Tata Communications has consolidated and maintained a base near Rs 1,130 levels and has picked up momentum with a bullish candle pattern to imply strength. It has potential to carry on with positive bias in the coming days.
Sunil Shankar Matkar
April 04, 2022 / 07:41 AM IST
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Bulls turned stronger and helped the Nifty50 decisively break consolidation range of 17,000-17,450 levels in the week ended April 1. The index also surpassed 17,600 levels and returned to pre-Ukraine war levels on first day of April series and financial year 2023. Declining oil prices amid positive developments in peace talks between Ukraine and Russia and release of US oil reserves, falling volatility, and buying by foreign institutional investors pushed the market higher.
The index gained more than one percent on Friday and surged three percent in the last week to close at 17,670 forming a bullish candle on weekly and daily charts, indicating positive momentum which experts feel can take the index towards crucial 18,000 levels in the coming days.
The volatility also cooled off significantly and fell below the 20 mark, indicating stability in the market. Participants among sectors in the last week’s rally included banks, financial services, auto, FMCG, and infrastructure.
“Now since the banking space has taken the charge again, the rally should be considered healthy and due to this we will not be surprised to see 17,800 or even the psychological mark of 18,000 in the forthcoming week,” says Sameet Chavan, chief analyst-technical and derivatives, Angel One.
On the flipside, he says 17,500 followed by 17,350 should now provide decent support. “Considering the ongoing momentum, any intra-week decline in the mentioned support zone should be used as a buying opportunity.”
Hence, along with frontline movers, traders should focus more on ‘cash’ segment stocks, which are all geared up to make a real move in coming days, he advises.
Here are the top 10 trading ideas by experts for the next 3-4 weeks. Returns are based on April 1 closing prices:
Expert: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities
Coforge: Buy | LTP: Rs 4,415 | Stop-Loss: Rs 4,000 | Target: Rs 5,500 | Return: 25 percent
Coforge has completely completed the corrective pattern. For short term traders, Rs 4,250 would be the immediate support zone. If it succeeds to trade above the same then it could retest the level of Rs 4,750 and further upside may also continue which could lift the stock up to Rs 5,000.
Buy from current levels and buy more near Rs 4,100. We need to place a stop-loss of Rs 4,000.
Tata Motors: Buy | LTP: Rs 441 | Stop-Loss: Rs 425 | Target: Rs 490 | Return: 11 percent
The stock was consolidating between the trading range of Rs 420 and Rs 447 for the last nine days. We believe this is a continuation of the stock. In the past, Rs 440 acted as a major hurdle for the stock and on Friday the stock closed above it.
Its next levels of resistance would be at Rs 470 and Rs 490. We should be buyers at current levels. For that, place a stop-loss at Rs 425.
Expert: Vinay Rajani, Senior Technical & Derivative Analyst at HDFC Securities
JK Paper: Buy | LTP: Rs 324.30 | Stop-Loss: Rs 305 | Target: Rs 360 | Return: 11 percent
The stock has registered ‘flag’ pattern breakout on the daily charts with price rising more than 7 percent with jump in volumes. Paper companies have been outperforming for the last couple of months.
The stock has also broken out from the consolidation, which held for the last five trading sessions. Indicators and oscillators like DMI (directional movement index), RSI (relative strength index) and MACD (moving average convergence divergence) have been showing strength on medium term charts. The stock is placed above all important moving averages.
Kaveri Seed Company: Buy | LTP: Rs 583.95 | Stop-Loss: Rs 555 | Target: Rs 635 | Return: 9 percent
The stock has been forming higher tops and higher bottoms on daily charts. It has surpassed crucial resistance of its 200-day EMA (exponential moving average). The stock has surpassed major swing high resistance of Rs 584.75 on weekly charts.
It is now placed above its 20, 50, 100 and 200 day EMA. Indicators and oscillators have turned bullish on daily charts.
Schaeffler India: Buy | LTP: Rs 1,924.70 | Stop-Loss: Rs 1,800 | Target: Rs 2,120 | Return: 10 percent
Symmetrical triangle breakout was seen on daily chart. Price breakout is accompanied by jump in volumes. Stock has been finding support on its 50 day EMA. The stock is on the verge of breaking out from last three months’ price consolidation.
Indicators and oscillators like RSI, DMI and MACD have been showing strength in the current upmove. The stock is placed above all important moving average parameters, indicating uptrend on all time frames.
Expert: Astha Jain, Senior Research Analyst at Hem Securities
Fineotex Chemical: Buy | LTP: Rs 188.30 | Stop-Loss: Rs 162 | Target: Rs 220 | Return: 17 percent
On daily charts, price action showed a breakout of Cup & Handle pattern with rising trend channel. On weekly charts, the stock is continuously taking support at 10 EMA for last two weeks and has given strong breakout above major resistance level of Rs 180.
Hence we recommend buy with stop-loss of Rs 162 and a possible price target of Rs 220.
Gujarat Alkalies and Chemicals: Buy | LTP: Rs 946.5 | Stop-Loss: Rs 820 | Target: Rs 1,120 | Return: 18 percent
On daily charts, the stock is trading above all its major moving averages. After high of Rs 845 in October 2021, the stock has fallen till Rs 568 in December 2021.
On weekly charts, the stock is indicating U-shape pattern with increased volumes which depicts further strength. Hence we recommend buy with stop-loss of Rs 820 and possible price target of Rs 1,120.
Expert: Vaishali Parekh, VP – Technical Research at Prabhudas Lilladher
Tata Communications: Buy | LTP: Rs 1,239 | Stop-Loss: Rs 1,130 | Target: Rs 1,430 | Return: 15 percent
The stock has consolidated and maintained the base near Rs 1,130 levels and currently has picked up momentum with a bullish candle pattern to imply strength and has potential to carry on with positive bias in the coming days.
The RSI is on the rise and has indicated strength and with decent favourable risk reward ratio, we suggest buy and accumulate this stock for an upside target of Rs 1,430 keeping a stop-loss of Rs 1,130.
KPIT Technologies: Buy | LTP: Rs 608 | Stop-Loss: Rs 565 | Target: Rs 720 | Return: 18 percent
The stock has recently been moving above the 50-EMA level of Rs 580 has improved the bias and upside with a move past the resistance trendline of the channel pattern and would further improve the trend for upside potential move.
With the RSI also on the rise and improving, the stock has maintained a positive bias and we suggest buy and accumulate this stock for an upside target of Rs 720, keeping a stop-loss of Rs 565.
Westlife Development: Buy | LTP: Rs 474 | Stop-Loss: Rs 440 | Target: Rs 560 | Return: 18 percent
The stock after decent correction has bottomed out near Rs 440 zone and indicated a reversal pattern and is currently just moving near the 50-EMA level of Rs 480 which has shown strength and potential to carry on the momentum in the coming days.
The RSI is steadily on the rise to maintain bias and we can expect a further rise. We suggest buy and accumulate this stock for an upside target of Rs 560 keeping a stop-loss of Rs 440.
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.
