Foreign institutional investors (FIIs) have poured in nearly Rs 4,000 crore so far in the month of September 2022 in the cash segment of the Indian equity markets. They have been net buyers in 4 out of 7 sessions so far this month.
After a strong close above crucial resistance placed at 17,800, all eyes are on 18,000 which could lead to some profit booking, suggest experts.
“Technically, for the Nifty, 17,800-18,000 could be the struggling zone wherein we could witness profit booking due to global uncertainty,” Mehul Kothari – AVP – Technical Research, Anand Rathi Shares and Stock Brokers, said.
“At the 18,000 zone we are witnessing a trend line resistance and we have a huge built up in 18,000 CE option (weekly series). With regards to the index, we advise traders for fresh long only above 18,000 mark and that too on a closing basis,” he said. A close above 18,000 could take it towards the 18,150 – 18,250 mark.
We have collated a list of trading ideas from different experts which could give a 5-10% return in the next 3-4 weeks:
Expert | Mehul Kothari – AVP – Technical Research, Anand Rathi Shares & Stock Brokers
Metropolis Healthcare: Buy near Rs 1,480 | LTP: Rs 1,484 | Target: Rs 1,620 | Stop Loss Rs 1,410 | Upside nearly 10%
Like other diagnostic stocks, even Metropolis was under corrective mode for many months. In recent sessions, the stock has confirmed a higher top formation on a daily scale. We are witnessing a double bottom formation and that indicates the formation of the bottom. Thus, we advise traders to buy the stock near Rs 1,480 for the target of Rs 1,620 in the coming sessions.
Raymond: Buy near Rs 1,020 | LTP: Rs 1,034 | Target Rs 1,100 | Stop Loss: Rs 980 | Upside 8%
After consolidating in a range for more than 3 months,
has finally managed to confirm a breakout above the Rs 1,015 mark. The price action was supported by enough volumes, and we all witnessed a major breakout in daily RSI (14). Thus, we advise traders to buy the stock near Rs 1,020 for the target of Rs 1,100 in the coming sessions.
Dhanuka Agritech: Buy near Rs 710 | LTP: Rs 724 | Target: Rs 770 | Stop Loss: Rs 680 | Upside 8%
Since November 2021, Dhanuka has been trading sideways to slightly negative. However, the stock has broken out of the range as per price action. The price action resembles a descending triangle breakout and that could trigger a faster upside. Along with the breakout, the counter has managed to close back above its 200-Day exponential and simple moving average. Thus, we advise traders to buy the stock near Rs 710 for the target of Rs 770 in the coming sessions.
Expert | Om Mehra, Technical Associate, Choice Broking
UPL: Buy | LTP: Rs 741 | Target: Rs 820 | Stop Loss: Rs 720 | Upside 10%
On the monthly chart, the stock has been trading with the support of a lower band of Bollinger which suggests a positive bias. Additionally, the stock has formed a strong base around Rs 720 level while Rs 760 will be a resistance level, crossing above the same can show more upside rally. On the daily chart, the stock has given a breakout of falling trendline and consolidating near the resistance zone which points out strength in the counter. As per the above technical parameters, the stock is looking bullish on charts. Crossing above Rs 760 can show more strength in the counter for a target of Rs 820-860 levels. While on the downside, the support is at Rs 720 level.
Pidilite Industries: Buy | LTP: Rs 2,844 | Target: Rs 3,000| Stop Loss: Rs 2,720 | Upside 5%
On the weekly chart, the stock has given a breakout of resistance i.e. Rs 2,775, which suggests upside movement in the counter. The stock is trading above its 21-simple moving averages, confirming the support in price action. Moreover, it has given a breakout of cup and handle formation on the daily chart. RSI plotted on the daily and the weekly timeframe is above 50 levels, which reflects the strong momentum in the stock. Hence, based on the above technical structure one can initiate a long position at Rs 2,845.
Closing and sustaining above Rs 2,900 will lead towards Rs 3,000-3,060 levels in the coming days. Stop loss can be kept as Rs 2,720.
Apollo Hospital: Buy | LTP: Rs 4,460 | Target: Rs 4,700| Stop Loss: Rs 4,200| Upside 5%
On the weekly chart, the stock has been trading with a higher high & higher low formation for the last 3 weeks which suggests continued strength upside. On the daily chart, the price has been trading above the upper leg of “Bollinger Band” which suggests a bullish rally will continue further in the near term. As per the above technical parameters, the stock is looking bullish on the chart. One can buy the stock at Rs 4,460, and a fall to Rs 4,430 is a good buying opportunity for a target of Rs 4,700-4,900 levels while on the downside, the support comes at Rs 4,200.
Expert | Nooresh Merani, www.nooreshtech.co.in to ETNow
SBI: Buy | LTP: Rs 553 | Target: Rs 590 | Stop Loss: Rs 540 | Upside 6%
We have seen a new 52-week high on
that looks set for further momentum given that we have already moved up quite a bit across the board. Short-term traders can put a strict stop loss at Rs 540 and a target price of Rs 590.
HDFC Bank: Buy | LTP: Rs 1,498| Target: Rs 1,600| Stop Loss: Rs 1,475 | Upside 6.8%
is yet to catch up with the whole banking rally. The stock is trying to make that breakout move of Rs 1,500 if it does so it could go towards Rs 1,600 strict stop loss at Rs 1,475.
Expert | Kunal Bothra, kunalbothra.co.in to ETNow
NCC: Buy | LTP: Rs 74.75 | Target: Rs 80 | Stop Loss: Rs 70 | Upside 7%
has also been one of my picks over the last week. I remain bullish on the stock and expect this to be a big turnaround move. The targets remain at Rs 80 for NCC, and stop loss at Rs 70.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)