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Expert picks: Top 10 short-term trading ideas that could give 6-16% return


Date: 10-08-2020
Subject: Expert picks: Top 10 short-term trading ideas that could give 6-16% return
Indian market closed the past week on a strong note with benchmark indices ending above critical resistance levels. Sensex closed above 38,000, while Nifty50 reclaimed 11,200.

Both Sensex and Nifty50 closed with gains of over 1 percent each. Meanwhile, BSE Small-cap index rose nearly 5 percent and the BSE Midcap index closed with gains of over 3 percent for the week ended August 7.

Strong global cues helped bulls to push through critical resistance levels, and on the domestic front, investors’ mood cheered as RBI announced additional measures to support the stressed sectors and boost the financial system as well.

This week will be crucial for markets with factors like hearing on AGR dues in Supreme Court, macro data - IIP and CPI. Investors will also keep an eye on the number of COVID-19 cases and update on vaccine.

On the technical front, Nifty50 needs to break above 11,350 for a decisive up move towards 11,500, while support is seen at 10,850.

“Going ahead, global cues and earnings would continue to dictate the market trend in the absence of any major events. Besides, the macroeconomic data viz. IIP and CPI inflation, hearing on AGR dues, update on vaccine trails and COVID situation would be closely tracked by the participants,” Ajit Mishra, VP - Research, Religare Broking Ltd told Moneycontrol.

“We’re mirroring global markets and indications are favourable so far. On the index front, Nifty needs a decisive break above 11,350 for further surge else consolidation will continue. In case of a decline, 11,000 would act as immediate support and next at 10,850,” he said.

Recently, the stock has given a breakout from its range-bound movement with above-average volume. The stock has sustained above the 50% retracement of its recent fall which suggests further upside movement in the counter.

Even volume is rising since the last few days with a rise in price that shows a good upside movement.

On the daily chart, the stock has been trading with its upward rising trend line which suggests a further upside movement in the counter.

Moreover, the stock has taken the support of the 61.80% retracement of its recent up-move which shows a bounce back movement in the counter.

The stock has formed a Bullish Harami Candlestick formation which suggests a bullish move in the counter.

On the daily chart, the stock has given a breakout from its range-bound movement with above-average volume which suggests a spurt in the counter.

Moreover, the stock has given a breakout from its Triangle formation as well as which again indicates a good movement in the counter.

The stock has witnessed reversal from its support level placed in the zone of 545-550. We can see further strength if it sustains above 560.

The crossover of its short and medium-term averages on daily charts with strong volumes showing signs of further upside. RSI has also turned positive on daily charts, indicating limited weakness in the stock.

The stock is witnessing MACD cross-over in daily charts, also resistance breakout from the level of 328 might lead to a decisive breakout. The stock has seen a significant addition of volumes in recent days. Risk/Reward is favorable at this juncture of time.

The stock is forming a bullish flag pattern on daily charts and breakout might result in further strength which might lead the stock to break 52-week high.

The stock is witnessing MACD cross-over on the daily charts, also resistance breakout from the level of 680 which might lead to a breakout. The stock has seen a significant addition of volumes in recent days.

The stock has been hammered quite intensely in the month of February and March 2020. The fall has been abated in March end and since then the counter has been consolidating and forming a base.

Recently, the breakout of a base formation is visible on the chart along with a bullish crossover of major short term and medium-term moving averages. The prices have also breached its 23.6 percent retracement level of intermediate swing move and likely to move towards 38.2 percent retracement level which is placed at 232.

Traders can initiate long positions at the current market price (CMP) and on any dip till 195. The positions can be held with a short term perspective.

Source:- moneycontrol.com

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