Can you name a few stocks that look attractive at current levels and can give double digit returns in a month or so? Can you explain technical reasons that can support your advice?
Axis Bank: The Nifty Bank index has been an outperformer since quite a few sessions. Axis Bank is on the verge of a multi-year breakout. The breakout will get confirmed above Rs 828 mark and once that is taken out we expect a fast upside momentum in the stock. Traders are advised to buy the stock above Rs 828 with a stop loss of Rs 790 for an upside target of Rs 910 in the coming three-five weeks.
IDFC First Bank: After the sharp fall from the top of Rs 69, IDFC First Bank took a U-Turn from the support of Rs 40 which was the placement of 200-week EMA. After that the stock has confirmed a falling trend line breakout above Rs 50 mark. The stock has a placement of 200 DEMA at Rs 52 and above that we expect sharp upside in the counter. Traders are advised to buy the stock near Rs 50 with a stop loss of Rs 45 for the upside potential target of Rs 60 in coming 3-5 weeks.
PC Jeweller: PC Jeweller has recently confirmed a range breakout above Rs 27 and then rallied towards Rs 31 mark. Due to the ongoing profit booking in the market; the stock has again retested the breakout zone. At this point in time; the risk reward looks lucrative to go long for a trader. Traders can buy the stock above Rs 29 with a stop loss of Rs 26 for an upside target of Rs 35 in coming 3-5 weeks.
What should investors do with Reliance Industries, Yes Bank and ICICI Bank on Monday?
With regards to Reliance Industries, the stock is showing some signs of exhaustion. Despite the result, we are of the opinion that one should wait for a dip towards Rs 2,500 to make it an attractive buy. Those holding the same should continue to hold.
Yes Bank is still in a no trading zone till the time it is below Rs 15. Once it crosses Rs 15 then we expect some sharp momentum in the stock. Fresh buying is advisable only above Rs 15 in Yes Bank.
ICICI Bank is still trading and trading at its life high. The momentum shall continue till the time stock is above Rs 735. Short term traders who are holding ICICI Bank should continue to hold with Rs 735 as a stop loss. For investors we feel that the stock is poised for much higher levels once the Nifty Bank index clears 41,000 mark.
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