Buy Tata Power, Bharat Electronics, Thermax for up to 15% return in near term

(By Santosh Meena, Head of Research, Swastika Investmart Ltd.)

Nifty is facing resistance near downsloping trendline resistance placed around 18150 after a smart rally, therefore, we could ess some profit booking where 17800 will be the first support level while 17600-17500 area has become a strong demand zone at any correction. On the upside, if the Nifty manages to sustain above the 18150 level then it may head towards a fresh all-time high where 18350 will be an intermediate hurdle.

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Banknifty is also facing resistance near the 38750-39000 resistance zone where 37500 will be the immediate support level while 37000-36700 is a strong demand zone. On the upside, If it manages to take out the 39000 level then we can expect a move towards the 40700 level where 39500 will be an intermediate hurdle.

BUY TATA POWER CMP 273.95 SL 255 TGT 315 (+15%)
The counter is coming out of 6 months of consolidation with a breakout of symmetrical triangle formation to resume its strong uptrend where we can expect a move towards the 350 level while 315 will be an intermediate target. On the downside, a breakout level of 358 will act as support now. Momentum indicators are also positively poised to support the current bullish momentum.

BUY BEL CMP 218.6 SL 205 TGT 245 (+12%)
The counter is consolidating for the last many months where it is likely to witness a breakout of a bullish cup and handle formation for the fresh expansion. On the downside, 20-DMA of 211 is immediate support while 227 is an immediate hurdle; above this, we can expect a rally towards the 245 level. MACD is trading above the centerline whereas RSI is positively posied.

BUY THERMAX CMP 2013 SL 1880 TGT 2300 (+14%0

The counter is in a strong uptrend where it is respecting its 50 and 20-DMA after a minor pullback and now it is ready to move above the previous swing high of 2175 which may lead to fresh bullish momentum towards 2300. On the downside, the 1900 level has become a strong support level and momentum indicators are also suggesting a positive bias.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)