8 top money making ideas for next few weeks

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Money making ideas
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Money making ideas

The BSE benchmark Sensex lost over 2,200 points last week, while Nifty sank nearly 7 per cent during the holiday-truncated week.

With two trading holidays on Monday and Friday, experts on Dalal Street expect the market to attempt a technical pullback.

With this backdrop, here are eight money making ideas charted by technical analysts that can deliver solid gains over the next few weeks.

iStock
​BPCL | Buy| Target price Rs 347 | Stop loss Rs 269
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​BPCL | Buy| Target price Rs 347 | Stop loss Rs 269

The counter appears to have posted a bottom around Rs 250, as it is registering a higher top and higher bottom kind of formation for the last 6 sessions. Moreover, on weekly charts, a strong bullish candle is visible after the vertical fall from the highs of Rs 510. Hence, the analyst advises positional traders to buy now and add further on declines into the zone of Rs 285–280 levels and look for a target of Rs 347. Stop loss is suggested for a close below the Rs 269 level.

[Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in]

iStock
​Voltas| Buy| Target price Rs 520| Stop loss Rs 449
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​Voltas| Buy| Target price Rs 520| Stop loss Rs 449

Indecisive Doji with a long lower shadow for the two consecutive weeks on weekly charts is hinting at a short term bottom around the Rs 450 level. Hence, positional traders in anticipation of a pullback should buy into this counter at current prices as well as be ready to add further if it falls into the zone of Rs 460–Rs 455 levels and look for a target of Rs 520, the analyst said. Stop loss is suggested for a close below Rs 449.

[Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in]

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​Navin Flourine | Buy | Target price Rs 1,349 | Stop loss Rs 1,1,80
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​Navin Flourine | Buy | Target price Rs 1,349 | Stop loss Rs 1,1,80

This counter appears to be having a better relative strength compared with market indices, as it clocked in a decent gain of 5 per cent in a falling market with higher tops and higher bottom, suggesting that it has embarked on some sort of near term uptrend. Hence, positional traders are advised to adopt a two pronged strategy of buying now and adding further on declines into the zone of Rs 1,215 – 1,190 and look for a initial target of Rs 1,349, the analyst said. Stop loss is suggested for a close below Rs 1,180.

[Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in]

iStock
​Balkrishna Industries | Buy| Target price Rs 855 | Stop loss Rs 745
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​Balkrishna Industries | Buy| Target price Rs 855 | Stop loss Rs 745

Since the last two months, the stock has been in a correction zone. The correction was very steep and price dominating. In March, the stock was down over 30 per cent. On a short-term frame, the stock is in extremely oversold zone and momentum indicator cycle suggests high chances of sharp relief rally from the current levels, the analyst said. In addition, on the daily chart, the stock has formed a strong reversal pattern and post strong pullback rally. At present, the stock is trading near important retracement level, which indicates one more uptrend wave if stock sustained above Rs 745, the analyst said.

[Shrikant Chouhan, EVP Equity Technical Research, Kotak Securities]

iStock
​Biocon| Buy | Target price Rs 310 | Stop loss Rs 277
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​Biocon| Buy | Target price Rs 310 | Stop loss Rs 277

The stock is trading well above 200-day SMA along with higher high and higher low series pattern, which indicates the stock is up for a strong uptrend in the near term, the analyst said. In addition, on weekly charts, the stock has formed a strong bullish candle along with modest volume activity. On the daily chart, Rs 277 should act as a strong support level, and sustaining above the same, one can see the continuation of uptrend to Rs 310.

[Shrikant Chouhan, EVP Equity Technical Research, Kotak Securities]

iStock
​GAIL | Buy | Target price Rs 90 | Stop loss Rs 75.10
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​GAIL | Buy | Target price Rs 90 | Stop loss Rs 75.10

GAIL has formed a double bottom formation post the sharp price correction. The stock is consolidating between Rs 82 and Rs 68 levels. Strong Bar Reversal kind of formation on weekly charts suggests bears are losing the plot. Hence if the stock consistently manages to trade above Rs 75-80, one can expect a quick pull back rally from the current levels. In addition, after a long time, the stock is trying to trade above short term averages along with positive SAR series, which suggests a strong uptrend rally cannot be ruled out.

[Shrikant Chouhan, EVP Equity Technical Research, Kotak Securities]

​SBI Life | Buy| Target price Rs 790-800 | Stop loss Rs 580
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​SBI Life | Buy| Target price Rs 790-800 | Stop loss Rs 580

The stock has witnessed decent erosion in recent times from the peak of Rs 1,000 to bottom out near Rs 530 and has indicated a decent bounce back with RSI also showing a trend reversal from the highly oversold zone and also signalling a buy. The RSI is on the rise and has potential to carry on the momentum further in the coming days, the analyst said. She suggests buying and accumulating this stock for an upside target of Rs 790-800 and keeping the stop loss near Rs 580.

[Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher]

iStock
​Cipla| Buy | Target price Rs 490-520 | Stop loss Rs 415
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​Cipla| Buy | Target price Rs 490-520 | Stop loss Rs 415

On the weekly chart, Cipla is on the verge of a breakout from a falling wedge pattern neckline placed at Rs 460. A successful breakout would take it higher to levels of Rs 490. On the daily chart, stock has broken out from a Cup and Handle pattern neckline suggesting bullishness. Further, volume has been encouraging in the breakout confirming the strength in the breakout. Moreover, RSI has turned northwards post multiple positive divergences suggesting weakening bear trend in the stock. The analyst recommends the stock can be bought in the range of Rs 448-450 for the target of Rs 490-520, keeping a stop loss below Rs 415.

[Aditya Agarwala, Technical Research Analyst, YES Securities]

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