NEW DELHI: After establishing a few one hundred factors better, domestic fairness benchmark Sensex slipped into the negative territory within the first hour of trade on Monday.
A surge in crude oil fees on concerns over heightened tensions between the US and Iran, subdued rupee and uncertainty beforehand of the Union Budget made buyers to show hazard averse. The rupee opened 3 paise down at sixty nine.61 in opposition to the US greenback on Monday.
Sluggish progress of monsoon is likewise a issue; 84 per cent of the meteorological subdivisions have recorded deficient rainfall to date, MeT department statistics showed.
Mixed trading in different Asian markets amid hopes of thaw in Sino-US trade tensions did not raise sentiment. The US President and his Chinese counterpart are scheduled to satisfy on the sidelines of the G20 summit and speak the trade dispute later this week. Analysts recommended caution. A stock-unique method in such an volatile market can help maximise profits and minimise losses, they said.
Based at the recommendations of numerous analysts and brokerages, here’s a listing of nine shares that they say can doubtlessly supply profits over the next 2-three weeks.
Subash Gangadharan, Senior Technical Analyst, HDFC securities
Timken India charge Stop loss: Rs 655
Timken has proven plenty of relative power of late. The inventory has broken out of the Rs 500-625 range a few weeks again on above average volumes. This shows substantial accumulation has passed off in this counter and it augurs nicely for the uptrend to preserve. While the stock has consolidated for the beyond few weeks after the recent breakout, it has bounced back strongly from the low of Rs 652 this week. The stock has moved above its thirteen-day SMA. The 14-day RSI, too, has became up and reduce its 9-day EMA from under. “Technical indicators for the intermediate term are giving positive signals. Buy this inventory among Rs 680 and Rs 699 tiers with a prevent loss at Rs 655 and a charge goal of Rs 790,” stated Target charge: Rs 525 returned strongly this week from the low of Rs 443, thereby forming a double bottom. The inventory formerly tested those ranges in the middle of May, 2019. Technical signs are giving positive indicators, because the inventory trades nearly above the 13-day SMA. The 14-day RSI has turned up and reduce its 9-day EMA from below. The MACD, too, has turned up and is now on the verge of cutting its moving common.
Rajesh Bhosale, Technical Analyst, Angel Broking
UltraTech CementNSE 0.26 % charge: Rs 4,890 four,425
This inventory had visible a bullish breakout in April after breaking out of the Rs 4,500 level, which acted as a stiff resistance for four times in the last two years. After the breakout, the stock witnessed a sharp jump towards the Rs four,900 stage. However, in previous couple of weeks costs have retraced back to the breakout stages, a natural tendency in price motion before accomplishing bigger objectives.
On the weekly chart, charges appear to have resumed the number one uptrend via forming a bullish reversal pattern within the breakout zone. Volume analysis indicated high quantity at some point of the jump, while relatively low volumes throughout a downturn advised accumulation on the counter. After forming a base around 40, momentum oscillator RSI gave a sparkling purchase sign with its smoothened common supporting Buy fee Stop loss: Rs 1,half
After consolidating for closing six months, this inventory has damaged above the higher variety of consolidation, confirming a bullish pattern breakout, called ‘Cup N Handle’. Momentum oscillator RSI has broken above the 60 variety, which acted as a stiff hurdle four instances in last 3 months. In addition, prices are well above important moving averages along with 20, 50, 2 hundred days, which suggest general bullishness on the Target price: Rs 236 inventory has discovered a couple of supports round Rs 2 hundred stage after witnessing a pointy drop from Rs 245 mark over the last 365 days. A wonderful crossover in RSI and upward thrust in Stochastic from its oversold quarter suggest a possible turnaround within the stock. “As per the current each day set-up, the inventory may additionally keep transferring better and revisit preceding highs. Fresh long positions may be initiated inside the stock for a target of Rs 236 with a forestall loss of Rs 201,” said Buy rate: Rs one hundred thirty five Stop loss: Rs one hundred ten
This stock reversed from its lifetime high and later took multiple supports close to its lengthy-time period 200-day transferring common. Due to a rebound inside the stock, key technical indicators-RSI and MACD have breached their bearish divergence trend. “As according to the contemporary set-up and fantastic momentum within the quarter, we consider the inventory will bounce as a minimum 50 consistent with cent of the whole fall from current degrees,” Jain said Buy price: Rs a hundred thirty Stop loss: Rs 111
This stock has made a higher backside formation at the day by day chart, taking guide close to Rs 111 degree. It has bounced again with a fantastic candle to transport beyond the sizable 200-DMA and has implied strength and ability to upward thrust in addition in the coming days. The RSI has additionally indicated a trend reversal to improve the bias and has given a buy signal. “With appropriate extent participation witnessed, we suggest a purchase on this stock for an upside goal of Rs a hundred thirty, preserving a prevent lack of Rs 111,” said Parekh.
State Bank of India (SBI) rate Stop loss: Rs 333
This stock has maintained an awesome assist near the Rs 334 stage and has been consolidating for a while. “It currently has indicated a wonderful candle with improving bias and we count on a in addition pass inside the upward path in the coming days,” Parekh stated. The signs have end up favourable, with the RSI additionally indicating a trend reversal has given a purchase signal.
Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.In
SRF charge: Rs three Stop loss: Rs 2,848
This counter seems to be having a better relative power when as compared to Nifty. While Nifty has been falling for the ultimate 3 weeks, this inventory now not handiest stabilised however went on to register new existence-time highs. “As the trend throughout the timeframes is strong, positional buyers are counseled to adopt a two-pronged method of buying now and on dips, preferably around Rs 2,900 and look for a bigger target of Rs 3,241,” said Mohammad.
UltraTech Cement price: four,790 four,420
This counter seems to have formed a first rate base around Rs 4,425 from where a first rate pullback pass may be expected. However, as the right technical prevent is calling slightly far away, positional investors could be higher off through buying now and on declines, in particular inside the zone of Rs 4,510–four,470 and look for a target of Rs four,790, with a forestall loss Rs four,420 levels, said Mohammad.
