Going ahead, bias is on the positive side till the time Nifty is holding above 14,800
Himanshu Gupta
May 21, 2021 / 07:18 AM IST
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Post a very strong start to the week, the frontline indices have been taking a breather for past two days. While Nifty has given up around 1 percent of the gains which were registered during the first two days of the week, it still remains above the key support zone of 14,800-14,850.
With the strong breakout given above 14,950 at the start of the week, bulls seemed to have regained the strength after a multi-week consolidation, however, the throwback given on Wednesday and Friday amidst global volatility, the rally has once again started to look fragile, at least as long as 15,100 is not taken out once again.
Going ahead, we would like to keep the view on the positive side till the time Nifty is holding above 14,800 and looking forward for the benchmark index to surpass 15,100 in the next week, above which a move towards 15,350-15,400 can also be expected.
Having said that, there is still a lot of fireworks going on in small and mid-cap stocks from cement, auto ancillary, fertilizers and capital goods space, where the Bull Run is very much intact and providing lot of opportunities for market participants.
Here is a list of three stocks to pick for short term:
India Cements: Buy | Target: Rs 245 | Stop Loss: Rs 178
The consolidation of last three months has finally matured and stock is ready to head higher. The daily chart pattern suggests a move from a series of rounding patterns which buttresses the strength of the move that has just begun. The huge volumes which accompanied the move in the stock were highest since December 2020 and add further weightage to this breakout. Positive divergence on RSI and formation of bullish morubozu candle for the day, tell rest of the saga about the bulls.
Phillips Carbon Black: Buy | Target: Rs 265 | Stop Loss: Rs 215
The stock is once again gearing up to move into higher trajectory. The weekly chart depicts a breakout from a consolidation of almost 10 weeks, but the move is more appealing on the daily charts where it has broken out from an inverted head and shoulder pattern. The RSI on daily chart has cleared the previous swing high and is just entering overbought trajectory which suggest that the upside on the stock is imminent.
Bharat Electronics: Buy | Target: Rs 170 | Stop Loss: Rs 148
The sequence of higher peaks and higher troughs within an upsloping trend channel is just a textbook replica of an up trending stock. The relative strength being shown over past few weeks is one study that further strengthens the bullish bias for the stock. The MACD buy crossover is in place with several other leading indicators suggesting an up move at the same time is just adding to the positive view.
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