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  • Nifty likely to head towards 10,600; 5 stocks which can give up to 15% return
  • December 27,2017

  • blogby Shitij Gandhi Senior Research Analyst, SMC Global Securities Ltd On the technical front, 10450-10480 spot levels is a strong support zone for the Nifty with current trend likely to continue towards 10,580-10,600.

    We are seeing short covering by call writers on every dip as Nifty and American markets are trading near all-time highs. Short sellers are on back foot as of now and we may further witness additional short covering in the expiry week.

    The Nifty is smartly moving up along with the addition in open interest (OI) which indicates strength in the current trend. We have seen option put writers active in the current series as we have seen put writing in 10,400 and 10,500 puts along with unwinding in calls.

    The Put Call Ratio (PCR) of option Open interest is continuously moving up along with fall in implied volatility. This indicates positive move to continue.

    On the technical front, 10450-10480 spot levels is a strong support zone for the Nifty with current trend likely to continue towards 10,580-10,600.

    Here is a list of top 5 stocks which can give up to 14% return in the short term

    Ahluwalia Contracts (India) Limited: BUY| Target Rs440| Stop Loss Rs355| Return 14%

    The stock has been trading in a rising channel on the daily charts ever since it gave a break above its 200-days exponential moving average (DEMA).

    However, from the last four weeks, prices were seen fluctuating between Rs350-385 levels with marginal lower volumes. But, in Tuesday’s session once again breakout has been witnessed in prices along with hefty volumes which indicates for more upside in coming sessions.

    Traders can accumulate the stock in a range of Rs385-390 for the target of Rs440 with a stop loss below Rs355.

    Tamil Nadu Newsprint & Papers Limited: BUY| Target Rs495| Stop Loss Rs395| Return 15%

    The stock has given a consolidation breakout above Rs375 levels and tested Rs450 levels in the recent past. However, since then, the stock has been trading in the range of 420-450 and formed bullish flag formation on daily charts.

    We saw a positive divergence in stochastic indicator this week along with breakout above the pattern formation signifies for next upside in prices moving forward. Traders can accumulate the stock in a range of Rs430-435 for the upside target of Rs495 and a stop loss below Rs395.

    Maharashtra Seamless Limited: BUY| Target Rs580| Stop Loss Rs465| Return 14%

    On the weekly charts, the stock has been trading in a rising channel since the beginning of the year and maintaining its bull run.

    However, on the daily charts, prices were seen trading in the range of Rs440-500 from the last one month and formed an ascending triangle formation on the daily charts.

    In Tuesday’s session, the stock has given a breakout above the pattern formation with marginally higher volumes. Traders can accumulate the stock in a range of Rs505-510 for the target of Rs580 with a stop loss below Rs465.

    Minda Corporation Limited: BUY| Target Rs260| Stop Loss Rs197| Return 18%

    On the daily charts, the stock has risen sharply from Rs160 levels and tested Rs210 levels in the recent past. However, since then consolidation has been witnessed in the prices as stock stuck in the range of Rs180-210 levels.

    The consolidation has formed bullish flag formation on daily charts and this week the breakout above the pattern formation has also been observed which hints towards the next up move in prices moving forward.

    Traders can accumulate the stock in a range of Rs220-225 for the target of Rs260 and a stop loss below Rs197.

    Subros Limited: BUY| Target Rs340| Stop Loss Rs270| Return 15%

    The stock has given a consolidation breakout above Rs280 levels this week after trading in a broader range of Rs220-280 for more than three months. Moreover stock has multiple supports placed at its short and long-term moving averages.

    The breakout in prices along with larger volumes suggest for a sharp up move in coming sessions. Traders can accumulate the stock in a range of Rs295-302 for the target of Rs340 with a stop loss below Rs270.


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