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Thursday, 13 July 2017

Share Market Morning Updates

The S&P BSE Sensex rallied over 200 points to hit a fresh record high of 32,031.93 while Nifty50 inched towards 9,900 as it hit a fresh record high of 9,881.25.

The party has moved to the broader market as well. The S&P BSE Mid-cap and small-cap hit fresh record highs. The S&P BSE Mid-cap index touched its all-time high of 15206.41 level while BSE Small-cap index also touched its life-time high of 16005.83 level.

The Nifty too has been in an uptrend amid some consolidation in the month of June. But, Bulls managed to take over D-Street in the month if July. The index has maintained a higher low formation for eighth consecutive sessions reflecting persistent demand at elevated levels.

List of top 5 stocks which could give up to 23% return in the next 6 months:

SBI: BUY CMP – 287| Target – 325| Stop Loss – 268| Upside – 13%| 

The share price remains in a medium term uptrend consistently forming rising peaks and troughs on the weekly scale since bottoming out in early 2016. Within this uptrend, the stock has undergone periodic phases of consolidation that have provided fresh entry opportunities.

Mahanagar Gas: BUY| CMP – 1002| Target – 1120| Stop Loss – 940| Upside – 12%

The share price of Mahanagar Gas is in a strong uptrend forming a higher peak and higher trough in all time frame. After hitting a life high of |1055 in April 2017, the stock has entered into a secondary consolidation phase to work off the overbought conditions developed after the strong up move in March-April 2017.

We believe the secondary consolidation phase is approaching maturity and the stock provides a good entry opportunity with favorable risk/reward to ride the next up move within the larger degree uptrend.

NCC: BUY | Target Rs 108 | Stop Loss Rs 85

The stock is trading in rising channel pattern and we have seen a recent correction from the upper band of the channel which was near 104 levels.

Sobha: BUY| Target Rs 451| Stop Loss Rs 380 | Upside 11%

The stock has given a triple bottom breakout in late March and thereon it held above Rs350 zone. On the weekly chart, it seems that the stock is ready to break its bullish flag pattern. The stock has a strong 200-DMA support on a weekly chart placed at Rs350 levels.

Tata Sponge: BUY | Target Rs 900| Stop Loss Rs 808| Upside 6%

The stock has given a cup and handle pattern breakout in Tuesday session with good volume suggesting more upside in the near-term. The overall structure is still looking positive after recent correction from 890 levels.

Moreover, it is trading above its short and long term moving averages with multiple supports on the downside. The momentum indicator RSI reading near 61 is considered to be a bullish signal.

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