Only 3 months left in 2021 and if you haven't invested your money it's your time to look at stocks for short-term investment. Every week on Friday we come out with the 5 best stocks to buy in India for short-term investment in 2021. And this week considering Nifty Fluctuations our technical analyst Mr.Vidhyan Sawant has picked these 3 stocks to buy for short-term investment.
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ITC has given a Triangle pattern breakout on the weekly charts with volume confirmation a few weeks ago, indicating that the stock has a strong bullish undertone for the medium to long term. Based on the price action, momentum indicators, and other technical parameters, we believe this stock still has a lot of upside potential.
We anticipate that bullish momentum will accelerate if prices break above the previous swing high of 310. If this level is breached, the stock may move towards 322 and then 367. This trade setup's stop-loss would be 230 levels of closing basis.
After reaching a Life Time High of 889, the stock entered a corrective phase and moved lower towards 796, which coincides with the 20 Week SMA and 23.6 percent retracement level of 458 to 889. For the past three weeks, prices have found support near the same level and have rebounded sharply.
If this level is maintained, prices may gain momentum and move higher toward the recent Life Time Highs of 889 and eventually 960 (38.2 percent extension level of 458 – 889 projected from 796).
Investors can buy TATACONSUM now and hold it with targets of 889 and 960 and a stop loss of 796 on a closing basis.
FEDERAL BANK: - CMP: 93.10 upside potential of about 18% from the current level.
On the weekly charts, FEDERAL BANK has given a Triangle pattern breakout with volume confirmation this week, indicating strong positive sentiments for the stock in the medium to long term.
The momentum indicators and technical indicators all point to the possibility of prices immediately moving higher towards the 98.55 level; if this level is breached, we may see prices eventually move towards the 110 level. This trade setup's stop-loss would be 85 levels of closing basis.
The stock has been forming Higher Top Higher Bottom formation since May 2020 and currently forming fresh Life Time Highs at 1690 and sustaining near higher levels which shows a strong positive undertone of the stock for the longer term. The stock has given a ‘CUP’ pattern breakout with volume confirmation on the weekly charts which shows strong positive sentiments of the stock for the medium to long term.
On the indicator front, the RSI plotted on the medium-term can be seen moving higher and sustaining above 65 marks, indicating strong momentum of the current up move. Going ahead the immediate resistance is placed at 1804 (50% extension level of the rise from 738-1641 projected from 1353) followed by 1911 (61.8% extension level of the rise from 738-1641 projected from 1353).
The key support levels are 1599 (Week Low) and 1531 (20 Week SMA). One can buy the stock at current levels (1687.40) for the target of 1804 followed by 1911 with a strict stop loss of 1599 on a closing basis.
The resistance is placed at 1916 (138.2% extension level of the rise from 1262-1614 projected from 1430) followed by 2000 (161.8% extension level of the rise from 1262-1614 projected from 1430). The key level to watch for on the down is 1627 (20 Day SMA) followed by 1526 (5 Week Low). One can buy the stock at current levels (1752.50) for the target of 1916 followed by 2000 with a strict stop loss of 1627 on a closing basis.
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Note:- This is just a glance at our article on moneycontrol.com to read the entire article.
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