Friday, March 24, 2023
HomeBusinessHot Stocks: Up to 22% return can be available in a few...

Hot Stocks: Up to 22% return can be available in a few days, experts choose these 3 stocks for investment

Nifty declined due to selling in HDFC Twins and heavyweight IT stocks. Nifty has slipped below its 200-DMA after a major fall of the last 2 days.

Short Term Stocks Idea: The market has been under selling pressure for the last few days. After a weak closing last week, there has been a huge decline in the market this week. While the Sensex fell close to 2000 points, the Nifty has also slipped below its 200-DMA. There are many such factors in the market, which are expected to remain volatile in the future. Experts are also not ruling out short term correction. However, in the meantime, due to better fundamentals, some stocks are ready to give high returns in the very short term. Santosh Meena, Research Head, Swastika Investmart, has given information about some such stocks. These include stocks like Jash Engineering, Southern Petrochemicals and Jamna Auto.

Level Demand Zone of 16900-16800

Santosh Meena says that Nifty has seen a decline due to selling in HDFC Twins and Heavyweight IT shares. After a huge decline of 2 days, Nifty has slipped below its 200-DMA, which is a cause for concern. However, the level of 16900-16800 is an important demand zone for Nifty. Because 16900 level is 50% retracement of previous rally. Whereas the level of 16800 is the horizontal support level for Nifty. Derivatives data is also indicating an oversold market. If Nifty manages to hold 16900-16800 levels then we can expect a bounceback where 17150-17300 will be the immediate supply zone. Whereas 17500 is a major resistance.

Bank Nifty also below 200-DMA

He says that Bank Nifty has also slipped below 200-DMA, although 36000 is a psychological support level. If below this, the index can weaken till the level of 35000. While 36700-37000 is the intermediate supply zone on the upside, while the level of 37500 is the next resistance. He says selling of FIIs, rising energy prices, geopolitical tensions and rise in US bond yields are the major concerns for the market.

Jash Engineering Ltd

Rating: BUY
CMP: Rs 700
SL: Rs 620
TGT: Rs 850 (+22%)

This counter is in a strong Bullish Momentum. Where it is resuming this momentum after a breakout of 9 months of consolidation. This breakout is accompanied by a large bullish candlestick and high volume, which signals the start of a face expansion phase. On the upside, Rs 850 is the immediate target for the stock, while it is likely to move up in 4 digits in the coming months. On the downside, the breakout level of 620 will act as an immediate support level.

Southern Petrochemicals

Rating: BUY
CMP: Rs 80.25
SL: Rs 73.5
TGT: Rs 94 (+17%)

It is in a classical uptrend with the formation of a counter higher high and higher low, where it bounces back from its 20-DMA after a minor pullback to resume its uptrend. There is a breakout of a Bullish Cup and Handle formation on the weekly timeframe. Most of the momentum indicators are positioned positively to support the current strength.

Jamna Auto

Rating: BUY
CMP: Rs 107.3
SL: Rs 101
TGT: Rs 121 (+13%)

This counter is outperforming the Nifty Auto Index, where it has built a strong base on its 200-DMA. It is now trading above its all-important moving average. To move towards the 52-week high, a breakout of Bullish Inverse Head and Soldier Formation on the daily chart can be seen.

(Disclaimer: Stock investment advice is given by experts. These are not the personal views of digitnews. Markets are risky, so take expert opinion before investing.)


- Advertisment -


Two Wheeler

Digit News