Hot Stocks | Here#39;s why you should bet on Biocon, Cholamandalam Investment for short term

Hot Stocks | The banking remains the space to track as we expect the major contribution to come from this heavyweight basket.

Hot Stocks

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Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

The global set-up was pleasant to kickstart the new week (last week) on a cheerful note. After the gap-up opening, markets gradually moved higher to test the 17,400 mark around the mid-session. After this, there was not much activity seen in the benchmark index as we witnessed a rangebound movement with some hints of profit booking towards the end.

Eventually, the Nifty ended Monday’s session convincingly above 17,300 as bulls pocketed nearly one-and-half-a percent gains. In the following couple of days, the market extended their gains as the Budget event passed off quite peacefully. However, towards the fag end of the week, the global markets once again started with their drama and slammed the brakes on the early week rally.

Despite all this, the Nifty managed to conclude the week with over 2 percent gain and importantly above the key support of 17,500. Practically speaking, the Nifty rallied nearly 1,000 points in merely five sessions and some sort of breather or profit-booking was evident.

Hence, we did not get carried away by this small profit-booking, rather it is likely to provide an excellent trading opportunity for traders who missed the move due to sharp recovery. This view remains valid as long as we hold the sacrosanct support of 17,240 on a closing basis.

On the higher side, 17,700–17,800 are the immediate levels to watch out for. If global markets support, we may see the Nifty surpassing these hurdles to move towards the 18,000 mark. Banking remains the space to track as we expect major contributions from this heavyweight basket.

The only disappointing factor last week was the underperformance of the individual stocks. Generally, in a quiet market, individual themes continue to shine; but it was clearly missing in the latter half of last week. We hope this picture changes and traders would find ample of opportunities to trade in the broader market.

Here are two buy calls for next 2-3 weeks:

Cholamandalam Investment and Finance: Buy | LTP: Rs 675.70 | Stop-Loss: Rs 640 | Target: Rs 732 | Return: 8.3 percent

This stock has seen a significant up move in the last week and was among the outperformers from the financial space. The stock has seen a decisive volume-based breakout in the previous trading session and is firmly poised to enter the unchartered terrain.

Recent consolidation followed by a breakout in the price action increases the possibility of unfolding the next leg of the rally. We recommend buying this stock for a trading target of Rs 732. The stop-loss can be placed at Rs 640.

Biocon: Buy | LTP: Rs 391.65 | Stop-Loss: Rs 376.80 | Target: Rs 418 | Return: 6.7 percent

During the entire calendar year 2021, this stock did not well and has underperformed its most of the peer counters by a fair margin. Now the way prices are behaving around its sacrosanct supports, it’s an indication of change of tide on short to medium term charts.

With last week’s rally, we can see a breakout happening from a ‘Triangle’ pattern which has strengthened its weekly time frame. In addition, the volumes are supportive along with the positive placement of key moving averages. Hence, traders can look to buy for a near term target of Rs 418. The stop-loss can be placed at Rs 376.80.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.