Hot Stocks | ‘Jubilant Ingrevia, Jubilant Industries, Jk Cement top bets for short term’
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Nifty has been trading in a narrow range of 15,600 to 15,950 for almost two months
Last week, the index found support around its 50-day exponential moving average (EMA) and reversed north. At present, the 50-day EMA is placed at 15,581.
The daily ADX line for Nifty has reached below 9, which can be considered extremely low as compared to historical readings.
In this kind of setup, we can expect the ongoing consolidation to end soon.
The primary trend of the market is bullish as Nifty has been holding above its 50, 100 and 200-day moving averages. Nifty is less than a percent away from its all-time high of 15,962.
Though the market has been trading near the all-time high level, the moves in the largecaps have been very choppy in the last many weeks.
The choppiness is expected to be there unless Nifty surpasses the level of 16,000.
Midcap and smallcap stocks have resumed their outperformance after a small consolidation.
On the derivatives front, there has been continuous Put writing at 15,700 and 15,800 strikes, which indicates that longs in Nifty should be held with the stop loss of 15,700.
Any level above the recent swing high of 15,962 would push Nifty towards the next targets of 16,200-16,300.
Here are three buy calls for the next 2-3 weeks:
Jubilant Ingrevia | LTP: Rs 629.50 | Target price: Rs 749 | Stop loss: Rs 580 | Upside: 19%
On July 22, 2021, this stock broke out from the previous top resistance of Rs 612. It has ended the narrow consolidation which was there for the previous seven weeks.
Volumes during the breakout were significantly higher which has confirmed the bullish breakout.
Short-term moving averages are placed above medium to long-term moving averages. Indicators and oscillators have been showing strength in the current uptrend.
Jubilant Industries | LTP: Rs 384.50 | Target price: Rs 440 | Stop loss: Rs 350 | Upside: 14%
This stock has recently taken out the crucial resistance of the previous swing high of Rs 369 on a closing basis.
It has formed a bullish rounding pattern formation on weekly and monthly charts and is placed above medium to long-term moving averages, indicating bullish trends on all timeframes.
Indicators and oscillators on weekly and monthly charts have turned bullish.
Jk Cement | LTP: Rs 3,110 | Target price: Rs 3,420 | Stop loss: Rs 2,915 | Upside: 10%
This stock has formed a bullish Harami candlestick and an inside bar pattern on the daily chart, which indicates the possibility of bullish trend reversal after a correction from the recent swing high.
For the last nine trading sessions, it has been forming a flag pattern with low volumes. The primary trend of the stock has been bullish as the stock broke out from the previous swing highs with higher volumes at the starting of July.
It looks all set to resume its primary uptrend after breaking out from the flag pattern. Moreover, the cement sector is expected to continue its outperformance.
(The author is a technical research analyst at HDFC securities)
The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Zcash Price Analysis: ZEC Coin Gains 10% in a Week, Bulls in Favour
ZEC coin price action is in an uptrend of 4% during the intraday trading session.
The 24-hour trading volume is at $635 million.
ZEC/BTC pair is trading negative by 1.0% at 0.00293687 BTC.
The daily technical chart of the ZEC coin displays an upward trend. According to the pivot levels, the primary support level is $85. On the other side, if it rushes up, the resistance level to follow is $130. Although the chart forms a Bullish Harami candlestick pattern within the day, it is predicted that the price may remain upwards with medium reliability.
The Zig-Zag framed a top of $371 on 12 May. After that, investors can notice a massive correction of 77%, all the way low to $83. Now price levels are back around the range of $100 this week.
The volume of (1.331K) is below the MA of 20-days (9.074K). As a result, volume is too low in ZEC, causing its price to move around the resistance zone. Investors may also mark that the volume bars on the chart are declining, which intimates that notable volatility is expected in the upcoming trading session.
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The RSI indicator gave a (bullish) signal with 64, projecting a buy signal in the coin. Investors may observe an inclining slope from 32 to 64. It may surge in future trading sessions.
Zcash (ZEC) Coin Prevails Bullish Momentum
The price of Zcash today is US$120.16, and the 24-hour trading volume is US$635,493,221. The price of ZEC has increased by 4.1% in the past 24 hours. There are 11 million ZEC coins in circulation, with a total of 21 million. In addition, the price is in a bullish momentum at the resistance zone. The RSI indicator shows a buy signal, and the traders have guided low volume. Technically, the price shows signs of positivity and remains in an uptrend. Therefore, as with overall market sentiment, the trend remains bullish.
Resistance Level: $130
Support Level: $85
TitanSwap Price Analysis: TITAN Coin Framing Higher Highs On The Chart
TITAN coin price action testing the $7.30 resistance during the intraday trading session.
The 24-hour trading volume is at $440,900.
TITAN/BTC pair is trading negative by 6.1% at 0.00017061 BTC.
The daily technical chart of the TITAN coin projects an uptrend. According to Pivot points (FIB), TITAN’s crucial support level is $6.30. Conversely, if it moves up, the necessary resistance level to observe is at $7.30. Thus, while the intraday chart forms a bullish harami candlestick pattern, predicting prices is an uptrend with medium dependability.
The exponential moving average (EMA) composed of 20,50,200-EMA can be a reliable support for currency price changes. However, investors can observe that the price is flying above the orange line 200-EMA, ensuring an upward trend of TITAN price until it stays above the 200-EMA.
The volume of (38.758K) is beneath the MA of 20-days (131.119K). Buying pressure is moderate in the coin, causing its price to remain around the resistance zones. Investors may also observe diminishing volume bars in the chart, which indicates a big move is expected in upcoming trading sessions.
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The MACD indicator gives (bearish) crossover below the signal line on July 16, indicating a sell signal in the coin. Moreover, Investors can see red bars in the Histogram index.
TITAN Coin Testing The $7.30 Resistance
Titan coin price is $7.11, with a daily gain of 1.3% and a weekly gain of 4.0%. In addition, the price is flying way above the 200-EMA. The MACD indicator shows a sell signal, and the traders have guided moderate buying pressure. Technically, the price shows signs of positivity and remains in an uptrend. Therefore, as with overall market sentiment, the trend remains bullish.
Resistance Level: $7.30
Support Level: $6.30