- Date : 02/11/2022
- Read: 3 mins
Three hot stocks with short-term returns
The Sensex is touching all-time highs after being volatile over the last few months. The Nifty is also set to cross significant milestones as the technical standing of major stocks is in the green.
Here are some expert technical readings from Nifty –
- If Nifty keeps climbing, 18,350 will be the immediate hurdle, while 18,600 will be the primary resistance.
- In the case of a downside, the immediate support will be 18,000, followed by 17,800.
- Put writers are expecting the 18,000 to 18,100 levels on the derivative front, while Call writers are not very sure.
- Bank Nifty is sluggish at around 41,840, the last all-time high level. However, significant weakness is not expected. If the index rises, a short-term rally of 42,500 to 43,000 points is expected. However, on the downside, the immediate support is 40,800, and the critical support areas remain around 40,300 and 40,000.
- As global markets are recovering, the market is buoyant with an influx of foreign investors.
- The last batch of quarterly results will continue to make the markets volatile.
Amidst these observations, three stocks can deliver favourable returns in the short run. Have a look
Pudumjee Paper Products
The primary trend on the stock is bullish, and a breakout of the Bullish Flag formation was observed on the weekly timeline. This breakout might lead to new expansion boosting the stock price.
The last breakout level was between Rs.48 and Rs.46, which will now convert to the immediate support level. Momentum indicators are on the positive side, with Rs.64 being the immediate target which might be crossed over the medium-term horizon.
Supreme Industries
The stock saw a breakout of the bullish trend of an Inverse Head and Shoulder chart formation. It was followed by a breakout of the down-sloping channel, thus creating a bullish candlestick pattern.
The stock is trading above the positive moving average levels with positive momentum. On a bullish trend, Rs.2350 is the immediate hurdle, while Rs.2500 is the next expected target. In a downfall, Rs.2050 will be the immediate support level.
Related - Avoid these mistakes when trading in a bull market
Unichem Laboratories
The stock is in a bullish momentum delivering a breakout of the bullish Flag on daily charts. Over a longer timeline, a breakout of the Cup and Handle chart formation has been observed. Moreover, the stock has a vital RSI to Nifty Pharma.
On an uptrend, the stock might hit Rs.500, while Rs.400 is the identified support level on a downtrend. The RSI indicator is above 60, while the MACD also shows a positive crossover.
All these stocks can be a good buy in your portfolio as they can deliver good returns in the short-term horizon. So, assess these stocks and enjoy their expected growth potential. Also Know more about candlestick patterns and how to read them
Here's a look at the best stocks for the short-term
Disclaimer: This article is intended for general information purposes only and should not be construed as investment or legal advice. You should separately obtain independent advice when making decisions in these areas.
