Podcast | Stock picks of the day: A breakout above 11,900 could result in a sustained up move

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A breach below the 31,100 zones could drag the Bank Nifty into a consolidation phase.




The market was highly volatile amid expiry of the both the weekly as well as monthly series. Series-wise, the Nifty ended in red for the first time in the past three months.

The Bank Nifty and Midcap index posted gains for the third consecutive day. After enjoying a strong two-day run, Nifty faced resistance at 11,900, which was its previous breakout level, post which it went onto hit record highs.

Going forward, only a breakout above 11,900 zones could lead to a sustained up move. On the other hand, support levels are seen around 11,700 levels, which is also its 50-days moving average.

The Bank Nifty has led from the front and has been an outperformer. However, the index has formed a Doji candlestick pattern on the daily chart.

Going forward, only a break above the 31,500 could lead to a fresh up move. On the other hand, a breach below the 31,100 zones could drag the index into a consolidation phase.

Here is a list of top three stocks which could offer 5-8 percent return in the next 3-4 weeks:

Siemens: Buy| Target: Rs 1385| Stop Loss: Rs 1249| Upside 7%

The stock has been consolidating for the past three weeks and has finally broken out from a Flag pattern on the weekly chart.

Rising volumes and positive crossovers on the RSI indicates that the current momentum is likely to get extended. Investors should hold on to long positions with a mentioned stop loss on a weekly closing basis.

United Spirits: Buy| Target: Rs 622| Stop Loss: Rs 554| Upside 8%

The stock has been in a declining trend since December 2018 and has finally broken out from a falling trendline on the daily chart.

The stock has also broken out above its long-term 200-DMA and also closed above the same. We expect the stock to make an attempt to move towards its potential target of Rs 610 in the medium-term.

Sun Pharma: Buy| Target: Rs 423| Stop Loss: Rs 393| Upside 5%

The stock has been under pressure for the past eight consecutive weeks and has finally shown early signs of a reversal.

Sun Pharma has formed a bullish engulfing pattern on the weekly chart and has also broken out from a falling channel pattern on the daily time frame. Investors should hold on to long positions with the mentioned stop loss on a closing basis.


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