Recently, there has been a significant breakout in some stocks. In these, good growth is expected in 3 to 4 weeks. They can give returns of up to 15% in 1 month.
Short Term Stock Tips: Selling pressure continues in the stock market even in the month of July. Fears of further recession, rising inflation, rate hike cycle, geopolitical tensions and selling by foreign investors are factors increasing the pressure on the 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. 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 Canara Bank, ABB India, Craftsman Automation and TATA MOTORS- DVR.
Craftsman Automation
CMP: Rs 2490
Buy Range: Rs
Stop loss: Rs 2320
Upside: 9%-13%
On the weekly chart, the stock has broken the 8-month multiple resistance zone from around Rs 2450. This breakout has happened with significant volume which is an indication of increasing participation. The stock has confirmed higher tops and higher bottom formation. The stock is trading above its 20, 50, 100 and 200 Day SMAs. Daily and weekly strength indicators RSI is in bullish mode. The stock may soon show a level of Rs 2655-2760.
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TATA MOTORS- DVR
CMP: Rs 220
Buy Range: Rs 218-216
Stop loss: Rs 204
Upside: 8%–15%
On the weekly chart, the stock broke out of a descending triangle pattern from around the 218 level. This breakout has happened with significant volume which is an indication of increasing participation. The stock is trading above its 20, 50 and 100 Day SMAs. Daily and weekly strength indicators RSI is in bullish mode. The stock may soon show a level of Rs 235-250.
Canara Bank
CMP: Rs 211
Buy Range: Rs
Stop loss: Rs 193
Upside: 10%–15%
The stock has broken out of the Daily Sloping Channel on a closing basis from around the 200 level on the Daily Chart. This breakout has happened with significant volume which is an indication of increasing participation. The stock has recaptured its 20 and 50 Day SMA and remains above it. Daily and weekly strength indicators RSI is in bullish mode. The stock may soon show a level of Rs 224-235.
ABB India
CMP: Rs 2598
Buy Range: Rs
Stop loss: Rs 2365
Upside: 9%–14%
On the weekly chart, the stock has made a breakout of 8 to 10 months horizontal channel from near 2500 level. This breakout has happened with significant volume which is an indication of increasing participation. The stock is trading above its 20, 50, 100 and 200 Day SMA, which shows a bullish trend. Daily and weekly strength indicators RSI is in bullish mode. The stock may soon show a level of Rs 2750-2885.
(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.)
