Nifty may hit 11,450 in the short term; these 2 large caps, 1 midcap could return up to 18%
On the upside, Gaurav Ratnaparkhi of Sharekhan is targeting 11,450 levels on the Nifty in the short term
The Nifty had formed an Inside Bar on the weekly chart in the penultimate week. Last week, the pattern broke out on the upside, leading to significant upside.
On the way up, the benchmark index has crossed its record high of 11,171 and entered into uncharted territory.
The broader market indices, though significantly below their respective record highs, have witnessed a sharp recovery throughout last week and formed large bullish candles on the weekly chart.
In case of the Nifty, the swing low of 10,925 now becomes a major support. From a near-term perspective, the recent gap area on the daily chart - 11,210–11,185 - should act as a key support zone. The momentum indicators on various timeframes are in line with the rally.
On the higher side, we are targeting 11,450 for the short term with a potential to stretch higher over the medium term.
Here is the list of three stocks that could return up to 18 percent in the short term:
Vedanta: Buy | Stoploss: Rs 215 | Target: Rs 250 | Return: 11%
The stock witnessed significant correction over the last few weeks. On the weekly chart, it has completed an Impulse on the downside. Thus it has now entered a pullback mode.
The short-term momentum indicators have also turned bullish.
IDFC: Buy | Stoploss: Rs 45.50 | Target: Rs 57 | Return: 18%
The stock formed a multi-week Ending Diagonal pattern & broke out on the upside in the last week.
IDFC: Buy | Stoploss: Rs 45.50 | Target: Rs 57 | Return: 18%
The stock formed a multi-week Ending Diagonal pattern & broke out on the upside in the last week.
On the weekly chart, it has formed a large bullish outside bar. Thus the stock looks poised to test its weekly upper Bollinger Band.
Amara Raja Batteries: Buy | Stoploss: Rs 778 | Target: 870 | Return: 8%
The stock in its recent rise from the June low has formed an Impulse on the upside on the daily chart.
Post that, the stock witnessed a three wave correction & has started next set of Impulse on the upside. The daily momentum indicator is starting a new cycle on the upside. Source www.moneycontrol.com
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