Hot Stocks | Double-digit return likely from Varun Beverages, Gujarat Alkalies, LG Balakrishnan in short term. Here#39;s why

India

LG Balakrishnan and Brothers has witnessed a breakout of an ascending triangle formation and a multi-month breakout with the heavy volume on the daily chart. The structure of the counter looks lucrative as it trades above its important moving averages.

Pravesh Gour

September 07, 2022 / 06:16 AM IST

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}else{ stk_str+=’,’+stkData.stockId.trim(); } }); $ .get(‘//www.moneycontrol.com/techmvc/mc_apis/stock_details/?sc_id=’+stk_str, function(data) { stk.forEach(function (stkData,index){ $ (‘#stock-name-‘+stkData.stockId.trim()+’-‘+article_id).text(data[stkData.stockId.trim()][‘nse’][‘shortname’]); }); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=$ {stock_isinid}&ex=$ {stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, ‘_blank’); } }

The Nifty50 is consolidating at 17,800-17,400 after a sharp up-move. On the upside, 17,800 is an immediate hurdle; above 17,800, the Nifty may inch towards the 18,000 level. If it slips below 17,400 level, then we can expect a move towards 17,160, however, 17,300 is an intermediate support level.

Bank Nifty is outperforming. On Tuesday, it touched the 40,000 level for the first time in the year 2022, nevertheless, 40,200 level is acting as an immediate and strong hurdle; above this, we can expect a move towards 40,500 levels. On the downside, 39,500 is an immediate support level then 39,000 will be the next demand zone.

Global cues are important where world equity markets are eying the European Central Bank’s interest rate decision and the speech of the US Fed Chairman Jerome Powell scheduled tomorrow. Apart from that, the US dollar index and crude oil prices will dictate the global equity markets as well as the Indian equity market.

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

Varun Beverages: Buy | LTP: Rs 1,094 | Stop-Loss: Rs 990 | Target: Rs 1,294 | Return: 18 percent

The counter is in a classical uptrend and it has witnessed a breakout of an ascending triangle formation to resume its uptrend. The breakout coincides with rising volume and it manages to sustain above the breakout level.

It is trading above its all-important moving averages with a positive bias in momentum indicators. On the downside, Rs 1,100 level will act as a strong support level, below this Rs 990 is the next support level.

It is respecting its 9 and 20 days moving average (DMA) beautifully which is a classic sign of trend strength.

Image11692022

Gujarat Alkalies and Chemicals: Buy | LTP: Rs 958 | Stop-Loss: Rs 857 | Target: Rs 1,150 | Return: 20 percent

The counter is coming out of 13-day of consolidation with heavy volume followed by a breakout of Bullish Inverse Head & Shoulder formation. The overall structure of the counter is very classical on the daily chart. The pattern suggests an immediate target of Rs 1,040, while it has the potential to move further upside till the Rs 1,150 level.

On the downside, a breakout level of Rs 857 will act as a strong base whereas 20-DMA will act as a strong support level. Most of the momentum indicators are positively poised.

Image12692022

LG Balakrishnan and Brothers: Buy | LTP: Rs 770 | Stop-Loss: Rs 700 | Target: Rs 914 | Return: 18 percent

The counter has witnessed a breakout of an ascending triangle formation and a multi-month breakout with the heavy volume on the daily chart. The structure of the counter looks lucrative as it trades above its important moving averages.

On the upside, Rs 800 is an immediate resistance area; above this, we can expect a run-up towards Rs 914 levels in the near term. On the downside, if it breaks Rs 715, then Rs 700 is the next critical level.

Image13692022

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