Experts are advising investors on a stock-specific approach by being cautious. However, in the meantime, a good breakout has been seen in some stocks.
Short Term Stock Tips: There is selling pressure in the stock market. Even if there is an uptrend in the market, then it is not able to survive and selling is coming. This year the investors’ money is completely immersed in the market. Inflation, rate hike cycle, geopolitical tensions and selling by foreign investors are factors increasing the pressure on the market. In such a situation, experts are advising investors on a stock specific approach by being cautious. However, in the meantime, a good breakout has been seen in some stocks. In these, good growth is expected in 3 to 4 weeks. Axis Securities has listed some such stocks. These include stocks like United Spirits, ITC, Federal Bank and UltraTech Cement.
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United Spirits
CMP: Rs 787
Buy Range: Rs 787-772
Stop loss: Rs 740
Upside: 6%-12%
On the Daily Chart, the stock has broken out of the Down Sloping Channel near the 780 level. This breakout has happened with significant volumes indicating increased participation. The stock has also confirmed higher tops and higher bottom formations. The stock is crossing its 20 day SMA, which shows a bullish trend. It may soon see the level of 824-870.
ITC
CMP: Rs 285
Buy Range: Rs 282-277
Stop loss: Rs 269
Upside: 6%–12%
On the daily chart, the stock has broken out of multiple resistance zones near the level of 280. This breakout has happened with significant volumes indicating increased participation. The stock is crossing its 20, 50, 100 and 200 Day SMA, which shows a bullish trend. Daily and weekly strength indicator RSI is also in bullish mode. The stock may soon see the level of 296-313.
Federal Bank
CMP: Rs 94
Buy Range: Rs 94-92
Stop loss: Rs 89
Upside: 9%–13%
On the daily chart, the stock has broken out of multiple resistance zones near the level of 93. This breakout has happened with significant volumes indicating increased participation. The stock is crossing its 20, 50, 100 and 200 Day SMA, which shows a bullish trend. Daily and weekly strength indicator RSI is also in bullish mode. The stock may soon see the level of 101-105.
UltraTech Cement
CMP: Rs 5690
Buy Range: Rs. 5690-5590
Stop loss: Rs 5460
Upside: 6%–9%
On the Daily Chart, the stock has broken out of a 3-month down sloping trend near the 5600 level. This breakout has happened with significant volumes indicating increased participation. The stock is crossing its 20 day SMA, which shows a bullish trend. Daily and weekly strength indicator RSI is also in bullish mode. The stock may soon see the level of 6000-6130.
(Disclaimer: Stock investment advice is given by the brokerage house. These are not the personal views of The Financial Express. Markets are risky, so take expert opinion before investing.)
