5 money-making ideas that can deliver big before Diwali
The bulls and the bears continued to fight hard through this past week to get a grip on the market. For the week ended September 8, 2017, NSE’s Nifty index closed at 9,934, down 0.40 per cent from its September 1 closing of 9,974.
Brokerage Sharekhan said the momentum indicator on the weekly chart was bearish. The Nifty50 has crucial support at 9,448 and 9,300 levels while it faces resistance at 10,350 and 10,960.
Based on various brokerage recommendations, here are 5 stock strategies that can potentially deliver solid gains over the next 7-21 sessions:
Petronet LNG |Buy | Target price: Rs 245 | Stop loss: Rs 214
After a breakout towards a new high, this stock has seen some consolidation. The long-term trend of the stock is upward and it is currently resting near its support at the 20DMA. The RSI and MACD are supporting its bullish momentum.
Hindustan Zinc | Buy | Target price: Rs 335 | Stop loss: Rs 292
This stock has been underperforming the metal pack over the past 3-4 months, but it has witnessed some momentum recently and saw a breakout. The RSI and MACD are trending strongly in the bullish zone and a new high could be a possibility before the expiry of the ongoing series of F&O contracts.
Bajaj Corporation | Buy | Target price: Rs 430 | Stop loss: Rs 375
A fresh buy signal has emerged over the Stochastic on the weekly chart, which is a very bullish indication. The daily MACD remains in continuing buy mode. The RSI has made a higher low and shows a bullish divergence against price. An upward revision in prices is likely over the next few days.
Karur Vysva Bank | Buy | Target price: Rs 165 | Stop loss: Rs 135
After rising sharply from Rs 110 to Rs 145, this stock has seen consolidation in the Rs 130-145 range. On the weekly charts, it has made bullish flag formation and seen a fresh breakout above Rs 145. Moreover, a divergence in RSI and Stochastic is indicating positive moves going forward. Traders can accumulate the stock in the Rs 145-150 range for a target of Rs 165 with a stop loss below Rs 135.
Titan | Buy | Target price: Rs 667 | Stop loss: Rs 605
After hitting a lifetime high of Rs 651 last week, this counter is in a corrective and consolidation process. “One should make use of this opportunity to create fresh long positions and prices and on declines up to Rs 618 for a target of Rs 667 with a stop loss at Rs 605,” Mohammad said.
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