Inflation, rate hikes, geopolitical tensions, selling of FIIs are factors increasing the pressure on the market. Experts are advising investors on a stock-specific approach by being cautious.
Short Term Stock Tips: There is heavy selling pressure in the stock market. In the month of June alone, the Sensex has fallen by more than 2900 points. Investors’ money is sinking in the market day by day. Even if there is a boom in the market, then it is not able to survive. 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, some stocks have seen a good breakout and in the short term, there is a bullish momentum in them. By investing money in these, you can get 12 percent to 20 percent return in 3 to 4 weeks. Axis Securities has listed some such stocks. These include Bharat Electronics, Sanghvi Movers, Computer Age Management Services and Voltamp Transformers.
Bharat Electronics
CMP: Rs 246
Buy Range: Rs 246-241
Stop loss: Rs 233
Upside: 7%–13%
On the weekly chart, the stock is forming a series of higher tops and higher bottoms, showing a sustainable uptrend. Buying has been seen in the stock with a significant increase in volume. Participation is increasing after every short term correction. The stock is trading above its 20, 50, 100 and 200 Day SMA which shows a bullish trend. Daily and weekly strength indicator RSI is in bullish mode. The stock may soon show a level of Rs 260-275.
Sanghvi Movers
CMP: Rs 216
Buy Range: Rs 212-207
Stop loss: Rs 198
Upside: 11%-16%
The stock has broken out of the multiple resistance level 208 on the daily chart. This breakout is accompanied by significant volume, which indicates that participation is on the rise. The stock is trading above its 20, 50, 100 and 200 Day SMA which shows a bullish trend. Daily and weekly strength indicator RSI is in bullish mode. The stock may soon show a level of Rs 232-242.
Computer Age Management Services
CMP: Rs 2585
Buy Range: Rs 2520-2470
Stop loss: Rs 2350
Upside: 10%–15%
On the weekly chart, the stock has broken out of the down sloping trend line at the level of 2525. This breakout is accompanied by significant volume, which indicates that participation is on the rise. The stock is trading above its 20, 50 and 100 Day SMA which shows an upside momentum. Daily and weekly strength indicator RSI is in bullish mode. The stock may soon show a level of Rs 2750-2880.
Voltamp Transformers
CMP: Rs 2419
Buy Range: Rs 2430-2382
Stop loss: Rs 2260
Upside: 8%–12%
The stock has broken out of the consolidation range on the weekly chart. This breakout is accompanied by significant volume, which indicates that participation is on the rise. The stock is trading above its 20, 50, 100 and 200 Day SMA which shows an upside momentum. Daily, Weekly and Monthly strength indicator RSI is in bullish mode. The stock may soon show a level of Rs 2750-2880. The stock may soon show a level of Rs 2600-2685.
(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.)
