Swing Trading Stocks For Next Week.
Indian share markets witnessed positive trading activity through the trading session on Friday and ended on a strong note.
Nifty Headline Index closed lower for straight two weeks now and breached the 21 DEMA line on daily time frame, now important levels to watch out in nifty is 19200-19300 on lower side.
In Bank Nifty critical support area will be 44450-44500 which is also a 50 DEMA support line.
In Global market news, Fitch Ratings has downgraded the US government’s credit rating from top AAA to AA+ amidst concerns over the country’s ability to handle its finances and debt burden which has poured fear in major market including India but after a day of this downfall positive news came in from Morgan Stanley that it has upgraded Indian equity markets to ‘overweight’ as it sees superior earnings growth compared to other emerging markets and a young demographic population supporting equity inflows.
So there are plenty of Stock names which is posting superior results and trading at good Levels.
Here are some stocks to buy for next week:
1. NBCC
Technical View:
NBCC (India) Limited is a Government of India Navratna Enterprise under the Ministry of Housing and Urban Affairs. The Co. operates in three major segments – Project Management Consultancy, Engineering Procurement & Construction, and Real Estate.
This is one of the PSU companies which have given immense return in last 12 months and we believe it can achieve the target of 53 and 60 in short-term as the stock has given cup with handle pattern breakout in weekly time frame.
one can add position in this counter at every pullback till 43-44 with the stop loss of 39-40.
2. Vaibhav Global
Technical View:
Vaibhav Global Limited (VGL), through its distinctive business model, has created a niche for itself in the global retail space, especially in the jewellery, accessories and lifestyle product segments of two of the largest economies of the world – the US and UK.
The company posted fantastic set of quarter 1 result and this stock can be turnaround from this level after a long downtrend.
Key pivot point for the stock is at 350 if stock pullback to this level one can add additional position for the upside target of 415 and 525 and keep stop loss below 350 level.
3.Dharmaj Crop Guard
Technical View:
Incorporated in 2015, Dharmaj Crop Guard Limited is an agrochemical company. The company is engaged in the business of manufacturing, distributing, and marketing a wide range of agrochemical formulations such as insecticides, fungicides, herbicides, plant growth regulators, micro fertilizers, and antibiotics to B2C and B2B customers.
The company came up with their IPO in December from the listing day stock went down till137 and now trading at 197 level indicating more upside from current level as it came above the key pivot point of 186-187, we can expect that it will regain its IPO price in near term.
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Sources: tradingview.com
