Best 15 stocks to buy now for short term trading

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Pee Vee
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Best 15 stocks to buy now for short term trading

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Based on various brokerage recommendations, ETMarkets.com has collated a list of 15 trading ideas that one can look at over the next 10-21 trading sessions:

Analyst: Sameet Chavan, Chief Analyst- Technical & Derivatives, Angel Broking

MMTC | Buy | Stop Loss: Rs 60.50 | Target price: Rs 77

The stock has been moving in sideways direction since the past few weeks. Last week, it witnessed a breakout from the consolidation phase. A set of moving averages (E5, E20 and E89) are placed positively on both daily and weekly chart, indicating strength in the counter.

Also, the ‘RSI’ oscillator on the daily as well as the weekly charts is entering the bullish territory (above Rs 60 level), and hence we are expecting continuation of the uptrend in near term. Thus, we recommend buying in this stock for a target of Rs 77 in coming 14-21 sessions. The stop loss can be kept at Rs 60.50.

Bharat Forge | Buy | Stop loss: Rs 1,104 | Target price: Rs 1,195

The stock has been forming ‘Higher Top Higher Bottom’ structure on the higher degree charts and is thus in an uptrend. In last one month, the prices have consolidated in a narrow range which can be seen in the above exhibit.

Since the broader trend for the stock is up, this consolidation just seems to be a time- wise correction within an uptrend. Last week, the stock prices gave a breakout from the consolidation phase and hence, seem to have resumed the uptrend. “We interpret this as a good buying opportunity for a target of Rs 1,195 in coming 5 - 10 sessions. One should now keep a stop loss at Rs 1,104,” the analyst said.

Siemens| Buy | Stop loss: Rs 1,274 | Target price: Rs 1,430

The stock has given a massive recovery in last four months after forming a strong base the Rs 1,000 mark in the month of December 2016. Now, the stock prices are on the verge of confirming a breakout from the 2016 highs of Rs 1,320.43.

This price development is happening after a consolidation of nearly three weeks, which we believe would provide the impetus for the next leg of the upward rally. “We advise buying this stock for a target of Rs 1,430 in coming 14-21 sessions. The stop loss should be fixed at Rs 1,274,” the analyst said.

Kesoram Industries |Buy | Stop loss: Rs 159| Target price: Rs 177

“We have been upbeat on this stock ever since it confirmed a breakout from the Rs 155 mark. The stock has a given a decent rally in last two weeks and we still expect continuation of the same. The volume activity indicates strong buying interest in the stock. Thus, it can be bought in the vicinity of Rs 165-163 for a target of Rs 177 in coming 1-2 weeks. One should now keep a stop loss at Rs 159,” Chavan said.

Punjab National Bank | Buy | Stop loss: Rs 162 | Target price: Rs 180

As expected, the entire ‘PSU bank’ basket has given a tremendous rally in the recent past. “We have been advising PNB from the level of Rs 142 and still we believe there is some steam left in the stock. At present, the stock is trading around two-year high and the momentum looks strong. We advise to buy this stock for a target of Rs 180 in coming 5 - 10 sessions. The stop loss should be fixed at Rs 162,” said Chavan.

Analyst: Birendrakumar Singh, AVP – Technical Research, Systematix Shares

Axis Bank | Buy | Stop loss: Rs 495 | Target price: Rs 600

The scrip formed a small ‘Pennant’ within a larger ‘Triangle’ pattern on the monthly chart. It appeared to be under strong consolidation. An upside breakout would lead to Rs 575-600 levels. Do maintain a stop loss of Rs 495, said Singh.

Tata Motors | Buy | Stop loss: Rs 425 | Target price: Rs 520

Tata Motors forms a multiple support at Rs 428 and a pullback is seen. Minimum pullback can be up to Rs 480-485. A breakout above Rs 485 would lead to Rs 520. Singh advised a stop loss of Rs425.

ICICI Bank | Buy |Stop loss: Rs 248 | Target price: Rs 320

After moving in broad range of Rs 265-290 levels, ICICI Bank is now moving towards the upper level of the range of Rs 290. A strong breakout is expected above Rs 290 for a target of Rs 320. Trader can maintain a stop loss of Rs 248, said Singh.

Bank of Baroda | Buy | Stop loss: Rs 155 | Target price: Rs 220

A positive breakout of the ‘Triangle’ pattern is seen on the monthly chart. Monthly chart is now showing bullish sign which was under consolidation since November 2010. The stock is now expected to move towards its all-time high of Rs 220. Singh suggested a stop loss at Rs 155.

Analyst: Sacchitanand Uttekar, AVP, Technical (Equity), Tradebulls

ITC | Buy | Stop Loss: Rs 265 | Target price: Rs 310

The recent breakout from the ‘Cup and Handle’ formation on the weekly scale followed by the recent bullish Pennant formation reconfirms the uptrend.

Amara Raja Batteries | Buy | Stop loss: Rs 865 | Target price: Rs 935

Stock has been oscillating within the channel formation with its upper bound placed near Rs 935. Occurrence of a bullish reversal formation near the retracement support of 61.8 per cent of its previous impulse wave with rising volumes compliment the bullish setup.

ONGC | Buy | Stop loss: Rs 175 | Target price: Rs 205

Double bottom formation on the daily scale near its 200-day EMA augurs well for a reversal.

Power Grid | Buy| Stop loss: Rs 195 | Target price: Rs 230

‘Rising Three candlestick’ formation on the monthly scale indicates the ongoing bull trend to remain intact for the coming month.

The Ramco Cements | Buy | Stop loss: Rs 660| Target price: Rs 750

Positive sector outlook and mature continuation pattern on the weekly scale confirms further rally in the stock. Breakout above Rs 710 would accelerate the bullish momentum.

Brokerage: Nirmal Bang Securities

Hexaware |Buy | Stop loss: 220 | Target price: Rs 250

The weekly chart indicates that stock has given the breakout of the ‘Inverse Head and Shoulder Pattern’ indicates positive view. Looking towards the technical set we believe stock may likely to carry its momentum towards Rs 250. One may take a ‘buy’ call for a target of Rs 250 with the strict stop loss of Rs 220.

Bank of Baroda |Buy| Stop loss: Rs 181 | Target price: Rs 200

The stock is moving in an upward trending channel formation. Witnessing higher top and higher bottom formation. Volumes and open interest (OI) rising indicating positive bias. “One should buy it at current level and on dips with stop loss of Rs 181 and target of Rs 200,” Singh said.

JSW Energy | Buy | Stop loss: Rs 62 | Target price: Rs 75-80

JSW Energy has witnessed consolidation breakout with huge volume. The delivery volumes have been high too. The stock is likely to witness aggressive buying which can propel it towards Rs 75-80 levels.
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