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  • Podcast | Short sellers are on back foot; top 3 stocks which could give up to 12% return
  • April 25,2018

  • blog(By Shitij Gandhi, Senior Research Analyst, SMC Global Securities Ltd.)Here is a list of top three stocks which could give up to 12% return in short term.

    As we are heading towards April expiry with two trading session left, the short sellers seem to be on back foot as they still holding outstanding short positions.
    On every dip, we have been continuously seeing short covering in the Nifty as Call Writers are covering their positions which in turn supporting upside movement in prices.

    In the recent weeks, we have observed that put writers are continuously shifting towards the higher band which signifies limited downside in the market ahead of expiry.

    Furthermore, we also anticipate that more short covering can be seen in coming sessions which can lead Nifty towards 10,700 on the day of expiry.

    The initial rollover data also indicates long rollover to May series. On the technical front, 10,580 spot level should act as support while 10,750 will be the immediate hurdle.

    Here is a list of top three stocks which could give up to 12% return in short term:

    AU Small Finance Bank Limited: BUY| Target Rs775| Stop Loss Rs640| Return 12%

    The smart recovery has been seen in prices in recent weeks. The stock held back above its 200 days exponential moving average (DEMA) on the daily interval. Since past few weeks stock has been seen consolidating in range of Rs 680-650.
    However, in Tuesday’s session, a fresh breakout in prices along with hefty volumes pushed the stock to surpass its recent resistance levels.

    Additionally, the stock has also given a breakout above the Cup and Handle formation which can be visible on a daily interval. So, traders can accumulate the stock in a range of Rs 695-690 levels for the target of Rs 775 with a stop loss below Rs 640

    Praj Industries Limited: BUY| Target Rs107| Stop Loss Rs89| Return 12%

    On the daily charts stock has formed double bottom formation around 80 levels and bounce back sharply to once again regain the momentum above its 200 days exponential moving average.

    In addition, the stock has also formed inverted head and shoulder formation on daily charts and is on verge of a breakout above its neckline.

    The positive divergence on secondary indicators are supporting the up move in prices along with multiple supports at its short and long-term moving averages. The traders can accumulate the stock in a range of Rs 95-98 for the upside target of Rs 107 with a stop loss below Rs 89.

    SBI Life Insurance Company Limited: BUY| Target Rs822| Stop Loss Rs695| Return 11%

    Ever since the stock has listed on the stock exchange it is trading in a broader range of Rs 625-725. The consolidation has been seen for more than six months.
    However, in Tuesday’s session finally, the bulls took control over the prices as the stock has witnessed a consolidation breakout above the Rs 720 levels with hefty volumes.

    Moreover, on the daily interval stock has also given a breakout above the ascending formation which is generally traded as a bullish pattern.

    The traders can accumulate the stock in a range of Rs 746-740 levels for the upside target of Rs 822 with a stop loss below Rs 695.


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