fears eased after reports possible trade negotiations between the US and China.

Overall, SBI, Indusind Bank, Asian Paints, Kotak Mahindra Bank and Larsen & Toubro were the top gainers whereas Bharti Airtel, Bajaj Auto, Hero MotoCorp, HDFC and Tata Motors were the top losers.

Technical Outlook

Close

Nifty

Nifty opened with gap-up and moved higher to close at 10184.15 up 0.53 per cent. It has formed 'Doji' candlestick pattern around 200 SMA indicating

indecisiveness around hurdle zone. Above 10,210 levels, Index may move higher till 10250-10300 levels. The level of 10,300 i.e. upper band of Falling Channel might work as strong hurdle zone. Decisive break above this trendline would take Nifty further higher.

Bank Nifty

Nifty Bank has formed 'Doji' candlestick pattern around its 20 EMA of 24545 levels suggesting indecisiveness around supply zone. It is currently trading around upper band of 'Falling Channel' on daily scale. Decisive trade above 24545 levels might take Index further higher till 24900 marks. Furthermore, Momentum Oscillators like RSI & MACD has given positive crossover which is a bullish set-up.

Below are the top 5 stocks which can gain up to 5% in the near term:

Chennai Petroleum Corporation | Rating: Buy | Target: Rs 339, stop loss: Rs 319 | Return: 3%

Equitas Holdings | Rating: Buy | Target: Rs 154, stop loss: Rs 142 | Return: 5%

Indiabulls Housing Finance | Rating: Buy | Target: Rs 1275, stop loss: Rs 1220 | Return: 2%

Indraprastha Gas | Rating: Buy | Target: Rs 288, stop loss: Rs 274 | Return: 3%

UPL Limited | Rating: Buy | Target: Rs 756, stop loss: Rs 720 | 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.
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