Thursday, August 11, 2022
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Top Picks: Breakout in stocks like J Kumar Infra, Praj Ind, SCI, 10% to 17% returns can be given in 3-4 weeks

Breakout has been seen in some stocks on the technical chart. Some of these stocks have come out of their long consolidation phase.

Short Term Stocks Idea: Uncertainty continues in the stock market. There are many factors at the global level, due to which the market is expected to remain volatile in the short term. However, in the meantime breakout has been seen in some stocks on the technical chart. Some of these stocks have come out of their long consolidation phase. Now a bullish trend is being seen in them on the technical chart. If you are looking for some such stocks which can give better returns in the short term, then you can keep an eye on these stocks. Brokerage house Axis Securities has also given a list of 4 such stocks, which include J Kumar Infra, Shipping Corporation of India, Praj Ind, Seshasayee Paper and Boards.

J Kumar Infraprojects

CMP: Rs 199
Buy Range: Rs 194-190
Stop loss: Rs 183
Upside: 9%-15%

On the weekly chart, the stock has broken out of the 6-7 month consolidation range (190-150) on closing basis. This breakout is accompanied by significant volume, which is an indication of increased participation. This buying momentum has been seen from 20, 50 and 100 day SMA. Daily and weekly strength indicator RSI is also in bullish mode. And the near term seems to be gaining momentum. The stock can reach Rs 210-220 in the next few days.

Seshasayee Paper and Boards

CMP: Rs 204
Buy Range: Rs 200-195
Stop loss: Rs 184
Upside: 10%–15%

On a closing basis on the daily chart, the stock has come out of the multiple resistance zone of 8-9 months. The bulls seem to be making a strong comeback in the stock. This buying momentum has been seen from its 200 day SMA (172). Daily and weekly strength indicator RSI is also in bullish mode. The stock can show a price of Rs 218-228 in the near term.

Praj Industries

CMP: Rs 429
Buy Range: Rs 429-421
Stop loss: Rs 396
Upside: 9%–14%

On the Daily Chart, the stock has broken out of the Rounding Bottom pattern at 440 levels. The stock is trading above its 20, 50, 100 and 200 Day SMA. Due to which a bullish trend is being seen in it. The breakout in the stock has happened with increased volumes, indicating increased participation. Daily and weekly strength indicator RSI is also in bullish mode. The stock may show a level of 465-485 in the next few weeks.

Shipping Corporation Of India

CMP: Rs 134
Buy Range: Rs 133-129
Stop loss: Rs 122
Upside: 12%–17%

On the daily chart, the stock has broken out of its multiple resistance level (132) on a closing basis. The breakout in the stock has happened with increased volumes, indicating increased participation. The stock has recaptured its 20, 50, 100 and 200 Day SMA. Daily and weekly strength indicator RSI is also in bullish mode. The stock can show a level of 147-153 in the next few weeks.

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