The upcoming session is expected to be on the range-bound level at 10750 on upside and 10480 on the downside and any slip below this level should be buying opportunity.
The Nifty index witnessed a staggering leap during the past session to register a record high level after breaching its crucial psychological level at 10,650. It closed the session at 10681 levels on Friday with the weekly upside of 1.16 percent.
After an initial gap-up opening on the last trading session, the index witnessed a marginal consolidation but managed to pull back to hit fresh record highs with strong vindication for bulls regime.
Despite slipping marginally on Wednesday to form a “Hanging Man” kind of a pattern, the index rebounded on Thursday to form a small bullish candlestick pattern which was aided on last closing session to form a strong bullish candlestick pattern on its weekly price chart.
Thus with positive cues on trend channel, it is likely to keep the uptrend momentum. Further secondary momentum indicators remain on a positive trajectory with RSI level at 69.8 coupled with strong support from MACD.
Based on Fibonacci Retracement, currently, the index is trading above all the level with major support at 10493 level and immediate resistance level at 10690.
With volatility regime ahead of earnings season and budgetary outline, it will be advisable to trade with caution with strict stop-loss.
The upcoming session is expected to be on the range-bound level at 10750 on upside and 10480 on the downside and any slip below this level should be buying opportunity.
Here is a list of top 4 stocks which could give up to 16% return in the short term:
Den Network Ltd: BUY | Target Rs 155 | Stop-loss Rs 121 |Return 16%
Den Network witnessed a fresh upside breakout in last week’s trading session to trigger a 52-weeks high at Rs133 level after a flat initial movement.
It further witnessed a strong volume breakout comparing to its five-day average volume which aided the uptrend channel. On the weekly price chart, the stock formed a strong bullish candlestick pattern which is expected to keep bullish instance intact.
Further, the secondary momentum indicator suggested a swift rally for the scrip with positive cues from RSI level at 59.4 coupled with bullish crossover to happen anytime soon.
Currently, the price started to trade above its crucial 20-days EMA level (109) which signed a positive signal for the scrips.
The scrip is witnessing a major support level at 108 and resistance level upper band at 160. We have a BUY recommendation for Den Network which is currently trading at Rs. 133.55
Tourism Finance Corporation of India: BUY| Target Rs 192 | Stop-loss Rs 162 |Return 9%
Tourism Finance continued to hold the uptrend trajectory despite witnessing a marginal consolidation in the month of October and rebounded back from 135 level towards current level.
It saw a substantial increase in volume during the last week’s trading session which vindicated the rally to touch new 52-weeks high level at 182.
On the daily price chart, the scrip continued to form a bullish candlestick pattern coupled with engulfing pattern on the weekly chart, thus suggesting a possibility of the fresh uptrend.
The RSI at 65 indicates a favourable buying price zone coupled with a positive trend in MACD at 2.81 above its Signal Line. Further, the breakout from upper band has signalled a positive outlook with major support at 157 and immediate resistance at 182 followed by 203 level
We have a BUY recommendation for Tourism Finance which is currently trading at Rs. 176.15
Sunteck Realty Ltd: SELL| Target Rs. 385 | Stop-loss Rs 414 | Return 5%
Sunteck Realty faced denting headwinds on its weekly price chart after registering a high of 435 and continued to trade on a negative trajectory. Further, the volume support turned grey on the backdrop of profit booking at a higher level, keeping the scrip under pressure.
On the weekly price chart, it formed a strong bearish candlestick pattern which signalled a negative outlook for the scrip in an upcoming session without any major upside breakout.
Further, the price is currently below crucial moving average level coupled with bearish crossover on its momentum indicator. The stock is facing resistance from its 20-days EMA at 414 levels while the support level is seen at 379.
We have a SELL recommendation for Sunteck Realty which is currently trading at Rs. 404.70
Rain Industries Ltd: BUY| Target Rs. 467 | Stop-loss Rs. 430 | Return 4%
Rain Industries made a fresh upper band at 475 levels during last week’s trade and breached its crucial resistance level although it failed to sustain to close marginally below its opening level.
A healthy consolidation from this level indicated a genuine attempt to breakout at upper trend channel in short term.
The scrip continued to form a strong bullish candlestick pattern on its long-term price chart. The momentum indicator with RSI level at 70 further suggests a strong support for bullish uptrend coupled with MACD indicating a bullish crossover just happening at current regime.
Currently, the scrip is facing an immediate resistance from its 52-weeks high at 475 levels and major support will be seen at 407 levels. We have a BUY recommendation for Rain Industries which is currently trading at Rs. 447.95
MORE WILL UPDATE SOON!!
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