There are stock-specific trading opportunities across the board which are keeping the traders busy and that may continue this week as well, said an expert. Traders should prefer sectors/themes like pharma, metal and agriculture
T T | The company cancelled MOU for sale of spinning mill assets located at Rajula, Gujarat, to Resilient Cotspin, Bhavnagar, Gujarat.
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While the market remained volatile through the past week, benchmark indices managed to close the week in the green, and above crucial psychological levels, driven by positive global cues, strong results from India Inc., and measures announced by the Reserve Bank of India (RBI) to support the economy.
For the week ended May 7, S&P BSE Sensex rose 0.87 percent reclaiming 49,000, while Nifty50 climbed 1.31 percent closing above the 50-Days Simple Moving Average, and above 14,800.
Meanwhile, the S&P BSE Midcap index rose 1.4 percent and the S&P BSE Smallcap index was up 2.5 percent rally.
The index is now approaching the crucial resistance zone of 14,900-15,000, and a close above this level could lead to a sustained breakout, suggest experts.
“We’re in the third month of consolidation and there’s still no clarity over the next directional move in the index. A decisive breakout in Nifty above the 15,000-mark is critical for the resumption of the uptrend,” Ajit Mishra, VP Research, Religare Broking told Moneycontrol.
Mishra further added that there are stock-specific trading opportunities across the board which are keeping the traders busy and that may continue this week as well.
Traders should align their positions accordingly and prefer sectors/themes like pharma, metal and agri-related for long positions.
We have collated a list of 10 trading ideas for the next 3-4 weeks as recommended by various experts looking at the technical factors:
Expert – Aditya Agarwala, Senior Technical Analyst, YES SECURITIES
State Bank of India: Buy| LTP: Rs 358| Target: Rs 390| Stop Loss: Rs 340| Upside 9%
The stock is on the verge of a breakout from a sideways consolidation phase, a sustained trade beyond Rs 360 will resume the uptrend taking it higher to Rs 390.
Further, it has taken support at the 20-DMA constantly confirming strength in the stock. RSI has turned upward from the levels of 50, suggesting bullishness.
Dhanuka Agritech: Buy| LTP: Rs 801| Target: Rs 900| Stop Loss: Rs 750| Upside 12%
The stock has resumed its upward journey after breaking out of a channel pattern consolidation phase, backed by good volumes.
Further, the 20-DMA has made a bullish crossover with 200-DMA, which confirms the bullishness. Moreover, RSI has also turned upwards from the lower end of the bull zone, i.e. 40, a sign of strength.
Kaveri Seed Company: Buy| LTP: Rs 639| Target: Rs 740| Stop Loss: Rs 580| Upside 15%
The stock has resumed its upward journey after taking support at the 50 Fibonacci retracement levels. Moreover, volumes have picked up in the recent upmove confirming bullishness. RSI has also turned upwards from the level of 40 suggesting bullishness.
Torrent Power: Buy| LTP: Rs 416| Target: Rs 475| Stop Loss: Rs 380| Upside 14%
The stock has resumed its upward journey after taking support at the recent trendline breakout support placed at 380 levels.
Moreover, it also happened to be the key short-term moving average support confirming bullishness. RSI has also turned upwards from the level of 60 indicates a strong uptrend dominance in the stock.
Sacchitanand Uttekar, DVP – Technical (Equity), Tradebulls Securities
Maruti Suzuki: Buy around 6650| LTP: Rs 6702| Stop Loss: Rs 6430| Target: Rs 7200| Upside 7%
Falling wedge formation on its daily scale looks mature for a breakout. Engulfing bullish on its weekly scale reconfirms the support zone near its 200 WEMA at 6630.
Amongst key strength indicators, ADX 9 has triggered a buy with its ADX line showing strength above 20.
BASF India: Buy| LTP: Rs 2453| Stop Loss: Rs 2270| Target: Rs 2960| Upside 20%
A breakout towards fresh life high above 2018 high also triggered a fresh breakout from the cup & handle formation on the weekly scale.
The pattern exhibits an immediate target up to 2960. The pattern breakout is well supported with significant volumes despite its daily RSI entering its overbought zone while its ADX (another trend strength indicator) confidently trending at 35.
Ashish Chaturmohta, Head of Derivatives and Technical Analysis, Sanctum Wealth Management
BPCL: Buy| LTP: Rs 443| Target: Rs 550| Stop Loss: Rs 410| Upside 24%
Recently, the GOI, allowed bidders access to the financial data of Bharat Petroleum Corp. as the government moves ahead with plans to sell its entire stake in the country’s second-biggest state refinery.
This marks the seriousness of the government to speed up the divestment process. Technically, the stock has seen consolidation below 480 and formed ascending triangle pattern on the weekly charts, and hence it is likely to see a breakout on the upside for 550 while support is seen at 410.
Sun Pharma: Buy| LTP: Rs 679| Target: Rs 760| Stop Loss: Rs 640| Upside 12%
Sun Pharma is the fourth largest specialty generic pharmaceutical company in the world with global revenues of ~US$ 3.5 billion (Sun Pharma + Taro).
Supported by more than 40 manufacturing facilities, and ~36,000 employees, it caters to more than 100 countries across the globe.
After multiple years of decline in the stock, it is showing signs of a reversal. Pricewise, the stock is seeing a bottoming pattern on the long-term chart.
High volumes are indicating accumulation in the stock at lower levels. The next level for the stock is seen at 760 while support is seen at 640.
MphasiS: Buy| LTP: Rs 1845| Target: Rs 2050| Stop Loss: Rs 1790| Upside 11%
Mphasis said that it expects to create close to 1,000 UK jobs to begin with; invest over GBP 25 million upfront towards establishing the centre, and provide up-skill and training in both digital transformation as well as domain expertise in the UK banking and insurance segments.
This highlights the growth potential of the company going ahead. Technically, for the last 4 months stock has been consolidating at all-time high levels with positive bias.
If the stock sustains above the support level of 1,790, and is expected to rally towards 2050 in the coming few weeks.
Intellect Design Arena: Buy| LTP: Rs 795| Target: Rs 950| Stop Loss: Rs 750| Upside 19%
Intellect is IT Product Company in the banking industry which has recently won quite a few transformational deals leading to its re-rating.
Technically, the stock is in a strong uptrend forming a higher top and higher bottom on the daily chart. After consolidating at an all-time high level for the past 4 weeks, it has seen a fresh breakout towards 950 levels, while the support is seen at 750.
Disclaimer: The views and investment tips expressed by the investment experts on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.