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Nifty can witness profit booking; 3 stocks which can give 11-20% return in the short term
Among sectors, we continue to remain positive on pharma, auto and metals from current levels and the recent correction in two-wheeler stocks offers a good opportunity to accumulate
Sensex, Nifty, and Bank Nifty scaled fresh all-time high on the back of sustained positive momentum across sectors in the past few weeks. The quarterly earnings season is being very strong with positive surprises from cement sector, ACC and Ambuja; consumer sector, ITC and Asian Paints; financial services, Shriram Transport & M&M Financial Services; and pharma, Biocon and Dr. Reddy’s Lab.
Crude continues to remain in corrective phase below USD 75 per barrel auguring well for the economy and the oil marketing companies.
Nifty has ended 2.4 percent higher, while midcap and small caps outperformed to gain by 4 percent and 5.3 percent, respectively, for the week.
Nifty should see resistance near 11,400 levels and we believe it can witness some profit booking from the higher range.The fiscal deficit data and credit policy in the next week will be important to watch as CPI and WPI for June 2018 were higher than expectations.
Among sectors we continue to remain positive on pharma, auto and metals from current levels and the recent correction in two-wheeler stocks offers a good opportunity to accumulate at current levels. (source-www.moneycontrol.com)
The stock reversed after taking the support of its 20-weeks moving average and has closed positive wow with multiple supports near to 780 levels.
We have observed positive divergence in RSI and Stochastic trading at the lower end of the range.
As per the current daily set-up, the stock has completed his 76.4% retracement of the previous move (945-726) near 780 levels and it will recover prior damages.
Thus long position can be initiated here for the target of Rs 895-910 with a stop loss of Rs 770.
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