Hot Stocks: TD Power Systems, Kirloskar Oil Engines, Blue Star may deliver 12-16% returns

Vinay Rajani

April 23, 2024 / 08:14 AM IST

Stock Market Trading

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'); $("#lightbox_cb").css({ filter: "alpha(opacity=80)" }).fadeIn()*/ $(".linkSignUp").click(); } function overlay(n) { document.getElementById('back').style.width = document.body.clientWidth + "px"; document.getElementById('back').style.height = document.body.clientHeight +"px"; document.getElementById('back').style.display = 'block'; jQuery.fn.center = function () { this.css("position","absolute"); var topPos = ($(window).height() - this.height() ) / 2; this.css("top", -topPos).show().animate({'top':topPos},300); this.css("left", ( $(window).width() - this.width() ) / 2); return this; } setTimeout(function(){$('#backInner'+n).center()},100); } function closeoverlay(n){ document.getElementById('back').style.display = 'none'; document.getElementById('backInner'+n).style.display = 'none'; } stk_str=''; stk.forEach(function (stkData,index){ if(index==0){ stk_str+=stkData.stockId.trim(); }else{ stk_str+=','+stkData.stockId.trim(); } }); $.get('//www.moneycontrol.com/techmvc/mc_apis/stock_details/?classic=true&sc_id='+stk_str, function(data) { stk.forEach(function (stkData,index){ $('#stock-name-'+stkData.stockId.trim()+'-'+article_id).text(data[stkData.stockId.trim()]['nse']['shortname']); }); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=${stock_isinid}&ex=${stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, '_blank'); } }

From an all-time high of 22,775 hit on April 10, the Nifty went into a correction of almost 1,000 points, reaching a bottom of 21,777 on April 19, and then reversed its course back into the green. This resulted in the formation of a bullish piercing line candlestick pattern on the daily chart. Reversal from a low also resulted in a double bottom formation near 21,700-odd levels.

The previous swing low made on March 20 is placed at 21,710 and, unless that is breached on the downside, the trend in the Nifty would remain bullish. The Nifty has also reclaimed its level above its 50-day exponential moving average (DEMA), currently placed at 22,120 and that is expected to act as a near-term support.

On the higher side, 22,400 is a strong resistance for the benchmark index, which happens to be a 61.8 percent retracement of the entire 1,000-point fall seen from 22,775 to 21,777. A downtrend in the Nifty would be negated if it is able to surpass the resistance of 22,400 (61.8 percent retracement).

Any level above 22,400 could push the index towards a fresh all-time high and beyond. If the Nifty moves lower without crossing the 22,400 hurdle, then the important thing to watch out for would be if it makes a higher bottom above 21,777 or not.

More than 75 percent of the NSE500 stocks are now trading above their 200 DMA, which indicates strong breadth. Looking at the evidences, we believe that the Nifty would remain choppy with bias more towards bullish side for the short term.

Here are three buy calls for next 2-3 weeks:

Kirloskar Oil Engines: Buy | LTP: Rs 935.5 | Stop-Loss: Rs 863 | Target: Rs 1,090 | Return: 16 percent

The stock price has broken out from the downward sloping trendline on the daily chart. Price rise is accompanied by rise in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart.

The stock is placed above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have been showing strength in the current uptrend.

Blue Star: Buy | LTP: Rs 1,456 | Stop-Loss: Rs 1,346 | Target: Rs 1,630 | Return: 12 percent

The stock price has broken out from the consolidation, which held for last 2 weeks. Price rise is accompanied by rise in volumes. Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart.

The stock is placed above all important moving averages, indicating bullish trend on all time frames. Consumer durable stocks have started outperforming.

TD Power Systems: Buy | LTP: Rs 326.8 | Stop-Loss: Rs 299 | Target: Rs 374 | Return: 14 percent

The stock price has broken out from bullish Cup and Handle pattern on the daily chart. Breakout is accompanied by jump in volumes. Price has also broken out from the consolidation, which held for last 5 months.

The stock is placed above all important moving averages, indicating bullish trend on all time frames.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Vinay Rajani is the Senior Technical & Derivative Analyst at HDFC Securities.

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