Are you wandering here and there to find out what are the best stocks to buy in India for the short-term 2021? well, we got your back for that. With the strong research skills, our technical analyst Mr. Karan Pai has picked the Top 3 Stocks that would be the best stocks to buy today in India for the short term. And, good thing is that these stocks may give you up to 22% return on your short-term investment. This is a glance at our weekly contribution to money control for the hot stocks. Before stocks buy for the short term let's take a look at the market fluctuation.
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Before jumping into stocks to invest for the short term let's understand the market fluctuation during the week.
For the past six weeks, the Nifty has been consolidating. The index's wider range has been 15915-15450. As prices approach the 16000 levels, the index appears to be experiencing resistance from price action. On the open interest front (due to expire on July 22, 2021), the 16200 Call options have the most open interest addition, while the 15800 contracts have the most open interest addition and participation.
On the indicator front, the RSI on both the weekly and daily time frames is above 50 and trending higher, indicating that the bulls are in charge of the trend. From a short-term viewpoint, the key support level to watch is the 15600 mark; if the index breaks below this level, we may expect further decline towards the 15450 marks (5-week low) 15100-15145. (multiple touchpoint level and the 20 weeks SMA).
To sum it all up, the NIFTY currently seems to be refraining from trends and is moving in a range. We expect the index to remain between 15915-15450. We don't expect the index to trend in the immediate term as long as it stays above the 15915 levels. If prices can break through the 15915 levels, we might witness a rebound to 16000-16100, followed by 16400.
On the weekly chart, we can see that the prices had been drifting higher since May 2021 after finding support at the 910 which happens to be placed near the 61.8% retracement level of the rise from 616.70-1354.40
On 6th July 2021, the stock gained momentum and managed to move above the 20 weeks SMA. This up move was backed by the highest volume since 31st March 2021, indicating participation as the prices move above the resistance cluster
On the indicator front, the RSI can be seen moving higher since May 2021, currently, it is placed above the 50 marks and moving higher, indicating increasing bullish momentum in the prices.
The immediate resistance for the stock is placed at 1300 (Multiple touchpoint level) followed by 1354-1365 (Previous swing high 61.8% extension level of the rise from 616.70-1365.90 projected from 910) and eventually towards 1490 (78.6% extension level of the rise from 616.70-1365.90 projected from 910)
The key level to watch for on the downside is 1170 (Weekly low) followed by 1096 (20 Week SMA).
AUBANK has been drifting higher after finding support at the 910.
The price action suggests that the prices are witnessing expanding volatility and might take the prices higher towards the 1300 mark, if the prices breach above this level we might see the prices move higher towards the 1365 and 1490.
Our Bullish view will be negated if the prices move and sustain below the 1170 mark. Beyond this level we can expect the prices to move lower towards 1096.
SOBHA on the higher time frame can be seen forming a higher high higher low pattern, indicating that the long-term trend of the stock remains strongly bullish.
On the weekly time frame, we can see that the prices had been moving sideways after testing the high of 548.50.
In the previous week, the prices broke above the upper edge of the consolidation and closed above the same.
On the indicator front, the RSI plotted in the weekly time frame moved above and sustained above the 50 Mark since Sept 2020. Currently, it seems to be moving higher after forming a bullish hinge near the 50 marks, indicating that the bulls are in control of the trend.
Going ahead the 659 (61.8% extension level of the rise from 200-548 projected from 443). will act as a resistance level, if the prices sustain above this level, we can see the prices move higher and test the 693-718 (Jan 2018 high and 78.6% extension level of the rise from 200-548 projected from 443) followed by 793 (100% extension level of the rise from 200-548 projected from 443).
The key level to watch for on the downside is 577 (Previous week high) followed by 486 (20 Week SMA).
SOBHA seems to be gaining momentum and moving higher towards fresh 52 week highs after breaking out of a consolidation, this up move was backed by rising volume indicating participation as the prices move towards fresh 52 week highs.
The technical parameters mentioned above point towards the possibility of the prices testing the high of 660. If the prices manage to breach above the 660 marks, we can expect the prices to move higher and test the 719 and 793.
Our bullish view will be negated if the prices breach below the 577 marks. If the prices sustain below the 577 marks we can see further downfall towards the 486 level
GRANULES are producing a higher high, higher low pattern on the higher time frame, indicating that the stock's long-term trend is still extremely bullish. Prices have been consolidating for the previous few weeks on the weekly time frame after finding support near the 38.2 percent retracement level of the climb from 114-437.
Prices have broken above the downward sloping trendline and have been holding above it for the past few sessions. On the indicator front, the RSI charted on the weekly time frame is going higher after a few weeks of hanging around the 50 marks.
Going forward, the 418 (38.2 percent extension level of the climb from 114-437 projected from 295) will operate as a resistance level; if prices stay above this level, we can expect them to move higher and test the 437 (previous swing high) and 456. (50 percent extension level of the rise from 114-437 projected from 295).
Granules on the higher and the medium-term charts can be seen breaking out of a prolonged consolidation. The technical parameters mentioned above point towards the possibility of the prices testing the high of 418. If the prices manage to breach above the 437 marks, we can expect the prices to move higher and test the 456.
Our bullish view will be negated if the prices breach below the 342 marks. If the prices sustain below the 342 marks we can see further downfall towards the 295 level
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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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