The stock market data indicates bullish scenario is likely to continue. Nifty has strong supports at minor levels. Various supports are placed at 9,950, 10,000, 10,500 spot levels.
As per the current stats, we expect short covering on every dip as Nifty is moving higher. Decent addition in the open interest is also expected which indicated strength in the current trend.
Option writers were recently active in the rally as we all have seen substantial writing in 9900, 10000 puts and unwinding in calls. FPIs option data also involves fresh buying in index calls.
September series’ derivative data is much stronger than August series as we have been observing open interest addition post expiry. On the technical aspect, 10000 spot levels are strong support zone and the current trend is likely to continue towards 10150-10200.
Below is the list of 5 stocks in the stock market which could give a quick 17% upside
HPL Electric & Power: BUY | Target Rs164 | Stop Loss Rs127 | Return 17%
The stock has quickly formed a double bottom on the daily basis charts around Rs115 & risen sharply there on. It is now above its 100 & 200 days EMA.
Escorts: BUY | Target Rs753 | Stop Loss Rs623 | Return 12%
The stock has fallen from Rs750 levels to Rs550 levels amid profit booking at higher levels and took support at its 200 days EMA on daily charts.
RBL Bank: BUY | Target Rs595 | Stop Loss Rs500 | Return 11%
The stock has been consolidating in range of 500-550 for more than ten weeks and has now formed an inverted head and shoulder formation on daily charts.
Havells India: BUY | Target Rs578 | Stop Loss Rs455 | Return 15%
In the recent past, the stock has given handsome returns as it took one sided sharp rally from 325 to 500 levels. However, since then, the stock went consolidated and traded in a range of Rs450-500 for more than fifteen weeks.
In the previous session once again, buying momentum was seen on the charts as it has given upside breakout above Rs500 levels.
Veto Switchgears and Cables: BUY | Target Rs248 | Stop Loss Rs195 | Return 15%
After recovering from its recent lows the stock has been trading in the narrow range of 205-220. On the weekly charts, the stock has been making higher highs and higher lows and following the upward channel.