Profit Sheets

Double-digit returns from Minda Corporation, AU Small Finance Bank, TCI Express possible in short term, here is why

October 27, 2021 10:03 AM

Double-digit returns from Minda Corporation, AU Small Finance Bank, TCI Express possible in short term, here is why
On downside 18,000 levels would act as a strong support for Nifty with volatility likely to remain high on back of October series expiry.

Indian markets begin this week on a positive note as Nifty indices bounced back above 18,200 mark as metal, realty and auto counters witnessed some buying momentum from lower levels. From a technical front, the index is holding well above its 20-day exponential moving average on a daily interval which is placed around the key psychological mark of 18,000. Double-digit returns from Minda Corporation, AU Small Finance Bank, TCI Express possible in short term, here is why

From the derivative front, call writers were seen covering their position at the 18,200 strike while Put writers added fresh open interest at the 18,200 strike. The derivative data suggests that Nifty is likely to witness further short covering and move towards 18,400 marks in upcoming sessions.

On downside 18,000 levels would act as a strong support for Nifty with volatility likely to remain high on back of October series expiry.

Here are three buy calls for next two-three weeks Hot Stocks

AU Small Finance Bank: Buy | LTP: RS 1,260.95 | Stop Loss: RS 1,140 | Target: RS 1,450 | Return: 15 percent.

In the recent past, the stock has formed a double bottom pattern around RS 1,070 levels and took support at its 200-day exponential moving average to once again regain a momentum above its short-term moving averages.

At current juncture, the stock has given a V shape recovery from its 100-day exponential moving average and given breakout above key resistance level of RS 1,250 level. The breakout is seen after consolidation of nearly three weeks.

Also Read : Stocks in today’s news: Bharti Airtel, Tech Mahindra, HDFC Bank and other

Traders can accumulate the stock in range of RS 1,250-1,260 levels for the upside target of RS 1,450 levels with stop loss below RS 1,140.

TCI Express: Buy | LTP: RS 1,835.75 | Stop Loss: RS 1,650 | Target: RS 2,100 | Return: 14.4 percent

The stock can be seen trading in a rising channel with formation of higher high and higher bottom patterns. Alongside, price is well maintained above its short- and long-term moving averages on broader charts.

This week stock has given breakout above its previous high of RS 1,747 level. The breakout can be seen with high volumes, above the rising trend line of the upward channel. The price volume action in stock suggests the next upswing into the prices.

Traders can accumulate the stock in range of RS 1,810-1,835 levels for the upside target of RS 2,100 levels with stop loss below RS 1,650.

Minda Corporation: Buy | LTP: RS 139.15 | Stop Loss: RS 122 | Target: RS 158 | Return: 13.5 percent

After witnessing a stunning move from RS 100 to RS140 levels in a short span of time, the Minda Corporation stock can be seen fluctuating in a broader range of RS 120-140 from the last four months. However, prices are maintaining well above its all-important moving averages.

At current juncture, the stock can be seen trading in a rising channel and is on verge of fresh breakout after a prolonged consolidation. The price volume activity observed this week points towards long build up into the prices.

Alongside, the positive divergences on secondary oscillators on daily charts also points towards the next upswing into the prices. Traders can accumulate the stock in range of RS 135-139 levels for the upside target of RS 158 levels with stop loss below RS 122.

Leave a comment

Your email address will not be published. Required fields are marked *


Intraday Tips
Stock Name Open Price Trend Details
Reliance 1930.10 Buy  Click Here
Asian Paints 2577.00 Buy  Click Here
HDFC 2448.00 Buy  Click Here
HDFCAMC 2790.00 Buy  Click Here
TCS 3120.00 Buy  Click Here


NSE Top Gainers/Losers
COMPANY LTP %CHNG VOLUME
ITC 253.75 1.83 1,26,68,576
M&M 807.10 1.73 48,32,584
JSWSTEEL 728.65 1.55 42,75,780
TATACONSUM 776.30 1.36 21,46,724
HINDUNILVR 2,043.00 1.34 16,38,568
COMPANY LTP %CHNG VOLUME
HINDALCO 569.90 -4.98 1,67,38,310
DIVISLAB 4,431.15 -2.37 3,48,495
APOLLOHOSP 4,525.45 -1.94 8,77,622
RELIANCE 2,634.00 -1.46 33,99,115
CIPLA 1,014.65 -1.39 12,17,592