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Expert picks these top 3 stocks for healthy returns
On April 2, the Nifty settled at 22,453.30, marking a marginal decline of 0.04 percent. However, the index struggled to hold the 22,500 level. India VIX (11.65), the fear gauge, has reached its lowest point in three months, providing comfort to the bulls of Dalal Street.
The Nifty managed to close above the 20-day SMA (simple moving average) while the RSI (relative strength index) remains at level 60, indicating a neutral to positive stance. Sturdy support remains at 22,200, followed by 22,100, while resistance is seen around 22,700-22,750.
The Bank Nifty closed at 47,545.45, down 0.07 percent. In the longer time frame, private and PSU banking stocks show strength and offer support on a rotational basis.
Notably, HDFC Bank has shown significant participation which is favouring the bulls. Bank Nifty holds above the middle Bollinger Band and a potential dip around 47,000 level presents a buying opportunity. Robust support is placed at 46,800, while resistance remains at 48,000, followed by 48,500 levels.
Here are three buy calls for the short term:
Petronet LNG: Buy | LTP: Rs 272.80 | Stop-Loss: Rs 260 | Target: Rs 292 | Return: 7 percent
The daily chart of the Petronet LNG stock shows a strong recovery after double bottom formation. The stock is trading above the 20 DMA. The daily chart reveals volume is ticking up with price rise. The RSI is gradually inching higher confirming the strength in the stock.
Hence, based on the above technical structure, one can initiate a long position at CMP Rs 272.80 for a target price of Rs 292. The stop-loss can be kept at Rs 260.
Endurance Technologies: Buy | LTP: Rs 1,898 | Stop-Loss: Rs 1,840 | Target: Rs 2,040 | Return: 7.5 percent
The Endurance Technologies stock underwent a correction from its peak and has formed strong support at the 23.6 percent Fibonacci retracement level. The RSI shows a positive divergence, indicating that the stock could shift to the positive side.
The stock remains positioned above the 20-day daily moving average (DMA) as well.
Based on the above technical structure, one can initiate a long position at CMP Rs 1,898 for a target price of Rs 2,040. The stop-loss can be kept at Rs 1,840.
Jindal Saw: Buy | LTP: Rs 487 | Stop-Loss: Rs 458 | Target: Rs 540 | Return: 11 percent
The Jindal Saw is forming higher highs and higher lows indicating a sustained uptrend. It is placed well above its short-term (20-day) and medium-term (50-day) moving averages suggesting bulls are in total control.
The RSI comfortably holding 58 levels is gradually inching higher, indicating strength in the stock.
Hence, based on the above technical structure, one can initiate a long position at CMP Rs 487 for a target price of Rs 540. The stop-loss can be kept at Rs 458.
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