Story continues below Advertisement Remove AdThe Bank Nifty index remained in consolidation mode at elevated levels, struggling to close above the 49,000 mark.
The momentum indicator RSI (relative strength index 14) has undergone a bullish crossover and risen above the recent consolidation, indicating strong positive momentum.
Over the short term, the stock might move towards Rs 515/530, with support placed at Rs 470.
Over the short term, the stock may move towards Rs 925, with support placed at Rs 839.
Sobha: Buy | LTP: Rs 1,644 | Stop-Loss: Rs 1,589 | Target: Rs 1,774 | Return: 8 percentThe stock has surged above the recent consolidation, indicating an improved interest building up in the stock.
Stocks Ideas
The Nifty remained mostly sideways on April 10 as investors chose to wait ahead of the US CPI inflation data, which could potentially impact rate cuts by the Fed. The resistance zone is placed at 22,700-22,750, while support is at 22,600.
A decisive move above 22,750 might induce a rally towards 23,000 in the short term. Since the market appears to be rangebound, buying on dips and selling on rallies might prove to be a good strategy with proper stop-loss measures.
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The Bank Nifty index remained in consolidation mode at elevated levels, struggling to close above the 49,000 mark. Immediate support rests at 48,500, with resistance at 49,000.
Any decisive move beyond these levels is expected to trigger trending moves, he said, adding the index maintains a buy-on-dip stance, with 48,500 acting as a crucial support level to cushion against any downturns.
Here are three buy calls for the next 2-3 weeks:
Hindustan Petroleum Corporation: Buy | LTP: Rs 487 | Stop-Loss: Rs 469 | Target: Rs 530 | Return: 9 percent
HPCL has experienced a consolidation breakout on the daily chart, indicating increased optimism. The momentum indicator RSI (relative strength index 14) has undergone a bullish crossover and risen above the recent consolidation, indicating strong positive momentum.
Additionally, the stock has reclaimed a critical moving average. The price has resumed its uptrend after finding support at the falling trendline. Over the short term, the stock might move towards Rs 515/530, with support placed at Rs 470.
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Max Healthcare Institute: Buy | LTP: Rs 864 | Stop-Loss: Rs 839 | Target: Rs 925 | Return: 7 percent
The stock has experienced a Flag pattern breakout on the daily chart, indicating increased optimism among investors. Furthermore, it has also exhibited a cup and handle pattern breakout, enhancing the positive outlook for the stock.
Consequently, the stock might benefit from the combined impact of these two significant patterns. Additionally, the RSI is ascending with the current reading at 66. Over the short term, the stock may move towards Rs 925, with support placed at Rs 839.
Sobha: Buy | LTP: Rs 1,644 | Stop-Loss: Rs 1,589 | Target: Rs 1,774 | Return: 8 percent
The stock has surged above the recent consolidation, indicating an improved interest building up in the stock. It has been comfortably positioned above the important moving average. The momentum indicator RSI (14) is experiencing a bullish crossover and is rising, currently at a value of about 66.
Based on the current technical setup, it can be predicted that the stock might move towards Rs 1,774. A support level is placed at Rs 1,590.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
