Be cautious at higher level, these stocks can generate strong earnings in short term: Experts- Nifty faced hurdles after touching a record high of 15909. Market experts say that the level of 16000 is very important for Nifty. If Nifty breaks this level, then we can see further rally in it. Traders/investors are advised by the market leaders to be cautious around higher levels.
In the week ended June 18, Nifty closed below 15700 and its gains for 4 consecutive weeks were broken. Technically, there is a resistance in the zone of 15900-16000 for Nifty. On the downside, it has important support at 15,400.
Sameet Chavan of Angel Broking says that we are now in the Monthly Expiry Week and we are looking at the overall market position. We think the market will see volatility this week. If we look at the weekly chart of Nifty, we can see two small body candles one after the other.
Last week’s formation resembles the hanging man pattern. Such a pattern is confirmed when a breakout from its low occurs. In this situation, it will be interesting to see how the market will behave in the first half of this week.
As far as the levels are concerned, there is an immediate resistance of 15,820-15,880 for Nifty. On the downside, it has support at 15,550-15450,15,400. Traders would be advised to lighten their positions at higher levels.
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Short Term Investment Advice by Mehul Kothari
Aurobindo Pharma: This stock has a buy call with a stop loss of Rs 915 for a target of Rs 1020. Upside of 7 per cent can be seen in this stock in 3-4 weeks. Kothari says that in view of the huge volatility in the market, it is advisable to invest in defensive and consumption related stocks at this time. In view of this, Aurobindo Pharma seems to be a better option for the short term.
Sun Pharma – This stock has a buy call with a stop loss of Rs 645 for a target of Rs 705. Soon an upside of 5 percent can be seen in this. Mehul says that in May 2021, Sun Pharma has given a major break out above Rs 650 and it is once again seen around this level. The risk-to-reward ratio of this stock also looks very good for short term purchase.
UBL – This stock has a buy call on Mehul with a stop loss of Rs 300 and target of Rs 1480. Up to 8.42 percent upside can be seen in this stock in 2-3 weeks.
2 Powerful Calls for Sameet Chavan Short Term
HDFC Life Insurance Company |LTP: Rs 709.20 | Buying advice is given in this stock with a stop loss of Rs 681 for a target of Rs 746. An upside of 5 per cent is possible in this stock in 2-3 weeks.
UPL |LTP: Rs 808 | This stock has a Selling advice of Rs 849 with a target of Rs 765. 5 per cent fall is possible in this stock in 2-3 weeks.
Investment advice by Sameet Bagdia of Choice Broking
Bajaj Auto: Buy| LTP: Rs 4164| Buying advice in this stock with a target of Rs 4350-4400 with a stop loss of 4000. Up to 4 percent upside can be seen in this stock.
D-Mart: Buy| LTP: Rs 3317| Buying advice is given in this stock with a target of Rs 3600-3700 with a stop loss of 3120. Up to 8 percent upside can be seen in this stock.
HDFC Life Insurance: Buy| LTP: Rs 709| Buying advice in this stock with a stop loss of 670 for a target of Rs 760-800. Up to 7 percent upside can be seen in this stock.
Investment advice by Rajesh Palvia of Axis Securities
Asian Paints: Buy| LTP: Rs 3049| Buying advice is given in this stock with a stop loss of 2930 for a target of Rs 3220. Up to 5 percent upside can be seen in this stock.
Dixon Technologies (India): Buy| LTP: Rs 4425|
Buying advice in this stock with a target of Rs 4530-4880 with a stop loss of 4100. Up to 10 percent upside can be seen in this stock.
Chambal Fertilizers: Buy| LTP: Rs 310|
Buying advice in this stock with a stop loss of 290 for a target of Rs 319-343. Up to 10 percent upside can be seen in this stock.
