Expert Views on Reliance Industries, Havells India, and SBI Life Stocks:
Expert views: The Indian market witnessed some profit-booking in two consecutive sessions. After hitting Sensex 50,000 and Nifty reached above 14,700 levels for the first time. The S&P BSE Sensex fell almost 167 points to 49,624 level, while Nifty50 fell 54 points to 14,590 on January 21st.
However, profit-booking has mainly seen in the telecom sector, metals, realty, public sector undertakings (PSUs), and oil & gas. On the other side, the action was seen in the consumer durables and capital goods sector. Some of the stocks like Havells India rose almost 11%, Voltas rose almost 5% and Reliance Industries rose almost 2% ahead of its Q3 results.
Whereas the experts recommended some stocks that will give almost 20-30% returns in the coming weeks.
Havells India Limited:
The stock made yet another all-time high of 1,147 INR on Thursday, January 21st. The company scrip delivers almost 25% returns so far in January. Besides, the company shares on daily and weekly chart form “breakout continuation” pattern, which is a positive sign for Havells India.
But, in the short-term time frame, the indicators indicate that the stock is already in the overbought zone and there is the possibility of a correction in the stock up to 1,085 INR.
The analyst expects that 1,085 INR is the supporting level of the stock, and if the uptrend continues the stock will reach up to 1,200 INR. Further up-trend will continue to lift the stock at 1,335 INR. On the other side, dismissal of 1,085 levels will trigger the correction up to 1,025-1,000 levels respectively.
Reliance Industries Limited:
From the last two months, the stock was in the consolidation range between 1,800 and 2,000 levels. After a long time, the scrip on the weekly chart forms a bullish candle, and volume raise will suggest the uptrend is likely to continue further.
Besides, the scrip managed to close at above 100-days SMA level, which is a positive sign for an uptrend from the current level.
The analyst expects that 2,050 INR is the supporting level of the stock, and if the uptrend continues the stock will reach up to 2,150 INR. Further up-trend will continue to lift the stock at 2,225 INR.
SBI Life Limited:
From the past few months, the scrip forming ‘higher tops‘ and ‘higher bottoms‘ on the weekly chart. Recently, the stock has witnessed minor pullback near to its short-term averages from the recent high.
So it is a good time to add scrip into the portfolio, as the stock expected to scale an all-time high over the next few weeks. The analyst expects that 818 INR is the supporting level of the stock, and if the uptrend continues the stock will reach up to 1,025 INR.