Business Standard

Short term Nifty target at 8,336; HDFC, DLF, Maruti top bets: Devang Shah

Expect Nifty targets in the range of 8,640-8,844-9,120 levels in medium term

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Devang Shah

Devang Shah  |  Mumbai 

10 stocks that stand out

Nifty
CLOSE- 8,156.65 (27.05.2016)


Market closed weekly in positive territory. It has broken out of range of previous four weeks consolidation pattern between 7,700-8,000 levels on Nifty on upside as expected. It has also broken out of bullish inverted H&S pattern. All the other indices closed weekly in positive territory.

Short term outlook for the market remains positive till Nifty trades above 7,940 levels & expecting target of 8336 levels in short term. Medium term out look for the market remains positive till Nifty trades above till Nifty trades above 7,517 levels & expecting targets in the range of 8,640-8,844-9,120 levels in medium term.

BANK NFITY also confirmed break out from the range. One can expect short term targets of 17,900/18,000 levels in short term & 18,850 levels in medium term. 16,900 levels is strong support for it in short term.

Momentum indicators daily KST & daily MACD both came in to BUY today supporting short term trend. One should BUY stock specific at current levels or any kind of decline or consolidation & follow the trend till it reverses.

Stock Picks:

HINDALCO- BUY
CLOSE- Rs 92
TARGET- Rs 97/Rs 104


HINDALCO closed weekly in positive territory. Its looks like end of short term correction. It started wave-III or wave-C Up. Its momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with SL- Rs 89.25 for the TARGET of Rs 97/Rs 104 in short term.

DLF- BUY
CLOSE- Rs 129
TARGET- Rs 140


DLF closed weekly in positive territory. It’s out performing in short term. Its daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with SL- Rs 125 for the TARGET of Rs 140 levels in short term.


VEDANTA
- BUY
CLOSE- Rs 102.90
TARGET- Rs 113


VEDANTA closed weekly in Positive territory. Its looks like end of short term correction. It started wave-III or wave-C Up. It closed above 20 DMA. Its daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with SL- Rs 100.50 for the TARGET of Rs 113 levels in short term.

HDFC- BUY
CLOSE- Rs 1,250
TARGET- Rs 1,340


HDFC closed weekly in Positive territory. It’s out performing in short term. It closed above 20 DMA. Its daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with SL- Rs 1,208 for the TARGET of Rs 1,340 levels in short term.

MARUTI SUZUKI- BUY
CLOSE- Rs 4,140
TARGET- Rs 4,338


MARUTI SUZUKI closed weekly in Positive territory. It’s out performing in short term. It closed above 20 DMA. Its daily momentum indicators are in BUY. Risk reward is favourable to BUY at current levels. One can BUY with SL-Rs 4,030 for the TARGET of Rs 4,338 levels in short term.


The author is Portfolio Manager- PRO TECH-PMS at Sharekhan

Disclaimer: The analyst may have a position in the scrip mentioned above; the views given above are the personal views of the analyst.

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First Published: Mon, May 30 2016. 05:27 IST
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