After three days of correction, the Nifty has started to perform better than before. On the upside, 18,100 is acting as a key hurdle; above this, the Nifty may resume its bullish momentum for a new all-time high.
If the Nifty slips below 17,400 level then 17,300 is immediate support and 17,000 is a sacrosanct support.
There is a range of 17,500-18,000 for the time being. A 75 basis points rate hike is already discounted by the market and a 100 basis points hike may disturb the mood of global markets.
Bank Nifty is performing well. Above 41,800-42,000, we can expect a rally towards 42,500-43,000 levels. A sacrosanct support level is 39,700.
Three buy calls for the next couple of weeks.
Vesuvius India is a buy with a return of 21 percent.
The counter is in a classical uptrend and is breaking out of a triangle formation to return to it. The volume rises and sustains above the level of the break.
It is moving above its important moving averages with a positive bias. A cluster of moving averages will act as a support level on the downside.
CG Power and Industrial Solutions has a 20% return on their investment.
After a month of consolidation, the counter is coming out of it. The structure of the counter is very profitable and we can expect a long run up to Rs 280-300 levels.
Rs 223 will act as a strong base while 9 and 20-DMA will act as support levels.
The majority of the indicators are poised, but a few are in a little too strong of a position.
Cochin Shipyard has a return of 20 percent.
The counter has seen a primary trend-line break on the weekly chart and a Bullish flag formation.
The stock is moving in a positive direction. We can expect a run-up towards Rs 504 levels in the near term if the resistance area of Rs 440 is broken. If it breaks Rs 400, then it's a critical level.
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