The Nifty500 index touched 9,765 levels in April 2019, up nearly 5 per cent from an approximate breakout level of 9200. The index had been consolidating between 8,800 – 9,200 levels since the last two months. If the index holds 9600 for the current month, then one can expect a rally towards all-time high of 10,049. The rally his witnessed several stocks of Nifty 500 moving out from the over-sold territory.
Here are some stocks in Nifty500 index that can rise another 10 per cent from the current levels.
Astrazeneca Pharma India (Astrazen): The formation of “Higher high, higher low” can be seen in the daily chart. However, the charts indicate a consolidation phase in the range of Rs 1,900 – Rs 2,040 levels. A breakout above this range can take the stock higher to Rs 2,310. The counter hit all-time high today and more buying is expected, as traders find such stocks lucrative for quick gains. The support, which held this stock for during its correction phase, comes at Rs 1,900 levels and coincides with 50 DMA. A stocks said to have strength if it holds 200 DMA and Astrazenecahas not given confirm breakdown below this key level since the last nine months. CLICK HERE FOR DETAILED CHART VIEW
Jai Corp (Jaicorpltd): The stock has broken out of a consolidation range of Rs 90 – Rs 120 with above-average volumes. It has moved above 200 DMA located at Rs 119 – an average that it could not cross convincingly since the last three months. The weekly chart suggests strong support of 200 WMA placed at Rs 92 levels. The immediate trend reveals that the counter could be heading towards Rs 140, which also is its next resistance level. The bigger trend shows a rally towards Rs 158. The immediate support comes at Rs 114 and then at 105 levels. CLICK HERE FOR DETAILED CHART VIEW
Thomas Cook (India)(Thomascook): Formation of a “Double bottom” in the weekly chart indicates a possible upside for the stock towards Rs 290 levels. However, it needs to conquer Rs 261, it is neckline point, to achieve this. The current momentum, as per daily chart, depicts a scenario where the stock may enter in a sideways pattern before hitting Rs 261 level. The MACD has just crossed zero line in the weekly chart, suggesting stability around support levels. CLICK HERE FOR DETAILED CHART VIEW
Brigade Enterprises (Brigate): A perfect example of “Inverse Head and Shoulder” pattern in the weekly chart. A clear breakout above Rs 224 depicts a rally towards Rs 280 and Rs 305 in the coming sessions. Support on a closing basis comes in at Rs 230. CLICK HERE FOR DETAILED CHART VIEW
Siemens Ltd (Siemens): The stock has crossed 200 DMA and 200 WMA with strong volumes. A formation of “Inverse Head and Shoulder” in the weekly pattern, steep rally in daily chart, and resilience shown by the RSI (Relative strength index) for a negative cross over suggest a strong upside is imminent in the days to come. The stock is likely to head towards Rs 1280 and 1360 levels, and has support around Rs 1100 and Rs 1060 levels. CLICK HERE FOR DETAILED CHART VIEW