Buy these two stocks for gains while Nifty’s short-term trend remains choppy
时间:2024-06-26 14:10:51 阅读(143)
By Nagaraj Shetti
After showing sustainable upside bounce from the lows on Tuesday, Nifty displayed high volatility on Wednesday and closed the day lower by 54 points. After opening on a positive note, the market made an attempt to move up gradually in the early-mid part of the session before shifting into a narrow intraday range. The sharp weakness triggered in the afternoon to later part of the session and the market finally closed near the lows.
The support of 10day EMA has been revisited at 18165 levels and the Nifty is now placed at the edge moving below the said support. Further weakness from here could find another lower support of 20day EMA, which is currently placed at 18027 levels.
The broad market indices like midcap and small cap segments of NSE have displayed resilience during volatile benchmark index on Wednesday and closed on a minor gains. This could be a minor positive indication.
The short-term trend of Nifty remains choppy and the attempt of upside bounce from the support was weak. A sustainable move only above 18300-18350 is likely to open further upside for the market ahead. Further weakness from here could find the next lower support at 18K levels.
Stock Picks:Buy Minda Corporation Ltd- (CMP Rs 144.50)
After showing weakness in the last two weeks, the stock price (MINDACORP) has witnessed a sustainable upside bounce in this week. Currently, the stock price has moved above the crucial consolidation band around Rs 140-141 levels. This is positive indication and this could have a sharp positive impact on the stock price ahead. Volume has started to expand and the weekly 14 period ADX/DMI signal positive outlook ahead for the stock price.
Buying can be initiated in MINDACORP at CMP (Rs 144.50), add more on dips down to Rs 134, wait for the upside target of Rs 160 in the next 3-4 weeks. Place a stoploss of Rs 129.
Buy IDFC First Bank Ltd- (CMP Rs 52.35)
After showing a range bound action in the last 5-6 weeks, the stock price showed an attempt of upside breakout of the upper range at Rs 52 levels in this week. Present formation of higher lows as per weekly chart (w-o-w basis) signal more upside in the near term. Weekly 14 period RSI and ADX/DMI indicate chances of further strengthening of upside momentum in the stock price ahead.
One may look to buy IDFCFIRSTB at CMP (Rs 52.35), add more on dips down to Rs 50 and wait for the upside target of Rs 58 in the next 3-4 weeks. Place a stoploss of Rs 48.50.
(Nagaraj Shetti is a Technical Research Analyst at HDFC securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)
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