Sunday, 18 June 2017

Stocks which could give up to 10% return

Nifty50’s behaviour after registering lifetime highs of 9709 levels, has confused the majority of the market participants as it slowly started drifting down for last 9 trading sessions albeit with a minimum price damage.

Investors can initiate long positions once Nifty50 closes above 9,600-9,620 on a closing basis. However, if the index holds below 9,580, selling pressure could drag the index towards 9,550-9,530.

Hence, in anticipation of such a positive development traders can look into following stock specific ideas for next week.

Cummins India: BUY| Target Rs 1020| Stop Loss Rs887| Return 10%

After the recent drubbing from the highs of 1070, this counter appears to be consolidating around 900 levels from where a decent bounce back can be expected with an initial target of Rs959 levels.

Shriram Transport Finance: BUY| Target Rs 1010| Stop Loss Rs940| Return 2%

After retracing around 80 percent of its last leg of the rally from the lows of 933 to 1042 this counter has registered a reversal formation called piercing pattern on candlestick charts which shall have a positive repercussion going forward for this counter.

Reliance Industrial Infrastructure Ltd: BUY| Target Rs 485| Stop Loss Rs445| Return 5%

This counter has witnessed a breakout above its consolidation zone of Rs440 – 414 on relative much higher volumes suggesting it may be in for a bigger move.

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