The Nifty remained volatile during the day, with a predominately bullish bias on April 12. On the daily chart, the index has remained above the channel breakout, suggesting a positive reversal.
The daily momentum indicator RSI (relative strength index) is in bullish crossover and rising. The market will remain a buy on dips as long as the index remains above 17,700. On the higher end, the rally may extend towards 17,900-17,970.
The Bank Nifty index continued its strong upward momentum and surpassed the immediate hurdle of 41,500. The index remains in buy mode and is likely to achieve the target of 41,800-42,000 levels on the upside where fresh Call writing is visible.
The index downside support stands at 41,500-41,400 levels and as long as this support is not breached on a closing basis the trend remains positive.
Here are three buy calls for short term:
IndiaMART InterMESH: Buy | LTP: Rs 5,331.5 | Stop-Loss: Rs 5,100 | Target: Rs 5,500-5,600 | Return: 5 percent
IndiaMART has given a breakout from a rounding bottom formation with a sharp surge in volumes. The momentum indicator RSI has given a breakout on the weekly chart and surpassed the level of 60, confirming the strength and the buy signal.
The lower-end support is visible at Rs 5,000 and the potential upside targets are Rs 5,800-6,000.
Indian Hotels Company: Buy | LTP: Rs 330.75 | Stop-Loss: Rs 322 | Target: Rs 338-343 | Return: 4 percent
The stock is on the verge of a breakout from a big consolidation range and is forming higher high and higher low formations.
The momentum indicator RSI has surpassed the level of 60 which sets a bullish undertone for the stock. The breakout is likely to push the stock higher toward the level of Rs 338-343. The lower-end support is visible at Rs 322-320 zone.
EID Parry (India): Buy | LTP: Rs 511 | Stop-Loss: Rs 490 | Target: Rs 545-550 | Return: 8 percent
On the daily chart, a consolidation breakout is visible, which suggests an increased bullish bet. Besides, the price has moved above the 50-DMA on the daily chart.
The daily momentum indicator RSI is in bullish crossover and rising. The stock will remain a buy on dips as long as it remains above Rs 490. On the higher end, the rally may extend towards Rs 550.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!