SRF has seen consolidation between Rs 2,700 and Rs 2,000 odd levels for the last six months and formed a base for the next leg of rally. Now it is showing a breakout on upside.
Ashish Chaturmohta
April 11, 2022 / 01:49 PM IST
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Over the past several months we have seen various ups and downs in the markets owing to a few reasons, namely, the Russia-Ukraine war, US Fed meetings, etc. However, markets seem to have absorbed the negative news flow and we are seeing buying across sectors be it consumption, auto, IT, BFSI, etc.
Earlier this month, auto companies reported their monthly numbers, which were largely in line with Street estimates for most but below expectations for a few like TVS whose reaction was visible during market hours.
The current week would embark on the earnings season for Q4FY22 and full year FY22. In largecaps space we would see TCS reporting its numbers followed by several other companies.
The subsequent week would be quite choppy for the markets that will see earnings reaction. However, all banking stocks have reflected strong loan growth followed by improvement in asset quality. Microfinance companies improved their collection efficiency and things look good for the coming years.
The five week rally has hit a critical resistance level and is seeing some profit booking. The index has formed Doji (small body with upper and lower shadow) candlestick pattern i.e. on a weekly chart at a resistance level. The falling resistance trend line connecting highs of last October and January comes around 18,100 odd levels. Thus, the market is likely to trade in sideways to a negative range and consolidate here before moving higher. Once the Nifty crosses and trades above 18,100 levels on a sustainable basis, the index will head towards its all-time high of 18,604.
On the downside, immediate support is seen at 17,600 which was Friday’s low and the market is holding onto it for the last couple of sessions. Breaking below 17,600, next supports are seen at 17,325 and 17,000 levels. The overall trend continues to be positive till the index trades above 17,300 levels.
Here are three buy calls for next 3-6 months:
SRF: Buy | LTP: Rs 2,748 | Stop-Loss: Rs 2,600 | Target: Rs 3,100 | Return: 13 percent
SRF has seen consolidation between Rs 2,700 and Rs 2,000 odd levels for the last six months and formed a base for the next leg of rally. Now it is showing a breakout on upside. Stock can be bought with a stop-loss of Rs 2,600 for a target of Rs 3,100.
Bharat Electronics: Buy | LTP: Rs 240 | Stop-Loss: Rs 225 | Target: Rs 295 | Return: 23 percent
Bharat Electronics has given a breakout from 7-month consolidation between Rs 225 and Rs 190 on strong momentum and volumes. Stock can be bought with a stop-loss of Rs 225 for a target of Rs 280 and Rs 295.
Reliance Industries: Buy | LTP: Rs 2,616 | Stop-Loss:Rs 2,550 | Target:Rs 2,850 | Return: 9 percent
Reliance Industries has formed a double bottom pattern over the last six months. In late March, the stock saw a breakout from the pattern price and then corrected to test the neckline.
Now the stock is showing a resumption of uptrend and can be bought with a stop-loss of Rs 2,550 and for a target of Rs 2,850.
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