Best Momentum Stocks for the next week!
Let’s start our discussion with Mr. Buffett’s quote.
Warren Buffett once said you should invest in companies that you both understand and believe will offer long-term value
Indian market traded with high volatility during the week reacting on various macro economic factors, monthly expiry, Indian rupee record low against dollar and closed with minor gains of 52.80 in a week.
But, broader market breadth has improved compare to last week as small cap and mid cap stocks index outperformed nifty index during the week.
Here is the some momentum stocks to watch for the coming days!
1. IIFL Finance
IIFL Finance Ltd is a diversified NBFC in India, it offers a wide spectrum of products such as Home loan, Gold loan, business loan, microfinance, capital market finance and developer & construction finance, etc.
IIFL Finance trading above lower trend line, looking convincing buy from the current level for the upside level 350, 400 with the stop loss of 300-310 which makes good risk to reward ratio.
2. Sunteck Realty
Sunteck Realty Limited is a Mumbai-based real estate developer focused on developing premium residential and commercial properties across Mumbai Metropolitan Region.
Overall Realty Sector is in focus from last few days and Sunteck realty is outperforming both nifty and realty index.
The stock has convincingly brake the falling trendline with higher volume and retested the line and now moving higher with the RSI above 60 level.
From the current level we can see upside till 547 and 589 with the support level of 470.
3. Jubilat Foodworks
Jubilant FoodWorks Limited is one of the India’s largest food service Company. The Company holds the master franchise rights for two international brands, Domino’s Pizza and Dunkin’ Donuts addressing two different food market segments.
Jubilant Food forming symmetrical triangle pattern on daily chart, It can give upside movement till 570, 602 once closed above 550 level.
Support level is placed at 500-505.
4. Bajaj Electricals
Bajaj Electricals is engaged in the business of consumer products,Engineering, Procurement and Construction.
Bajajelec came out of falling trend line in daily time frame and also formed double bottom pattern supported by high volume and strong RSI.
Good entry level 1000-1040 for upside of 1150, 1250 with the stop loss of 860-880.