Podcast | Stock picks of the day: IT index showing signs of strength; TCS top buy

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The Nifty is likely to realize a direction only if the all-time high mark of 12,041 or the low of 11,640 are broken on a closing basis.




The market witnessed its first fall on May 29 after the election verdict, but we saw smart gains on May 30. However. Nothing changes structurally for the indices as the trend continues to remain solid.

Going forward, the election’s verdict day is an important reference point. The Nifty is likely to realize a direction only if the all-time high mark of 12,041 or the low of 11,640 are broken on a closing basis.

Till then, the market will continue to oscillate in a 400 points trading range.

The Nifty Midcap-100 index witnessed a Golden Crossover on the daily chart, an event that indicates that the broader indices are going to play catch-up in the coming weeks.

A close above the 18,100 zone would further confirm the upswing as the index would break past the falling channel pattern on the weekly chart.

The IT index is also showing signs of strength as and after being under pressure in the previous week.

Here is a list of top three stocks which could give 5-6% return in the next 1 month:

TCS: Buy| Target: Rs 2,253| Stop Loss: Rs 2,093| Upside 5 percent

The stock has broken out from a falling channel pattern on the daily chart. TCS found support at its 100-DMA and swung back higher, leading the price outburst.

In addition, the positive RSI crossover and the rise in volume participation further accentuate our bullish stance on the stock. Investors should hold long positions with the mentioned stop loss on a weekly closing basis.

Bajaj Finserv: Buy| Target: Rs 8,638| Stop Loss: Rs 8,026| Upside 5 percent

The stock has been consolidating for the past seven trading sessions and has finally broken out from a Flag pattern on the daily chart.

The price outburst has been accompanied by a smart uptick in traded volumes. We expect Bajaj Finserv to move higher by another 5 percent in the short term.

HDFC Life: Buy| Target: Rs 461| Stop Loss: Rs 422| Upside 6 percent

The stock has shown immense strength in the recent past and has finally broken out from a four-week consolidation base.

A positive RSI crossover is observed, and the ADX Line hovering above the 30 marks indicates that the stock is in a strong uptrend. Hold long positions in the stock with the mentioned stop loss on a weekly closing basis.


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