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  • Nifty likely to face resistance around 10,450; 3 stocks which could give up to 16% return
  • April 11,2018

  • blog(By Shitij Gandhi, Senior Research Analyst, SMC Global Securities Ltd.)If Nifty manages to move above the 10500 mark, then we can further see short covering towards 10650 levels as well.

    Since the beginning of the April series, we have been witnessing short covering by the traders which took Nifty above 10,400 levels once again on Wednesday.
    However, on technical charts, 10,400-10,450 should act as crucial resistance for the index and moving forward the range of 10,300-10,500 levels will remain crucial as indicated by option open interest concentration.

    Post expiry, we have seen some short covering in Index futures & stock futures but on the whole overall data still remains negative.

    Though, if Nifty manages to move above the 10,500 mark, then we can further see short covering towards 10,650 levels as well. On the downside, 10,250-10,200 should act as key support levels.

    Here is a list of top 3 stocks which could give up to 16% return:

    KEI Industries Limited: BUY| Target Rs481| Stop Loss Rs395| Return 13%

    The stock has been consolidating in the range of Rs350-400 for more than five months with consistent buying at lower levels. Also, we consolidation breakout last week in prices as stock surpassed the 420 levels along with marginally higher volumes and positive divergence on secondary indicators like RSI and stochastic.

    Traders can accumulate the stock in a range of 425-435 levels for the target of 481 and a stop loss below 395.

    Aurionpro Solutions Limited: BUY| Target Rs262| Stop Loss Rs205| Return 16%

    After testing 280 levels in the recent past, the stock witnessed profit booking at higher levels and retraced back to its 100-days exponential moving average placed at 190 levels.

    Since then the stock has been elevating with the formation of higher highs and higher lows pattern on daily charts. This week once again breakout has been observed in prices with the stock having multiple supports at its short and long-term moving averages.

    Additionally, the stock has formed symmetrical triangle formation on weekly interval and has given breakout above the same. Traders can accumulate the stock in a range of 225-235 for the upside target of 262 and a stop loss below 205.

    Man Industries (India) Limited: BUY| Target Rs154| Stop Loss Rs124| Return 14%

    The stock has formed a triple bottom formation on the daily interval around 115 levels and risen sharply above the key resistance level of 135 mark last week.

    Additionally, the stock has also given a breakout above the bullish flag formation appeared on the weekly interval along with marginally higher volumes with multiple supports on the downside. Traders can accumulate the stock in a range of 135-140 levels for the upside target of 154 and a stop loss below 124.


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