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The bulls are roaring, helping the benchmark indices to hit historic highs and maintain the uptrend for the fifth consecutive week as of September 24 The BSE Sensex decisively surpassed the 60,000 mark and therefore the Nifty 50 drew closer to 18,000. However, an identical momentum was absent within the broader markets, because the BSE MidCap Index gained 0.59 percent and therefore the SmallCap Index rose 0.06 percent.
Both the benchmark indices closed at a record. The BSE Sensex jumped 1,032.58 points, or 1.75 percent, to 60,048.47 during the week and therefore the Nifty 50 climbed 268.05 points, or 1.52 percent, to 17,853.20 Given the many rally over the past one month, experts suggest that investors book timely profits and avoid aggressive buying. consistent with them, subsequent resistance on the Nifty 50 is predicted at 18,000, with support at 17,600 Our markets had an interesting comeback within the last four sessions as we not only managed to get over lows but also went on to clock fresh highs,” said Sameet Chavan, chief analyst – technical and derivatives, at Angel Broking. “We have clearly outperformed global peers because despite a relief move in last two days, they’re still trading well below their highs.”
He said the recovery beyond 17,600 was certainly surprising but the market was superior Ideally, after the market surpassed previous highs, our cautious stance should are negated, but there are a couple of time-wise projections also as negative divergence within the Relative Strength Index (RSI)-smoothened oscillator, clearly holding us back,” he said As far as levels are concerned, every 100 points from here are often seen as an instantaneous resistance, i.e., 17,900-18,000. On the flipside, 17,700-17,650 are to be seen as key supports, Chavan said He advised traders to continue with a stock-specific approach but keep booking timely profits and avoid carrying aggressive overnight bets. Meanwhile, all eyes are on the worldwide markets and on how the banking index, which could probably decide subsequent path of action for the markets, he said.
Here are 10 trading ideas by experts for subsequent 3-4 weeks. Returns are supported September 24 closing prices TThis stock had been consolidating for five to 6 months with none real momentum. However, the worth suddenly took off after surpassing its sturdy wall of Rs 890. This move was accompanied with sizable volumes, providing credence to the move.
Pricewise, the daily chart now exhibits a bullish cup and handle pattern and that we expect an honest move during this stock within the forthcoming week We recommend buying on a decline towards Rs 890-880 for a short-term target of Rs 960. The stop-loss are often placed at Rs 853 This Maharatna company did not live up to expectations for the past seven years. Even within the ongoing Bull Run , it didn’t participate much. But now, with petroleum prices trading at a three-year high, ONGC is showing some strength.
Last week, ONGC shares surpassed the key 200-day simple moving average on the weekly timeframe chart for the primary time since May 2019. additionally , the typical directional index (14) indicator has started displaying an upward trajectory. One can look to shop for this stock for a near-term target of Rs 149. The stop-loss are often placed at Rs 129.80.
Nagaraj Shetti, technical research analyst at HDFC Securities
National Fertilizers: Buy | CMP: Rs 59.85 | Stop Loss: Rs 55 | Target: Rs 67 | Return: 11.9 percent After occupation a narrow high-low range for the past few weeks as per the weekly timeframe chart, the fertilizer stock showed an upside breakout at Rs 58.50 on September 24. The larger degree higher tops and bottoms are intact and therefore the present upward move might be in line with the expected new higher top formation.
The stock price is currently placed above the hurdle of the 10- and 20-week exponential moving average at about Rs 59. Hence, a sustainable move above this area could open a pointy upside momentum within the stock price. Buying are often initiated in NFL at Rs 60, add more on dips to Rs 57, await the upside target of Rs 67 within the next three to four weeks, and place a stop-loss of Rs 55.
The Phoenix Mills: Buy | CMP: Rs 945.50 | Stop Loss: Rs 880 | Target: Rs 1,060 | Return: 12.1 percent
This realty stock witnessed a pointy upside breakout of the larger consolidation pattern on the weekly timeframe chart at Rs 900 and closed higher. The formation of consistent higher bottoms, as per the weekly timeframe chart, signals the intact medium-term uptrend within the price. Volumes expanded during the upside breakout and therefore the weekly 14 period RSI shows positive indication.
One may look to shop for The Phoenix Mills at the present market value , add more on dips to Rs 910 and await the target of Rs 1,060 within the next three to four weeks. Place a stop-loss of Rs 880.
Shrikant Chouhan, head of equity research (retail) at Kotak Securities
Mahindra & Mahindra: Buy | CMP: 779.45 | Stop Loss: Rs 750 | Target: Rs 850 | Return: 9.1 percent
The auto index made a robust comeback within the previous week after hitting the 200-day SMA price . M&M made an exceptional recovery after hitting the lower boundary of the present trading range of Rs 740-Rs 850 Technically, it seems the stock has formed a better bottom at Rs 740 and is heading for the upward boundary, which is at Rs 850, with major resistance at Rs 790, where it’s the hurdle of the 200-day SMA. patronize current levels and add more on dips with a final stop-loss at Rs 750.
LIC Housing Finance: Buy | CMP: Rs 429.25 | Stop Loss: Rs 420 | Target: Rs 470 | Return: 9.5 percent
LIC Housing has decisively crossed the swing high at Rs 429 with an increase in volumes. After two months, the stock closed above the 200-day SMA, which is positive for the medium term. Reality stocks are rallying which would help housing finance companies within the near term.
Sun Pharma: Buy | CMP: Rs 770.45 | Stop Loss: Rs 730 | Target: Rs 870 | Return: 12.9 percent
Technically, the stock is forming a symmetrical triangle. it’s a bullish consolidation after rallying to Rs 804 from Rs 650. it’s the most important outperforming stock within the pharma basket and will be bought at current levels and more on dips to about Rs 750 Protect long positions with a final stop loss at Rs 730. On the upper side, Rs 800 and Rs 830 would be major hurdles.
Ashis Biswas, head of technical research at CapitalVia Global Research
HDFC Bank: Buy | CMP: Rs 1,601.55 | Stop Loss: Rs 1,520 | Target: Rs 1,720 | Return: 7.4 percent The stock has been following an uptrend. we’ve observed a serious breakout above Rs 1,600. Indicators just like the MACD (moving average convergence/divergence) and RSI suggest the momentum within the stock is probably going to continue. We recommend a stock HDFC Bank above Rs 1,605 with a target of Rs 1,720. Investors are advised to take care of a stop-loss of Rs 1,520.
HPCL: Buy | CMP: Rs 274.80 | Stop Loss: Rs 244 | Target: Rs 300 | Return: 9.2 percent
HPCL has formed an inverse head and shoulders pattern. We expect a bullish movement within the stock from the support and therefore the momentum to continue. it’s taken support at the 200 DMA line. We recommend a buy above Rs 276 with a target of Rs 300 and a stop-loss of Rs 244 for a medium-term perspective.
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