The Relative Strength Index (RSI) suggests that the bullishness remains intact and has may market goes up.
Nifty get closed at a record closing high yesterday above 11,900. It witnessed selling pressure around 11,950 for the 2nd day in a row and now a sustained trade above 11,950 may take the index higher - 12,060-12,120.
On another side, trade below 11,850 may trigger a profit index towards 11,810-11,740.
Here are 3 stocks that may give 7-15 % return in next 3-4 weeks:
Vedanta: Buy| LTP: Rs 169| Target: Rs 181| Stop loss: Rs 160| Upside: 7 %
On the daily chart analyzed, Vedanta is on the verge of a breakout from a Triangle pattern neckline placed at Rs 168. A sustained trade beyond this neckline backed by healthy volumes can take the stock higher to Rs 176-181.
Moreover, it had taken support at the 78.6 % Fibonacci retracement level in the recent correction and turned higher indicating that the bulls are actively buying at the support area which may push the stock higher.
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The RSI has also affect north after taking support at the 40-level forming a higher low. The stock may be bought in the range of Rs 165-167 for targets of 176-181, keeping a stop loss above 160.
Shankara Building Products: Buy| LTP: Rs 521| Target: Rs 600| Stop loss: Rs 520| Upside: 15 %
On the daily chart analyzed, Shankara Building Products has broken out from an Ascending Triangle triggering bullish trend in the stock.
Further, the breakout was backed by high volumes confirming the strength in the breakout. The RSI has also turned higher after making a +tive divergence suggesting higher levels.
The stock may in the range of Rs 560-565 for targets - 600-635 Rs , keeping a stop loss below 520.
Nestle India: Buy| LTP: Rs 11,147| Target: Rs 11,850| Stop loss: Rs 10,600| Upside: 11 %
On the daily chart analyzed, Nestle India is approaching the upper end of the Ascending Triangle pattern placed at Rs 11,190. A sustained trade beyond this neck line can take the stock higher to Rs 11,600.
On the weekly analyzed, it has turned upwards after taking support at the 61.8 % Fibonacci retracement confirming that the bullishness affects in the stock.
Further, RSI has turned north after taking support at the 40-level suggesting that there are more to this rally following the bullish breakout. The stock may the range of Rs 11,000-11,050 for targets of Rs 11,500-11,850, keeping a stop loss above Rs 10,600.
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