Equity Service-These 3 stocks could return 10-13% in September series

The Nifty may scale new highs if it sustains above 11,800…

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The Nifty closed Wednesday’s session with a bearish engulfing formation. The latter is formed after a significant rally. It indicates a reversal or at least a pause is in the offing.

So far, the index has been moving within a rising channel on the daily chart. Recently, it reached the upper band of the rising channel. Therefore, a pullback in the index can’t be ruled out.

The overall trend remains on the upside as we don’t observe any pattern breakdown or major reversal in the Nifty. This is a kind of market where every dip is getting bought and higher levels are being used to book marginal profits.

Crucial resistance is placed at 11,800. The Nifty may scale new highs if it sustains above 11,800. On the other hand, important supports are seen at 11,600. A sustained trade below 11,600 may attract selling pressure in the market.

Here is a list of top three stocks that could return 10-13% in the next 1 month:

Bank of India: Buy| CMP: Rs. 95.25 | Target Rs 106-109| Stop Loss: Rs 90| Return: 11-13%

The price broke out above the falling trendline registering a reversal of the previous falling trend and rise in optimism.

A rise in price as backed by increased volume signifies a larger participation of the buyers. In addition, the price has moved above the 200-DEMA (double exponential moving average).

The weekly strength index RSI (14) is in positive crossover and rising which is a bullish sign. Traders can accumulate the stock in the range of Rs 93-97 for the target of Rs 106-109 with a stop loss below Rs 90.

Brigade Enterprises: Buy| CMP: Rs. 206| Target Rs 230|Stop Loss: Rs 197|Return: 11%

On the daily chart, we can observe that the stock price has changed its trend from downwards to upward by forming a higher top and higher bottom formation.

The price has been successfully closing above the short-term moving average placed at 50-EMA (exponential moving average) for the last three trading session.

In addition, the stock has found support at the previous swing high on the daily chart. Traders can accumulate the stock in the range of Rs 203-209 for the target of Rs 230 and a stop loss below Rs 197.

Gruh Finance: Buy| CMP: Rs 341 | Target Rs 375| Stop loss Rs.324 | Return: 10%

The stock has moved above its previous swing high on the daily chart which suggests a rise in optimism in the stock. In addition, the price has moved above its 200 DEMA (double exponential moving average).

On the weekly chart, the stock has given symmetrical triangle breakout which is likely to propel a rally in the stock. Traders can accumulate the stock in the range of Rs 335-345 for the target of Rs 375 and a stop loss below Rs 324.

Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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