The Indian equity market witnessed a strong uptrend rally despite a negative momentum during the early weekday session on the backdrop of the election result.
The Nifty index managed to close above a crucial hurdle placed at 10,400 levels last week which enabled the index to breakout with a record high level at 10,501 but it failed to sustain above that level. However, the index closed on the positive trajectory at 10,493.
On the daily price chart, the index formed a hard bull candlestick pattern after consolidating for the past two sessions, indicating a possibility of a rally in the upcoming session.
Further, the force pointer turned positive with the relative quality record (RSI) at 63 step up from prior zone combined with MACD still over its Signal Line.
Given an unstable week in front of F&O expiry, the file is relied upon to exchange with the rangebound level at 10,550 on upside and 10,410 levels on the drawback.
In any case, it should support over 10,450 levels to proceed with the uptrend rally. We encourage financial specialists to book benefits at a more elevated amount in front of new arrangement.
Here is a rundown of best 4 stocks which could offer up to 11% return for the time being:
Puravankara Projects Ltd: BUY| Target Rs195 | Stop-misfortune Rs160 | Return 11%
Puravankara Projects exchanged on uptrend direction for a large portion of the session regardless of a minor solidification on specific levels.
Despite the fact that exchanging on level energy amid the early weekday's session, the stock saw a solid volume development towards the last exchanging session to enroll 52-week high at 182 levels however neglect to manage.
Notwithstanding, it figured out how to close the session with 5.07 percent pick up on an intraday premise. On the week by week value outline, the stock shaped a solid bullish candle design combined with its auxiliary energy showing a solid help for the uptrend.
The scrip likewise saw an essential bullish hybrid demonstrated by MACD which flags a positive pattern. With value exchanging over every one of the levels in the present session, a noteworthy help for the scrip is put at 151 levels and protection level at 182.
We have a BUY proposal for Puravankara which is as of now exchanging at Rs. 176.20
JK Paper Ltd: BUY | Target Rs155 | Stop-misfortune Rs135 |Return 8%
JK Paper saw a solid bullish inversion drift in the wake of solidifying at higher help level put almost 117 and kept on exchanging on uptrend direction.
In spite of exchanging on quieted development amid early session, the value incline bobbed on bullish front combined with volume bolster towards the end of the week and increased around 10 percent on week after week premise.
On the every day value diagram, the scrip shaped a bullish immersing sort of candle design recommending a conceivable up move in the up and coming session. Further, the RSI at 60s levels shows a great purchasing value zone for bulls combined with positive MACD at 5.42 still in place over its Signal Line.
With the present value exchanging most importantly moving normal levels, a noteworthy help for the scrip is seen at Rs133 and protection level is set at Rs159. We have a BUY suggestion for JK Paper which is at present exchanging at Rs143.85
Bombay Rayon Fashions: SELL| Target Rs145 | Stop-misfortune Rs160 | Return 5%
Bombay Rayon kept on confronting headwinds on its every day value development in the wake of enlisting 52-week high and saw a proceeded with free tumble to exchange at bring down level from that point.
In spite of seeing the up move it neglected to maintain and stayed under strain with negative viewpoint combined with bring down volume bolster.
On the week after week value outline, it shaped a solid bearish candle design which is relied upon to hold the stock under strain with no real breakout in here and now.
Further, the cost is at present underneath all the moving normal level combined with bearish hybrid on its energy pointer, along these lines showing a proceeded with negative viewpoint going ahead.
The stock is confronting protection at 168 levels while the help level is seen at 140. We have a SELL suggestion for Bombay Rayon which is presently exchanging at Rs. 152
Dilip Buildcon Ltd: BUY| Target Rs1044 | Stop-misfortune Rs. 978 | Return 5%
Dilip Buildcon saw a solid union at 880-911 levels amid the begin of the month giving a bearish viewpoint in the wake of arousing at a more elevated amount. In any case, amid the present session, the stock remembered from its urgent help level set close to 973 and gave a bullish inversion incline with 9.56 percent pick up on week after week premise.
In the wake of shutting the last session with 7% pick up, the stock framed a bullish candle design, demonstrating a bullish inversion drift in its day by day value diagram.
The force marker with RSI level at 69 additionally proposes a solid help for bullish uptrend combined with MACD demonstrating a bullish hybrid simply occurring at current administration.
Right now, the scrip is confronting a quick protection from its 52-weeks high at 1008 levels took after by 1210 and significant help will be seen at 933 levels. We have a BUY suggestion for Dilip Buildcon which is as of now exchanging at Rs. 993.85.
Disclaimer: The creator is Founder and CEO, 5nance.com. The perspectives and venture tips communicated by speculation master without anyone else and not that of the site or its administration. Moneycontrol.com encourages clients to check with guaranteed specialists before taking any venture choices.
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