Wednesday, 28 March 2018

Intraday dip towards 10,100 is a buying opportunity; Bajaj Finance a good short term bet

“Nifty is likely to get into consolidation in the price range of 10,080 to 10,230.” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.

NSE STOCK FREE TIPSThe Nifty ended 0.53 percent up at 10,184.15. Day long oscillation within 10,210 to 10,140 led to a Doji candle on the daily chart. Doji implies indecision among traders. Hence, Nifty getting stuck in the price band of 10,230 to 10,140 is likely.

However, stock specific movements might get you a desired result compared to the Index based ones. As the chart pattern suggests, Nifty still remains a buy on dips as long as critical supports are intact. Downside supports are now placed around 10,140 and 10,080.

On the Nifty hourly chart; it touched the 100 hourly EMA placed around 10,210. Position of RSI suggests, it may once again come down to downside supports placed around 10,140 and 10,080 before next leg of up-move towards 200 hourly EMA placed around 10,315. Hence, buy on dips is the strategy to be followed. NSE STOCK FREE TIPS

Nifty patterns on multiple time frames show, rebound from the critical support followed by a Doji candle formation on the daily chart. Hence, Nifty likely to get into a consolidation phase before next leg of up-move towards 30 daily EMA placed around 10320.

The Bank Nifty yesterday ended 0.78 percent up at 24,434.15. It may remain subdued as long as it trades below 200 daily EMA placed around 24,470. 24,000 is the critical support.

Based on thorough technical study, the research house has recommended Bajaj Finance which can give up to 5% return in the near short term:

Bajaj Finance | Rating: Buy | Target: Rs 1840, Stop loss: Rs 1710 | Return: 5%

For Bajaj Finance, consolidation breakout followed by downward trend line breakout around Rs 1740 levels makes the bull case stronger. +DI –DI bullish crossover while MACD has just recovered above the zero line sets the bullish tone stronger. Further, rising RSI is also a bullish factor.

Based on the above mentioned observations, the firm recommends Bajaj Finance as a strong buy on dips for the near-term upside target of Rs 1840.

Disclaimer: The author is Technical Analyst at Stewart & Mackertich Wealth Management Ltd. The views and ideas expressed above may have been suggested to the clients of Stewart & Mackertich Wealth Management Ltd. It is advised that investors/traders should consult with their Certified Experts before taking any investment decision.
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Tuesday, 27 March 2018

Market Update: Midcap index outperforms led by SAIL, Biocon; Axis Bank, Tata Steel up 2%, solid listing for Bandhan Bank

The market breadth was in favour of the advances with 1379 stocks advancing while 255 declined and 379 remained unchanged. On the other hand, in the BSE, 1604 stocks advanced and 320 declined and 69 remained unchanged.

 http://www.bigprofitbuzz.com/free-trial/The Indian equity market were on a  strong footing on Tuesday morning with the Nifty jumping 63 points at 10,193 mark while the Sensex spiked up 239 points or 0.72 percent.

The Nifty midcap index was up 1.5 percent led by Biocon, GMR Infra, IFCI, IDBI Bank, Just Dial, PFC, Steel Authority of India and Voltas.

The Nifty metal index was also up 1.5 percent aided by stocks including names like Jindal Steel and Power, Tata Steel, Hindalco Industries, Hindustan Copper, Vedanta, SAIL and JSW Steel among others. NIFTY STOCK FREE TRAILS TIPS

The top Nifty gainers included Axis Bank which jumped 2.6 percent followed by Tata Steel and Vedanta which added over 2 percent each. Wipro and Indisbulls Housing Finance were the other gainers

The most active Nifty stocks included Bandhan Bank which got llisted today and zoomed 33 percent in the morning trade. ICICI Bank, State Bank of India, Tata Steel and Jubilant Foodworks were the other active stocks.

The top BSE gainers included IFCI which jumped 6.7 percent followed by Corporation Bank which was up 6 percent while Rattan India and Bombay Burmah were the other top gainers.

Bharat Financial Inclusion and Jubilant Foodworks were two of the few Nifty stocks which hit fresh 52-week high in today's trade.

65 stocks hit new 52-week low including names like Gitanjali Gems and Global Offshore among others.

The market breadth was in favour of the advances with 1379 stocks advancing while 255 declined and 379 remained unchanged. On the other hand, in the BSE, 1604 stocks advanced and 320 declined and 69 remained unchanged.
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Monday, 26 March 2018

Nifty ends previous week around prolonged upward trending channel support; Buy Tata Steel for 8% return in near term

“Nifty getting stuck in the price range of 9860 to 10,050 is quite likely.” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.

 http://www.bigprofitbuzz.com/free-trial/The Nifty previous Friday ended 1.15 percent down at 9998.05. Gap-down opening amid overnight negative global cues took the Benchmark Index down towards long-term upward trending channel support placed around 10,000 levels, day’s low was 9952.

However, recovery from day’s low led the Index towards ending the session with a bullish Doji candle. Hence, we certainly do not recommend short selling at this juncture keeping in mind the Nifty on daily chart continues making lower lows while RSI made double bottom and approaching towards oversold zone. Downside pivotal supports are placed around 9950, 9890, and 9860.

On the Nifty hourly chart; it already has reached extremely oversold zone while RSI shows huge positive divergence. Hence, we do not rule out the possibility of intraday buying on dips around 9890 and 9860. STOCK FREE TRIALS TIPS

Nifty patterns on multiple time frames show, bearish marubozu candle formation on the weekly chart may restrict the pullback around 10,020 and 10,050 even if intraday pullback comes in play on dips around 9890 and 9860 levels. Nifty getting stuck in the price range of 9860 to 10,050 is quite likely.

The Bank Nifty previous Friday ended 1.95 percent down at 23,670.40. It is approaching towards long-term pivotal support placed around 23,400.

Based on thorough technical study, the research firm has recommended Tata Steel which can give up to 8% return in the near short term:

Tata Steel | Rating: Buy | Target: Rs 600, stop loss: Rs 535 | Return: 8%

After its recent correction from Rs 750 levels the stock has again come down to the mid-term upward trending channel support placed around Rs 555 levels. 2014 established top is placed around Rs 550 levels.

On daily chart, the stock is approaching towards oversold zone. However, Rs 600 may now act as the immediate pivotal resistance.

Based on the above mentioned observations, the house has recommended Tata Steel as a strong buy on dips for the near-term upside target of Rs 600.

Disclaimer: The author is Technical Analyst at Stewart & Mackertich Wealth Management Ltd. The views and ideas expressed above may have been suggested to the clients of Stewart & Mackertich Wealth Management Ltd. It is advised that investors/traders should consult with their Certified Experts before taking any investment decision.
www.bigprofitbuzz.com

Wednesday, 21 March 2018

Nifty at critical support of 10,000 levels; Buy BHEL & Voltas for 5% return in short-term

"We prefer buying on dips, irrespective of US FOMC meet outcome, as long as the critical prolonged upward trending channel support placed around 10,000 mark is intact.” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.

 http://www.bigprofitbuzz.com/free-trial/The Nifty previous day ended 0.3 percent up at 10,124.35. It reacted up sharply from day’s low 10,049.10 towards finishing off the session above 10,100 mark. But, the pullback remained capped as it failed to progress beyond 10,155.

On the brighter side, our dual support zone of 10,030 to 10,000 is still well intact. Ending the session with a bullish body candle suggests it may continue taking support around 10,030 and 10,000 in coming sessions as well. Hence, selective buy on dips is advised.

However, US FOMC meet on Federal Reserve’s rates, scheduled to be held on Wednesday, is going to be the next trend determining factor. On a similar note, we prefer buying on dips, irrespective of US FOMC meet outcome, as long as the critical prolonged upward trending channel support placed around 10,000 mark is intact. FREE TRAILS TIPS

On the Nifty hourly chart; RSI reacted up from the oversold zone implies it may once again challenge upside resistances placed around 10,140, 10,190 and 10,230. Chart pattern suggests, Nifty successful closing above 10,140 brightens the possibility of a full length movement towards 10,230.

Nifty patterns on multiple time frames show, Nifty critical support of 10,000 is intact, which may provide a springboard to a quick pullback towards 10,190 and 10,230.

The Bank Nifty previous day ended 0.32 percent down at 24,168.20. It ended with a Doji candle. Downside critical support is placed around 24,000 levels while the upside resistances are placed around 24500, 200 daily EMA.

Based on thorough technical study, the research firm has recommended Voltas and BHEL which can give up to 5% return in the near short term:

Voltas | Rating: Buy | Target: Rs 650, stop loss: Rs 600 | Return: 5%

After reacting down from Rs 645 levels, Voltas is trying to find support around 30 daily EMA placed around Rs 617 levels. Ending the session in green after three sessions of falls might be an indication of reversal.

Rebounding from the critical support while the primary uptrend is well intact is an indication of a strong pull back. RSI on daily chart retesting the downward trend line breakout support.

Hence, based on the above mentioned observations, we recommend Voltas as a buy on dips for the short-term upside target of Rs 650.

BHEL | Rating: Buy | Target: Rs 88, stop loss: Rs 79 | Return: 7%

After reacting down from the recent high of Rs 107 levels,  BHEL has again come down to the previous double bottom zone placed around Rs 82 levels. Price continues making lower lows while RSI makes double bottom on the daily chart might be an early indication of a strong pullback.

Based on the above mentioned observations, we recommend BHEL as a strong buy on dips for the short-term upside target of Rs 88.

Disclaimer: The author is Technical Analyst at Stewart & Mackertich Wealth Management Ltd. The views and ideas expressed above may have been suggested to the clients of Stewart & Mackertich Wealth Management Ltd. It is advised that investors/traders should consult with their Certified Experts before taking any investment decision.
www.bigprofitbuzz.com

Tuesday, 20 March 2018

Nifty pullback from prolonged upward trending channel support placed around 10,000 levels; L&T can give 5% return in short-term

“Nifty may see some buying on dips around dual support zone placed around 10,030 and 10,000” says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.

 http://www.bigprofitbuzz.com/free-trial/The Nifty previous day ended 0.99 percent down at 10,094.25. It reacted down sharply from day’s high 10224.55 towards ending the session below the 200 daily EMA placed around 10110.

Ending the session with a bearish candle suggests, Nifty may challenge prolonged upward trending channel support placed around 10,000 levels. December 6, 2017 bullish reversal point placed around 10,030 is also a critical support.

Broader chart pattern suggests, Nifty pull back from the critical dual support zone of 10,030 to 10,000 is likely. Hence, aggressive short selling is certainly not advised at this juncture. Rather traders and investors may look for some oversold quality blue chip stocks for the purpose of long-term portfolio formation. Upside resistances are placed around 10,190 and 10,230.

On the Nifty hourly chart; RSI is approaching towards oversold zone. Hence short selling is certainly not advised. However, pullback in Nifty may find difficult to breakout immediate resistances placed around 10,190 and 10,230.

Nifty patterns on multiple time frames show, Nifty is approaching towards the prolonged upward trending channel support placed around 10,000 levels, which may provide a springboard to a quick pullback towards 10,190 and 10,230.

The Bank Nifty previous day ended 1 percent down at 24,245.10. It closed below the 200 daily EMA placed around 24,490. Leading indicators suggests, it may continue to trade weak as long as it trades below 24,850 and may well again challenge critical support of 24,000.

Based on thorough technical study, the research firm has recommended L&T which can give up to 5% return in the near short term:

Larsen & Toubro Ltd | Rating: Buy | Target: Rs 1330, stop loss: Rs 1240 | Return: 5%

In yesterday’s session, L&T again found support around March 2015 established top around Rs 1260, day’s low was Rs 1265.85, and ended on a positive note. Also, on the line chart, midterm upward trend line support is placed around Rs 1260 levels.

Rebounding from the critical support of Rs 1260 while the primary uptrend is well intact is an indication of a pull back. RSI turned up from previous double bottom is also a strong evidence in support of our bullish argument.

Based on the above mentioned observations, the house has recommended L&T as a strong buy on dips for the short-term upside target of Rs 1330.

Disclaimer: The author is Technical Analyst at Stewart & Mackertich Wealth Management Ltd. The views and ideas expressed above may have been suggested to the clients of Stewart & Mackertich Wealth Management Ltd. It is advised that investors/traders should consult with their Certified Experts before taking any investment decision.
www.bigprofitbuzz.com

Friday, 16 March 2018

Markets to consolidate before fresh move; 4 stocks which can give up to 18% return

Overall, we expect markets to consolidate between broad range of 10,240-10,520 levels for few sessions before giving any fresh breakout on either side.

 INTRADAY NIFTY TIPSAfter defending the 200-DMA, bulls showed some resilience and rebounded sharply during the initial part of the week. However, the up move got restricted near its daily 45-EMA and we saw quick profit booking during the mid-part.

The daily 9-45 EMA on price is negative hence the immediate trend is down however on a medium term basis as long as index is trading above 10,033 which coincides with the weekly swing low and the weekly 45-EMA the overall trend is still up.

Going forward, Nifty has an immediate support near 10,285 and any sustain move below this level will lead to further correction towards 10,210-10,141 levels. On the other side, 10,478 will act an immediate hurdle above which the index likely to rally towards 10,630.

In last 3 trading sessions, we have seen aggressive call writing at 10500 strike option and that will act as a stiff resistance zone for Nifty and similarly on lower side Put writing at 10300-10200 options will prove as immediate support.

Overall, we expect markets to consolidate between broad range of 10,240-10,520 levels for few sessions before giving any fresh breakout on either side.

Here is a list of top buy or sell trading ideas which could give up to 18 percent return in the short term:

Tata Steel: Sell around 615 – 620| Target 560| Stop Loss 648| Time frame 15 to 21 sessions| Return 8 percent

Looking at the daily chart, the stock has formed a Bearish Head & shoulder pattern and during last Friday, the stock confirmed its breakdown as it broke the neckline of the said pattern.

The daily RSI (14) convincingly broke the 40 levels. Recently, the stock had seen a pullback from its oversold zone, but the up move resisted near the neckline of said pattern.

Considering the above evidence, traders can go short in the range of 615 to 620 with a price target of 560 and a stop loss placed above 648.

Motherson Sumi: Sell around 315 – 318| Target 295| Stop loss 330| Time frame 15 to 21 trading sessions| Return 6 percent

Looking at the daily chart, the stock has been under tremendous pressure and nosedived sharply from its all-time high of 395.60. Subsequently, the stock found support near 301 and rebound from its oversold zone.

Traders are advised to go short in a range of 315 – 318 with a price target of 295 and Stop loss placed at 330 on a closing basis.

Divi’s Laboratories Ltd: Buy around 1075 – 1060| Target 1260| Stop loss 978| Timeframe 15 to 21 trading session| Return 16 percent

On the weekly chart, the stock has been consolidating a range of 1140 to 980 and the lower band of the range coincided with the multiple supports.

Recently, Davis lab saw strong buying interest and as a result, stock surpassed its weekly swing high. Looking at the weekly chart, the Bollinger band has compressed significantly indicating shift in volatility.

Traders are advised to buy this stock in a range of 1075 to 1060 with a price target of 1260. A stop loss should be placed below 978.

MAJESCO: Buy around 475- 470| Target 565| Stop loss 440| Time frame 15 to 21 trading session| Return 18 percent

After posting a fresh 52-weeks high of 604, the stock corrected gradually in past few weeks. However, the fall got arrested near 440, as this level coincided with its previous resistance zone.

In line with the expectation, stock saw a decent bounce from its support zone. The weekly RSI (14) has signaled an oversold position. Traders can accumulate this stock in a range of 475 to 470 with a price target of 565. A stop loss should be placed below 440.

Disclaimer: The author is Head of Technical Research at Way2Wealth Brokers Pvt. Ltd. The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
www.bigprofitbuzz.com

Wednesday, 14 March 2018

Nifty likely to remain rangebound between 10,370-10,470: Yes Bank can return up to 6% in short term

"Nifty may continue to trade on the weaker side as long it trades below 10,470, which may give a pause in the current positive momentum. In such case, Nifty probable trading band is expected to be 10,470 to 10,370," says Jaydeb Dey, Technical Analyst at Stewart & Mackertich Wealth Management Ltd.

 INTRADAY STOCK COMMODITY TIPSThe Nifty yesterday ended 0.05 percent up at 10,426.85. Early morning recovery from day’s low failed to sustain above 10,470, day’s high was 10,478.60, as discussed in our previous post. 30 daily EMA placed around 10,470 may continue to act as the immediate critical resistance in coming sessions too. Closing off day’s low led to an inverted hammer candle, which implies Nifty may again get into a trading band.

Further, Nifty has to breakout 30 daily EMA resistance placed around 10,480 to initiate next leg of up-move. Down side supports are placed around 10,370 and 10,330. Also, market is likely to manifest uneven volatility due to unpredictable domestic cues. Hence, cautious trading is advised.

On the Nifty hourly chart; upswing found resistance around 200 hourly EMA placed around 10,470. 100 hourly EMA placed around 10,390 restricted today’s fall. However, recovery in the last hour of trade led a closing above 100 hourly EMA is pointing towards probable trading band of 10,470 to 10,370. MCX COMMODITY TIPS

Nifty patterns on multiple time frames show, the index may continue to trade on the weaker side as long it trades below 10,470, which may give a pause in the current positive momentum. In such case, Nifty probable trading band is expected to be 10,470 to 10,370.

Bank Nifty yesterday ended at 24,738.65 (up 0.3 percent). It reacted down from the critical resistance around 25,000 and closed off day’s high. However, critical 200 daily EMA support placed around 24,480 is still intact. Midway support is placed around 24,600.

Based on thorough technical study, the research firm has recommended Yes Bank which can give up to 5% return in the near short term:

Yes Bank | Rating: Sell | Target: Rs 300, stop loss: Rs 330 | Return: 6%

The stock rebounded from its previous multi-bottom area placed around Rs 300 and currently trading below the 200 daily EMA placed around Rs 320 levels. Chart pattern along with position of leading indicators suggests; midterm downtrend is intact as long as 200 daily EMA on the upside remains unharmed.

Trend following indicator MACD, running down below the zero line, coupled with –DI +DI bearish crossover on the daily chart suggests, this pullback is unable to take out the major resistance of 200 daily EMA placed around Rs 320 levels.

Based on the above mentioned observations, we recommend Yes Bank as a strong sell on rise for the near-term downside target of Rs 300.

Disclaimer: The author is Technical Analyst, Stewart & Mackertich Wealth Management Ltd.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
www.bigprofitbuzz.com