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Buzzing Stocks
On April 9, the Nifty settled at 22,642.75, marking a 0.10 percent downturn. The index has rallied nearly 4.5 percent from its previous swing low of 21,710 made on March 20. The volatility index, considered the fear gauge of the market, plunged to its lowest level of 11.36, providing comfort to bulls.
A buy-on-dips strategy could be adopted if the Nifty holds above the 22,450 level. However, if the index slips below these levels the bullish momentum could fade out and potentially lead towards the levels around 22,200.
The market is expected to be driven by stock-specific actions in the coming days. Short-term traders may focus primarily on large-cap stocks and should avoid small-caps.
The Bank Nifty continued its bullish rally, with a modest uptick of 0.31 percent, settling at 48,730.55. In the larger time frame the private and PSU banking stocks show strength, offering support on a rotational basis.
While Bank Nifty is trending higher, the continuous formation of Doji candles on the daily chart raises short-term concerns. However, the index remains above the middle Bollinger Band, with a potential buying opportunity around the 48,400 level.
Weekly support is expected at 47,800 with resistance at 49,200. A supportive stance from heavyweight stocks like HDFC Bank and ICICI Bank could push Bank Nifty towards the 50,000 mark in the coming days.
Here are three buy calls for the next 2-3 weeks:
Ipca Laboratories: Buy | LTP: Rs 1,322 | Stop-Loss: Rs 1,270 | Target: Rs 1,420 | Return: 7.4 percent
The stock has rebounded strongly from its support zone, accompanied by significant trading volumes over the past two sessions. Strengthening indicators include the RSI (relative strength index) holding steady at 70 levels.
Additionally, the breakout of the Cup and Handle pattern confirms a bullish setup. Hence, based on the above technical structure, one can initiate a long position at CMP Rs 1,322.1 for a target price of Rs 1,420. The stop-loss can be kept at Rs 1,270.
Max Healthcare Institute: Buy | LTP: Rs 828.40 | Stop-Loss: Rs 792 | Target: Rs 900 | Return: 8.6 percent
The stock has given the breakout of the descending trend line after double bottom formation. The stock appears to be strongly placed above the middle Bollinger band and RSI remains above 60 levels.
A close above Rs 835 level could pave the way for further upside potential in the stock. Hence, based on the above technical structure, one can initiate a long position at CMP Rs 828.40 for a target price of Rs 900. The stop-loss can be kept at Rs 792.
SAIL: Buy | LTP: Rs 151.35 | Stop-Loss: Rs 144 | Target: Rs 165 | Return: 9 percent
The stock displays a robust recovery post double bottom formation and is trading above the 20-day daily moving average (DMA). Rising volumes align with the price surge seen on the daily chart.
RSI steadies around 70, affirming the stock's strength. Hence, based on the above technical structure, one can initiate a long position at CMP of Rs 151.35 for a target price of Rs 165. The stop-loss can be kept at Rs 144.
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