Here are 3 Short Term Profitable Shares stock recommendations for the next 3-4 weeks by Technical Analyst at Bonanza Portfolio
India Cements | Buy | LTP: Rs 118.15 | Target price: Rs 143 | Stop loss: Rs 103 | Upside: 21%
After a prolonged consolidation, India Cements has witnessed a range breakout on the daily and weekly time frame.
Currently, prices are trading above its trend line support and are looking to accelerate higher on the weekly chart.
However, for the last few days, prices have been consolidating between its 100 and 200-day exponential MV that is placed at Rs 99 and Rs 109, respectively.
In the current week, the stock has broken its MV range on the higher side, which is positive for the counter.
Traders can collect the stock in the range of Rs 117 – 118.30 for the target of Rs 143 with a stop loss below Rs 103 on a daily closing basis.
Escorts | Buy | LTP: Rs 875.15 | Target price: Rs 945 | Stop loss: Rs 820 | Upside: 8%
Price on the daily chart has witnessed the breakout of a Horizontal trend line and is trading above its support.
After 4 days of consolidation, prices have scooped out of a trading range and are looking stronger to accelerate higher.
Currently, the stock is trading above its trend line support and is sustaining above its 21 & 50 days EMA on the daily interval.
The relative strength of the stock has been significantly higher as compared to Nifty for the last couple of weeks.
Traders can accumulate the stock in a range of Rs 864 – 871 for the target of Rs 945 with a stop loss below Rs 820 on a daily closing basis.
InterGlobe Aviation (IndiGo) | Sell | LTP: Rs 910.90 | Target price: Rs 850 | Stop loss: Rs 950 | Downside: 7%
IndiGo, on the daily chart, has given symmetrical triangle breakdown and is sustaining below its trendline resistance.
The counter has been continuously trading in a lower low lower high formation for the last 18 months and is sustaining its negative trend on all time frames.
The stock has drifted below its 50 & 100-day exponential moving average (EMA) on the weekly time frame, which indicates bears are in full control to push price lower.
Traders can short the stock in the range of Rs 907 -915 for the target of Rs 850 with a stop loss above Rs 950 on a daily closing basis.
(The author is Technical Analyst at Bonanza Portfolio)