Ripples Advisory, 3 stocks that could return 9-13% in 1-2 months
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The Nifty is likely to trade with a positive bias and move toward its all-time highs in coming sessions.
The Indian benchmark index once again soared high, with the Nifty reclaiming the 11,000 mark and Bank Nifty surging over 27,000 levels in Tuesday’s session.
The smart recovery in prices was largely led by short covering from lower levels. Index call writers covered their short positions aggressively, while put writers were actively selling puts.
Derivatives data remains positive for the July series as the Nifty is witnessing open interest build-up in 10,800-10,900 put strikes with nearly 46 lakh and 42 lakh shares, respectively, which should act as strong support zone in the current expiry.
Here is a list of 3 stocks that could return 9-13% in the next 1-2 months:
V2 Retail Limited: Buy| Target: Rs 475| Stop Loss: Rs 390| Return 13%
After testing Rs 495 levels in the recent past, the stock witnessed a profit booking decline from higher levels and it again retraced below its 200-days exponential moving average on daily charts.
At the current juncture, the stock has formed a double bottom pattern on the daily charts around Rs 380 levels and bounced sharply thereon to regain above its short and long-term moving averages.
Additionally, the stock has also given a breakout above the falling trend line of the downward sloping channel on the daily interval charts. Traders can accumulate the stock in a range of Rs 420-425 for the target of Rs 475 and a stop loss below Rs 390.
Marico Limited: Buy| Target: Rs 382| Stop Loss: Rs 323| Return 10%
The stock has been consolidating in the range of Rs 320-350 from the last four weeks with multiple supports placed on the downside.
Last week we have seen a fresh breakout in prices above the key resistance level of Rs 350 along with hefty volumes. Moreover, positive divergences on secondary indicators like RSI and stochastic on broader charts also supporting the next up move in prices.
Traders can accumulate the stock in a range of Rs 345-350 for the upside target of Rs 382 and a stop loss below Rs 323.
Asian Paints Limited: Buy| Target: Rs 1,520| Stop Loss: Rs 1,310| Return 9%
The stock has given a breakout above the bullish flag pattern on the weekly charts in the recent past above Rs 1,300 levels and since then the consolidation has been witnessed in prices in the range of Rs 1,350-1,390.
The consolidation has formed a rectangle pattern on the daily charts which is generally traded as a continuation pattern.
Any break above the Rs 1,390 levels will once again add further buying momentum in the stock as positive divergence on the secondary indicators also supporting the next up move.
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