By Dinesh Rohira
The Nifty rallied over 18 percent from 7,738 recorded on 31 March 2016 to 9,173 on 31st March 2017, but the rally may not be over. The Nifty will most likely cross 10,000 in FY18 given the positive cues on the overall economy.
With higher expectation in earnings, which is due in a month, Nifty is well set for upward movement going forward.
Here are five stocks to buy based on technical parameters with a holding period of 1 month:
BUY| Target Rs 22-23.35| Stop Loss Rs 18.2| 1 month| Upside 15%
After hitting a 52-week high at Rs 19.85 on robust Q3 earnings, the stock has seen in a seen corrective phase at several trading session. Going forward, on post correction, Suzlon is technically strong given RSI at 64.4.
Similarly, MACD analysis indicates a bullish crossover which gives a positive cue in the near-term. According to the exponential moving average analysis, Suzlon is in a strong uptrend with the stock currently trading above its 50-DMA.
Major support levels can be seen at Rs 19.50, 19.35, 19.05 and with resistance level are placed in a range of Rs 22-23 in the near-term.
Multiple support levels have resulted in a strong pullback and the momentum is likely to continue in the near-term. Traders are advised to buy the stock with a target price of Rs 23.35 and a stop loss placed below Rs 18.20.
BUY| Target Rs 110| Stop Loss Rs 86.8| 1 month| Upside 22%
Selloff pressure during Friday’s opening session saw a dip in price from intraday high of Rs 93.95 but the stock saw an uptrend movement after correction forming a bullish pattern. On the technical front, RSI is 66.4 giving strong uptrend.
Likewise, MACD is at 3.27 & signal line at 2.9, indicating a strong technical buy. While the stock is currently trading higher than 50-SMA indicating a resilient near term movement. The support level can be seen at 86.83 in near term with new resistance level 93 in near term.
BUY| Target Rs 105| Stop Loss Rs 78| 1 months| Upside 20%
Indiabulls Real Estate gained a momentum post-Budget session with the upside of 46 percent as on 31st March. Currently, the stock is trading above its 200-simple moving average.
Coupled with strong RSI at 65.2 and price just over its 20-day exponential moving average Indiabulls Real Estate is in a strong uptrend. A major support level is seen at Rs 81-83 range while the new resistance level will hold on Rs 90-91 in near term.
BUY| Target Rs 1,730| Stop Loss Rs 1,493| 1 month| Upside 10%
After a flat trend in price moment during last two-week session, it has gained its momentum given a positive outlook for the company. On the technical front, L&T is at a strong level.
According to RSI analysis, it is technically strong at 62.7 clubbed with MACD at 20.50. Going forward with Exponential Moving Average analysis it is in strong uptrend where major support level is seen at Rs 1,525.
Despite the continued volatility on global cue the business outlook remains strong given the Order Book figure.
BUY| Target Rs 295| Stop Loss Rs 265| 1 month| Upside 5%
With robust earnings growth and uptrend movement after the recent correction, ITC has given a buy signal on the charts. Going forward, with technical aspect ITC’s RSI is 58.6 while MACD at 4.62 indicating a strong uptrend at the moment.
According to Simple Moving Average analysis, a major support level can be seen in a range of Rs 274 while Exponential Moving Average indicates a support level placed at Rs 276.
Disclaimer: The author is Founder CEO of 5nance.com. 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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
