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The Nifty50 rose over 20% in 2023 and hit a fresh record high in the run-up to Budget Day.
However, investors waiting on the sidelines should rethink the strategy because the momentum is likely to continue barring a few dips.
“Empirically, in the general election year, Nifty tends to bottom out in Feb-March, followed by a minimum 14% rally towards the election outcome in each of seven instances over the past three decades,” ICICIdirect said in a report.
“Bottom-up Nifty projection strongly recommends buying the current decline for a target of 23,400 by June 2024. Global equity market setups are robust and support further rally over few quarters,” said the report.
Also Read: Nifty to hit 23,400 by June, buy on dips in pre-election rally, says ICICI DirectWe have collated a list of trading ideas from various experts for the next 3-4 weeks:Expert: Anand James, Chief Market Strategist, Geojit Financial Services told ETMarkets
CE Info System (MAPMYINDIA): Buy | Target: Rs 1940-1990 | LTP: Rs 1851| Stop Loss: Rs 1765 | Upside: 7%
The stock has been on a decline since November making lower tops and lower bottoms. This week’s decline has ended with a Pinbar Doji in the daily time frame, which is prompting us to look for a pull in the short term.
We expect the stock to move towards 1940 and 1990 in the next few weeks. All longs may be protected with a stoploss placed below 1765.
NTPC: Buy | LTP: Rs 332 | Target: Rs 348-360 | Stop Loss: Rs 316 | Upside: 8%
The stock has been attempting a break of the horizontal resistance of 325, which happened on Friday (02 Feb 2024).
The breakout is backed by MACD breaking above the signal line in the daily time frame, which also offers a strong bullish construct for the stock in the near term.
We expect the stock to move towards 348 and 360 in the next few weeks. All longs may be protected with a stoploss placed below 316.
Expert: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETMarkets
Can Fin Homes: Buy | LTP: Rs 828 | Target: Rs 895-925 | Stop Loss: Rs 760 | Upside: 11-15%
On the weekly chart, Can Fin Homes breach the ‘Symmetrical Triangular’ pattern at the 816 level, indicating the initiation of an uptrend following seven months of consolidation.
Volume activity declined during pattern formation; however, there was an increase in volume at the breakout, indicating heightened market participation.
The closing above the upper Bollinger Band on the weekly chart generated a buy signal. The weekly strength indicator RSI given a crossover above its reference line generated a buy signal.
The above analysis indicates an upside of 895-925 levels. The holding period is 3 to 4 weeks.
Engineers India: Buy | LTP: Rs 261 | Target: Rs 281-292 | Stop Loss: Rs 218 | Upside: 11%
On the weekly chart, EIL has broken out above the ‘Multi-Year Resistance’ zone around 206 with a bullish candle, signaling the continuation of a medium-term uptrend.
The increase in volume activity at the breakout suggests an influx of market participation, emphasizing the significance of the price movement.
The stock is holding above key averages of 20, 50, 100, and 200 days Simple Moving Average (SMA), signaling a strong uptrend.
The weekly strength indicator RSI is bullish and is holding well above its reference line indicating a positive bias. The above analysis indicates an upside of 281-292 levels. The holding period is 3 to 4 weeks.
Hindustan Copper: Buy | LTP: Rs 301 | Target: Rs 334-345 | Stop Loss: Rs 268 | Upside: 14%
On the weekly chart, Hindustan Copper broke above the ‘Consolidation’ zone between 290-257, signaling the continuation of the medium-term uptrend.
The stock is exhibiting a pattern of higher high-low formations on the weekly chart and holding above the medium-term upward-sloping trendline, signaling a medium-term uptrend.
The stock is maintaining its position above the 23% Fibonacci Retracement level of the rally from 135 to 289, establishing a medium-term support base of around 254.
The weekly strength indicator RSI has generated a buy signal with a crossover above its reference line.
The above analysis indicates an upside of 334-345 levels. The holding period is 3 to 4 weeks.
Oriental Hotels: Buy | LTP: Rs 133 | Target: Rs 150-159 | Stop Loss: Rs 120 | Upside: 19%
On the weekly chart, Orient Hotels has broken out above the ‘Consolidation’ zone between 132-116 with a bullish candle, signaling the continuation of a medium-term uptrend.
Volume activity declined during pattern formation; however, there was an increase in volume at the breakout, indicating heightened market participation.
The stock is currently following an upward-sloping channel, having recently found support at the lower band and is now trending towards the upper band.
The weekly strength indicator RSI is bullish and is holding well above its reference line indicating a positive bias. The above analysis indicates an upside of 150-159 levels. The holding period is 3 to 4 weeks.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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