Nifty on track to hit 10,600; 3 stocks which could give up to 18% return in 6 months

The Nifty50 is seen marking time near 10,400 levels over the last few sessions as it scales back from its short-term overbought conditions generated by 300-point rally during the last week.

The low of Bullish Hammer formed at 10,100 during early November 2017, remains a key immediate support for the Nifty. The support area of 10,100 levels is marked by the confluence of following:

- Bullish gap area leading to the breakout from three-month range is placed around 10123-10096 region

- 50% replacements of current up move (9687-10490) are placed at 10094 levels

- Equality of preceding decline (10178-9687=491 points) as calculated from life high of 10490 is placed around 10000 levels

- The major trendline support joining the lows of December 2016 (7894) and September 2017 (9688) placed around 10100 levels

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Here is a list of top 3 stocks which could give up to 18% return in the next 6 months:

Symphony: BUY| CMP Rs1632| Target Rs1920| Stop Loss Rs1490| Return 18%| Time Frame 6 month

The share price of Symphony remains in a long-term structural uptrend as defined by the rising peaks and troughs on the long-term price charts.

The entire secondary consolidation phase since the life-time high of Rs1637 in April 2015 till date represents a bullish Cup & Handle formation as highlighted in the adjoining weekly chart.

GlaxoSmithKline Consumer: BUY| CMP Rs6109| Target Rs6700 | Stop Loss Rs5780| Return 10%| Time Frame 6 months

The share price of GlaxoSmithKline Consumer remains in a structural uptrend as it continues to stride northward in a rising peaks and troughs manner. Currently, the stock is seen emerging out of a two-year-long corrective phase that forms part of the larger degree uptrend.

We believe the stock is set to embark upon its next major up move, going forward. Therefore, it provides a good buying opportunity for medium-term investors

South Indian Bank: BUY| CMP Rs33.00| Target Rs38| Stop Loss Rs30| Return 15%| Time Frame 3 months

South Indian bank has been in a steady uptrend in the CY 2017 characterized by sharp rallies and shallow corrections signalling positive price structure.

The stock on Wednesday’s session registered a resolute breakout above a falling trendline joining the highs 25th October 2017 (Rs33.25) and 21st November 2017 (Rs32.15) signalling a resumption of up move after last two months consolidation.