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Web Exclusive: Ten Nifty stocks that you can buy today

SI Reporter/Mumbai 17 Sep 12 | 08:26 AM

Nifty Outlook

It was a dramatic week for the markets which registered more than 4% gains on the back of domestic and global factors. Markets sentiments were boost up by diesel price hike and announcement of economic stimulus by US Federal reserve. Moreover, the market is more focused on RBI’s monetary policy which will be review on Monday.

The market is expected to continue this upward journey next week as government has approved the FDI in multi retails and aviation sector and also allowed disinvestment in 4 PSUs to rise about Rs.150 billion. “If there is a follow through of last week gains then this is the right time for building long positions". Considering the above important factors we anticipate that Nifty may reach 6000 levels for near term.

 
We are recommending few stocks from Nifty pack which one can consider buy for short term horizon.

 
ACC

Recently stock has given a healthy correction from its 52 week high of 1421 to 1100 with declining markets. Prior to the reversal in trend, it has started moving higher with emergence of “V" shape recovery on weekly chart. Last week, stock went up by over 3% and clears the indication for register new highs on charts. Buy this stock for the upside target of 1470-1500 with closing below SL of 1330.

 
BAJAJ-AUTO

It is continued to trade in uptrend since 2010 and registered 52 week high of 1840 in late February, 2012. Then after stock faced some selling pressure and tested the level of 1430 in short span. It has been bounced back with form of “Cup and Handle" formation on weekly chart which is consider to be bullish. Buy this stock for the upside target of 1950-2000 with closing below SL of 1630.

 
BHEL

Stock is continued to face selling pressure from every high levels resulting to make fresh 52 week low of 195 levels in last trade week and bounced back with form of reversal candle on weekly charts with rising volume. So we anticipate that the stock can give strong rally to achieve our desire target of 250-270 for near term and the SL is 190 on closing basis.

GAIL

It has formed the “Inverted Head and Shoulder" formation on weekly chart which is bullish in nature. Stock has given the formation breakout in last trader week and subsequently broken the 200 EMA on weekly chart which is consider as confirmation for upside. Buy this stock for the upside target of 410-420 with SL of 350.

 
HDFC

It is apparent from chart that stock was trading in stiff range of 600-750 levels from past two years but managed to trade above 200 EMA continuously. Last traded week stock went up by over 5% conclusively breached its consolidation range and manages to close above the same. Buy this stock for the upside target of 830-860 with closing below SL of 730.

HDFC BANK

Stock is continued to give upside rally with forming the higher highs and higher lows on weekly chart which is also bullish in nature. Stock rested four week near to its 52 week high and again follow its way. So we are expecting further upside for the target of 680-720 levels with closing below SL of 575.

ICICI BANK

Short term and medium term bias remains positive for the stock. We have witnessed a strong rally from its recent lows of 770 and registered 52 week high in last traded week. So buying momentum can continue for near term for the upside level of 1090-1130 with closing below SL of 950.

INFOSYS

It was formed the “Inverted Head and Shoulder" formation on daily chart which took around six months to form so the potential of rise is quite strong. For confirmation, stock has given the pattern breakout in last traded week with above average volume and subsequently broken the 200EMA on daily chart so we are bullish for the stock for the target of 2850-2900 with closing below SL of 2450.

L&T

We have witnessed a sharp upside rally from its recent low of 1100 and traded in a tight range of 1310-1475 for past three months. Last traded week, stock went up by 8.5% conclusively breached its 200 EMA and subsequently broken the hurdle of 1475 and manages to close above the same. All these technical parameter suggest buy for the target of 1670-1700 with closing below SL of 1400.

TATAMOTORS

Recently stock has given the neckline breakout of “Inverted Head and Shoulder" pattern on daily chart with higher volume. This breakout suggests the upside target of 300-310 for near term with closing below SL of 250.




Source: Mudit Goyal, technical analyst, SMC Global

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