Stocks which could give up to 17% Return
The Nifty50 dragged down from higher levels amid liquidation of long positions and short buildup. The recent data has turned negative and is indicating a probability of further profit booking moving forward.
We have seen aggressive call writing and put unwinding in recent trading sessions as call writers were active in 10,300 and 10,400 strikes calls indicating limited upside.
This clearly indicates lack of buying interest and discomfort in the market. Moreover, in November series we have continuously seen selling by FIIs at higher levels.
Here is a list of top five stocks which can give up to 17% return in the short term:
The stock has given consolidation breakout above 3400 levels in the week gone by after trading in a thin range of 3100-3400 for more than five weeks.
Moreover, on the daily charts, prices are maintaining well above its short and long-term moving averages and are trading in a rising channel by making higher highs and higher lows.
Traders can accumulate the stock in the range of 3475-3490 for the target of 3965 with a stop loss below 3200.
On the weekly charts, the stock can be seen trading higher since the beginning of the year and has also given handsome returns in the recent past.
However, on a shorter time frame charts, prices were seen consolidating in range of 125-150 from last eight weeks. This week prices have once again given a breakout above the recent resistance of 150 with a sharp spike in volumes.
Moreover, on the daily charts, the stock has also given a breakout above the rectangle formation which is traded as continuation pattern of the previous trend. Traders can accumulate the stock in the range of 150-156 for the upside target of 176 with a stop loss below 135.
Bliss GVS Pharma:
After witnessing a sharp rise from 160 levels, the stock has been seen consolidating in the range of 170-185 on daily charts.
The consolidation in prices has formed pennant formation from the technical front and now this week stock has given upside breakout in prices above the pattern formation with marginally higher volumes.
The pattern is traded as the continuation pattern. Traders can accumulate the stock in the range of 187-192 for the target of 213 with a stop loss below 172.
The stock has formed an inverted head and shoulder formation on daily charts and has also managed to give breakout above the neckline of 1400 levels this week.
Moreover, decent volume addition with the rise in price supports the more upside in prices moving forward. So, traders can accumulate the stock in the range of 1410-1430 for the target of 1575 with a stop loss below 1320.
After tumbling below its 200-days exponential moving average (DEMA) on the daily charts, the stock has given a sharp recovery from lower levels and once again manage to hold its prices above its short and long-term moving averages.
Moreover, if we see the broader picture, the stock has formed a cup and handle formation on the weekly charts and has also managed to give a breakout above the falling trend line of the formation.
Traders can accumulate the stock in the range of 995-1005 for the target of 1145 with a stop loss below 910.
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