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 STFC, Eicher Motors (STFC), PVR, Sunteck Realty.
Eicher Motors
CMP: Rs 2870
Buy Range: Rs 2850-2794
Stop loss: Rs 2700
Upside: 6%-12%
On the weekly chart, the stock has broken out of the down sloping channel from the level of Rs 2800. This breakout is accompanied by significant volume, which is a sign of increasing participation. The stock is trading above its 20, 50, 100 and 200 SMA which shows a bullish trend. Daily and weekly strength indicator RSI is also in bullish mode, which is supporting the rising momentum in near term. The stock can show a level of Rs 3000-3150 in a few days.
Stocks in News: These stocks will be in action including Zomato, Axis Bank, CSB Bank, Tata Power, keep an eye on intraday
Sunteck Realty
CMP: Rs 483
Buy Range: Rs.480-472
Stop loss: Rs 454
Upside: 7%–11%
On the daily chart, the stock has broken out of the 5-month down sloping trend line from the level of Rs 475. This breakout is accompanied by significant volume, which is a sign of increasing participation. The stock is trading above its 20, 50, 100 and 200 SMA which shows a bullish trend. Daily and weekly strength indicators RSI is also in bullish mode. The stock can show a level of Rs 510-528 in a few days.
Shriram Transport Finance Company
CMP: Rs 1245
Buy Range: Rs
Stop loss: Rs 1159
Upside: 8%–13%
On the daily chart, the stock has made a symmetrical triangle breakout near the level of 1230 on the closing basis. This breakout is accompanied by significant volume, which is a sign of increasing participation. The stock is trading above its 20, 50, 100 and 200 SMA which shows a bullish trend. Daily and weekly strength indicators RSI is also in bullish mode. The stock can show a level of Rs 1320-1380 in a few days.
PVR Limited
CMP: Rs 1845
Buy Range: Rs 1840-1804
Stop loss: Rs 1735
Upside: 6%–9%
The stock has confirmed higher tops and higher bottoms on the weekly chart which is a good sign. The stock has also broken out of the 3-month Dungeon Sloping Trend from around the 1800 level. This breakout is accompanied by significant volume, which is a sign of increasing participation. The stock is trading above its 20, 50, 100 and 200 SMA which shows a bullish trend. Daily and weekly strength indicators RSI is also in bullish mode. The stock can show the level of Rs 1930-1985 in a few days.
(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.)
