Hot Stocks: Bet on these stocks from short term perspective, you can get up to 7% return in 2-3 weeks

After forming a Bearish Engulfing candlestick pattern on June 28, Nifty50 was trading under pressure on the Daily chart for the third consecutive day. As can be seen on the daily chart, Nifty is forming a small rounding top formation. Since there is a fall in the prices, it can also be called the distribution phase.

For the last 6 trading sessions Nifty is trading in the narrow range of 200 points with directionality. But it has managed to close above its 21-day EMA at Daily Interval.

If we look at the PARABOLIC SAR indicator, it shows that whenever the prices have come close to the SAR indicator, then the index has increased. This indicator is currently located at the level of 15527 on the daily chart.

Bank Nifty has been underperforming as compared to Nifty since last few trading sessions. Nifty Bank is looking above its 50 EMA which is located at 34400 on the Daily Chart. While its resistance is seen around 35600. Nifty50 is holding on to its key support zone but the chart pattern indicates that if the index stays above its support zone then it may see further upside gains.

If Nifty breaks the resistance zone of 15920-16000, then it can show further gains in the coming trading sessions. Support for Nifty is at 15500.

Today’s three calls which can make big money in 3-4 weeks

ICICI Lombard General Insurance: Buy| CMP: Rs 1567| This stock has a buy call with a target of Rs 1,648 with a stop loss of Rs 1520. An upside of 5% can be seen in this stock in 3-4 weeks.

Info Edge (India) Ltd: Buy| CMP: Rs. 4914| This stock has a buy call with a target of Rs 5260 with a stop loss of Rs 4718. Upside of 7% can be seen in this stock in 3-4 weeks.

IGL: Buy| CMP: Rs. 557.75| This stock has a buy call with a target of Rs 595 with a stop loss of Rs 537. An upside of 6% can be seen in this stock in 3-4 weeks.

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