Hot Stocks | Here is why you should bet on UltraTech Cement, Colgate-Palmolive, Bharat Dynamics for short... - Moneycontrol

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Nifty made a new all-time high during the day on November 30 as the Nifty bulls remained at the helm during the day. Unlike the preceding two sessions, Nifty moved up smartly on Wednesday's trading.

The momentum oscillator RSI (relative strength index) has given a falling trend line breakout. The crucial short-term moving averages are sitting below the index value, confirming the positive trend.

The trend is likely to remain bullish as long as it remains above 18,600 as the support level shifts higher. On the higher end, resistance is visible at 18,800-19,000.

The Bank Nifty index continued to trade in a narrow range between 43,000 and 43,500 where both the bulls and the bears are sitting on the lines. The undertone remains bullish and one should keep a buy-on-dip approach as long as it maintains the support of 42,800 on the downside.

The index on the upside to resume the momentum must surpass the hurdle of 43,500 on a closing basis.

Here are three buy calls for short term:

UltraTech Cement: Buy | LTP: Rs 7,077 | Stop-Loss: Rs 6,900 | Target: Rs 7,300-7,500 | Return: 6 percent

UltraTech Cement on the daily chart has surpassed the critical hurdle of Rs 7,000 with rising volumes. The momentum indicator RSI has given a positive crossover on the daily chart confirming the strength of the breakout.

The lower-end support is visible at Rs 6,800 which will act as a cushion for the bulls and the upside visible targets are Rs 7,300-7,500.

Colgate-Palmolive: Buy | LTP: Rs 1,632 | Stop-Loss: Rs 1,580 | Target: Rs 1,690-1,710 | Return: 5 percent

Colgate-Palmolive has given a breakout on the daily chart from a falling trend line with a sharp surge in volumes. The MACD (moving average convergence and divergence) indicator has also given a buy crossover on the zero line confirming the buy signal.

The momentum indicator RSI has also given a positive crossover on the daily chart and entered the zone of 60 which confirms the bullishness in the stock.

Bharat Dynamics: Buy | LTP: Rs 969 | Stop-Loss: Rs 930 | Target: Rs 1,000-1,030 | Return: 11 percent

Bharat Dynamics has given a falling trend line breakout with a rise in volumes on the daily chart. The momentum indicator RSI has also given a positive crossover which confirms the buy signal on the daily chart.

The stock has always bounced back from its 50 DEMA (day exponential moving average) which is placed at Rs 925 acting as a cushion for the bulls. The upside visible targets are Rs 1,000-1,030.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Hot Stocks | Here is why you should bet on UltraTech Cement, Colgate-Palmolive, Bharat Dynamics for short... - Moneycontrol
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