Bombay: Markets have been volatile for the last few days, and June 17 was no different with 100 points swing on either side. Nifty finally settled at 9,881 down by 0.33% for the day.
Broader market indices, BSE Midcap and Smallcap, outperformed benchmark indices with a gain of 0.32% and 0.71%, respectively, for the day.
The market breadth on NSE was in favour of bulls with an advance-decline ratio of 5:4.
Nifty witnessed reversal from its 100-Day moving average (DMA) at 10,327, and Friday’s gap opening found support at 9,544 where rising support trend line connecting lows of 7,511-8,807.
Though the index has bounced back, it has largely been moving in a range of 10,050 and 9,700-odd levels. A break below 9,700 can extend the decline to 9,544 levels.
And, below 9,544 would confirm resumption of the downtrend which could take the market towards 9,250 and 9,000 levels.
On the upside, the index has resistance zone at 10,050-10,135 which needs to be taken out for the market to rally towards 10,500 levels.
Here is a list of top 5 stocks that could give 10-19% return in the next 1-3 months:
The stock has formed a bottom between 360 and 210 odd levels over a period of 20-months. In the April month, the stock witnessed a breakout from the base with strong momentum and high volumes to hit a new all-time high. For the last couple of weeks, the stock has been consolidating in a narrow range between 400&378 odd levels before the next leg of uptrend could begin.
The stock has formed a bullish pole and flag continuation pattern on the daily chart and is showing signs of a breakout on the upside.
The Relative Strength Index and Stochastics have given a positive crossover with their respective averages on the daily chart. Thus, the stock can be bought at current levels and on dips towards Rs 390 with a stop loss below Rs 375, and a target of Rs 460 levels.