On February 1, the Nifty has created a bulliside candle. Which is also known as Harami candlestick pattern. However, the overall formation of the Nifty is still weak on the daily chart. In such a situation, investors are advised to claim stop quality as well as select quality shares.
The Nifty is now trading below 5, 10 and 20 days EMA amid the recent fall from market highs. It has broken its critical support level of 14635. The Nifty has also confirmed the Lower Top and Low Bottom Bottom’s Brariss Formation on the Daily Chart.
On 26 February, the Nifty created bearish island revival pattern on the daily chart. This formation usually brings a down side with it. The Nifty still has not gone below its 55 days EMA. It is located at level 14315.
During the first correction of the budget, 55 days EMA acted as a bullish reversal. The trendline support for the Nifty is currently located around 14,350 which is also parcely field gap support between 14,336 -14,469.
India has reached the VIX 28, the highest level in the last 8 months. The VIX index has also started sticking above 200 DMA, indicating weakness for the market.
Other technical standards also indicate that the Nifty will remain under pressure in the coming weeks. For the Nifty, we are getting bottom support around 14,300-14,350. However, going below 14,300 in this situation, we may see further pressure on the Nifty. In view of these factors, investors are advised to take long positions in the month of March very thoughtfully. Light your position in any boom. 14,900 and 15,180 are important registration levels for the Nifty.
Here we are suggesting the names of 3 stocks which can earn good in 2-3 weeks.
Dalmia Bharat Sugar I recommend shopping for a target of Rs 188 with a stoploss of Rs 152. Currently, the stock is seen around Rs 165. The stock may see 14 per cent in 2 to 3 weeks.
Torrent Power I recommend shopping for a target of Rs 415 with a stoploss of Rs 360. Currently, the stock is seen around Rs 387.55. In 2 to 3 weeks, this stock can be seen at 7%.
NMDC I recommend shopping for a target of Rs 147 with a stop loss of Rs 120. Currently, the stock is seen around Rs 131.65. The stock may see 12 per cent in 2 to 3 weeks.
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