8/16/2023 0 Comments Trade ideas app![]() ![]() One can place a stop-loss below Rs 490 on long positions. Thus, traders can look to trade with a positive bias and buy in the range of Rs 520-515 for potential targets of Rs 550 and Rs 572 in next 3-4 weeks. The breakout zone of Rs 510-505 should now become a support on any declines and hence, short-term traders can adopt a buy-on-dip strategy in the stock. In the last three sessions, the stock price up move was supported by good volumes which indicate that the stock has resumed its broader uptrend. ![]() In the last couple of months, the stock went through a time-wise correction and prices have given a breakout from this consolidation this week. The stock has been forming a 'Higher Top Higher Bottom' structure on the weekly charts and is thus in an uptrend. VRL Logistics: Buy | LTP: Rs 530.15 | Stop-Loss: Rs 490 | Target: Rs 572 | Return: 7.9 percent One can place a stop-loss below Rs 129.50 on long positions. Traders can look to trade with a positive bias and buy in the range of Rs 137-134 for potential targets of Rs 146 and Rs 152. The RSI (relative strength index) oscillator indicates a positive momentum and hence we expect the stock to continue its up move in the short term. This can be seen by the rising volumes in the counter along with the rising stock prices and the prices have even given a breakout from its consolidation phase. Hindustan Copper has recently seen a long consolidation around its 200-day EMA (exponential moving average) and now the stock has witnessed a buying interest. The metals space has a negative correction with the dollar index and a negative trend in the DXY should support the metal stocks. The Dollar Index (DXY) has seen a sharp reversal in this week and is implying a short-term bearish trend. Hindustan Copper: Buy | LTP: Rs 137.70 | Stop-Loss: Rs 129.50 | Target: Rs 152 | Return: 10.4 percent Returns are based on the February 4 closing prices:Įxpert: Ruchit Jain, Lead Research at Here are top 10 trading ideas by experts for the next 3-4 weeks. ![]() Generally, in a quiet market, individual themes continue to shine but it was clearly missing in the latter half of last week, says Chavan who hopes this picture changes and traders would find ample of opportunities to trade in the broader market. The only disappointing factor last week was the underperformance of individual stocks. "If global markets support, we may see the Nifty surpassing these hurdles to move towards the 18,000 mark." On the higher side, he feels 17,700 – 17,800 are the immediate levels to watch out for. This view remains valid as long as we hold sacrosanct support of 17,240 on a closing basis," says Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One. "We did not get carried away by this small profit-booking (seen in the last two days of last week), rather it is likely to provide an excellent trading opportunity for traders who missed the move due to a sharp recovery. The broader markets also participated in the run with the Nifty Midcap 100 and Smallcap 100 indices climbing nearly 2 percent each. The Nifty50 rose 2.4 percent to close at 17,516.30, backed by across-the-board buying. Towards the end, however, the focus had shifted to global cues that brought in some kind of profit-booking.Įxperts feel the ongoing momentum, if it sustains and global cues support, can take the Nifty50 towards the 18,000 mark, with crucial support around the 17,240 levels. After significant correction of more than 6 percent in the previous two straight weeks, the market rebounded sharply with the Nifty50 climbing above 17,500 mark in the week ended February 4 as the government presented a growth-oriented Budget.
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