Stock to Buy: Expert Selected Three Stocks with Potential for 11% Short-Term Profit

Stock to Buy

Stock Tips: The journey of the record high in the domestic market is not over yet. The domestic equity benchmark index BSE Sensex has recently achieved several significant milestones.

In a span of just two weeks, it crossed the levels of 64,000, 65,000, and most recently, 66,000. Similarly, the Nifty 50, another prominent index, witnessed a substantial increase and reached close to 19,600 in intra-day trading. At one point, it even reached 19,565.75.

However, according to Rupak Dey, a senior technical analyst at brokerage firm LKP Securities, the Nifty 50 has recently displayed a bearish engulfing pattern on the daily chart.

This pattern suggests a potential slowdown or reversal in the market. Despite these bearish signals, the overall trend in the market remains positive as long as the Nifty sustains above the support level of 19,300.

Investors and traders should keep a close eye on market developments and monitor the Nifty’s performance around the support level.

While caution is advised due to the bearish pattern, the market’s positive trend indicates that there may still be opportunities for growth.

It is essential to conduct thorough research and consult with financial experts before making any investment decisions.

According to Rupak Dey’s analysis, if the Nifty 50 breaks below the support level of 19,300, it could potentially decline further to the range of 19,000-18,900.

On the other hand, despite briefly surpassing the resistance level of 19,500, the Nifty was unable to sustain its position above that level.

Shifting focus to Bank Nifty, Rupak Dey notes that it has broken below the support level of 44,800 and is currently finding support at the 44,500 level.

In such a scenario, if weakness persists in the Nifty Bank, it could be viewed as an opportunity to consider buying. However, on the upside, the Bank Nifty may encounter resistance around the 45,000 level.

Regarding individual stocks, Rupak Dey has suggested three specific stocks that have the potential to generate up to 11% profits in the short term. Unfortunately, the specific stocks are not mentioned, so further details regarding those recommendations are not available.

It is important to note that these observations and suggestions are based on Rupak Dey’s analysis and should not be considered as financial advice.

Market conditions can change rapidly, and it is always recommended to conduct thorough research and consult with a qualified financial professional before making any investment decisions.

NCC Ltd.

NCC Ltd. is showing some positive technical indicators according to Rupak Dey’s analysis. The stock has broken out of a consolidation pattern on the daily chart, suggesting a potential upward movement. Furthermore, it is currently trading above important moving averages, indicating strength in the stock.

The Relative Strength Index (RSI) has formed a bullish crossover, which is considered a positive signal for an uptrend. This further supports the potential for an upward move in NCC Ltd.

As of the latest closing price on BSE, which is Rs 131.65, Rupak Dey suggests that the stock has the potential to climb around 11% to reach Rs 145. However, it is advisable to place a stop loss at Rs 130 to manage the risk.

NMDC Ltd.

NMDC Ltd., the National Mineral Development Corporation, is displaying positive technical signals according to Rupak Dey’s analysis.

The stock has broken out of a double bottom pattern on the daily chart, which suggests a continuation of the bullish trend.

Furthermore, NMDC has crossed above the 50-day Exponential Moving Average (EMA) at Rs 107.92, indicating strength in the stock. This is seen as a positive development for further upward momentum.

The Relative Strength Index (RSI) has formed a bullish crossover, which is considered a bullish signal indicating an uptrend.

As of the latest trading price on BSE, which is Rs 110.40, Rupak Dey suggests that NMDC shares have the potential to reach Rs 120.

However, it is advised to implement a stop loss at Rs 107 when considering an investment in the stock. This stop loss level helps to manage potential downside risks.

CG Power and Industrial Solutions Ltd.

CG Power and Industrial Solutions Ltd. has shown some positive technical signals, according to Rupak Dey’s analysis. The stock has crossed the swing high on the daily chart, which suggests a potential reversal in the declining trend.

Furthermore, CG Power is trading above the near-term moving averages, indicating strength in the stock. The Relative Strength Index (RSI) has formed a bullish crossover, which is considered a positive signal for further upside momentum.

In terms of support and resistance levels, the stock is currently finding support at Rs. 384 level. On the upside, it is facing resistance at Rs. 425 level.

Based on these observations, it is anticipated that CG Power has the potential to move up to the Rs. 425 level.

As of the current trading price on BSE, which is Rs. 404, it is important to note that market conditions can change rapidly. It is always recommended to conduct thorough research and consult with a financial advisor before making any investment decisions.

Disclaimer: The information and opinions provided on sharemarket.org.in are solely the personal views of the expert/brokerage firm. The website or management bears no responsibility for the accuracy or reliability of the information presented. Users are strongly advised to seek certified expert advice before making any investment decisions.