Brokerage suggests the top 3 stocks that will give 12-14% returns in the short term

Brokerage suggests the top 3 stocks that will give 12-14% returns in the short term

Brokerage suggests the top 3 stocks that will give 12-14% returns in the short term:

Brokerage: On Friday, the Nifty closed with a 7-months high on the strong momentum from various sectors and stocks. Whereas the Nifty index increased by almost 9.50% from the date of expiry. While Midcap 100 and Smallcap both increased by 6.90% respectively in the stock market.

Among the sectors, the Nifty IT, Nifty Bank, and Auto are the top gainers in the stock market by gaining 14.30%, 13.30%, and 10.30% respectively. Besides, the pharma sector gained almost 7.70% from the date of the expiry, and the Metals sector gained almost 7.50% in the stock market.

Whereas the brokerage firm expects the next immediate resistance for Nifty at 12,050-12,100 levels in the stock market. However, at that point, the Nifty faced a sharp correction in the last week of February 2020. On the downside, the support levels of Nifty at 11,380-11,400 in the stock market. The quarter results have already started and the main focus will be on the individual results of the companies.

On the other side, the brokerage firm suggests the top three stocks for the next 2-3 weeks that will give 12-14% in the stock market:

Mahindra & Mahindra Financial Services Limited: Buy | Target Rs. 148

The company shares witnessed a good correction after its rights issue. The scrip already gained 50% from the correction and racing towards Rs. 150 in the stock market. The companies relative strength index (RSI) trading upwards from the average line.

The company formed a “Bullish harami candlestick pattern” in the weekly chart and Bearish Engulfing Candlestick in the monthly chart. 

Besides, the expert suggests buying the stock in the range of Rs. 130 and targets for Rs. 150 with an upside of 14% and stop loss at Rs. 118 in the stock market.

Adani Ports Limited: Buy | Target Rs. 405

The company share is close to the 200-week average breakout. However, the company touched this level several times from the past few months of the stock market. The stochastic and relative strength index (RSI) of the company is in bullish mode.

The company formed a “Three inside down candlestick pattern” in the daily chart and Bearish Engulfing Candlestick in the weekly chart. 

Besides, the expert suggests buying the stock in the range of Rs. 359 and targets for Rs. 405 with an upside of 13% and stop loss at Rs. 335 in the stock market.

SBI Life Insurance Company Limited: Buy | Target Rs. 920 

The company shares trading bullishly from the last two weeks of the stock market. The scrip witnessed a deep correction after the lockdown situations caused by the COVID-19. The scrip already gained 25% from the correction and racing towards Rs. 900 levels in the stock market. The stochastic and relative strength index (RSI) of the company formed a higher low pattern on the price chart.

The company formed a “Dark cloud cover candlestick pattern” in the weekly chart of the stock market. 

Besides, the expert suggests buying the stock in the range of Rs. 821 and targets for Rs. 920 with an upside of 12% and stop loss at Rs. 757 in the stock market.

Stock Market October 9th

On Friday, both Sensex and Nifty continues its bullish trend in the stock market from the last six sessions of the stock market. The Sensex is trading above 40,500 levels and the Nifty is trading above 11,500 levels in the stock market. The Sensex gained 326.82 points with a 0.81% increase and reached a 40,509.49 level. While Nifty gained 79.60 points with a 0.67% increase and reached 11,914.20 level.

On the other side, the number of coronavirus cases in India reached 69,79,423 as of Saturday, October 10th, and deaths reached 1,07,416.

In the border markets, the S&P BSE SmallCap reported a bearish trend in the stock market on Friday. It lost 44.17 points with a 0.29% decrease and reached a 14,966.21 level. The S&P BSE MidCap lost 61.81 points with a 0.42% decrease and reached a 14,765.55 level. While the Nifty Bank gained 655.45 points with a 2.83% increase and reached 23,846.80 level.

Top Gainers on October 9th: Wipro, ICICI Bank, Axis Bank, SBI, and HDFC Bank are the top gainers in today’s stock market.

Top Losers on October 9th: Grasim Industries, Hindalco Industries, UPL, Sun Pharma, and SBI Life Insurance are the top losers in today’s stock market.

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