We may see some long unwinding around 11,900-11,950, which will lead to a small correction. Going forward, the support is likely to shift upward to 11,650-11,700.
Bullishness continued as Nifty made a record high on the back of positive global cues. On the daily chart, it has recently given a breakout of a smaller degree falling channel that confirms the strong upside momentum.
The index has been moving within a rising wedge on the daily frame. It has been making higher highs and higher lows. On a larger view, we observe that the benchmark index has moved above its previous swing high.
In the recent past, the Nifty has taken support at the lower side of the rising wedge around 11,600 and is likely to reach near its upper side which is pegged around 11,900.
We may see some long unwinding around 11,900-11,950, which will lead to a small correction. Going forward, the support is likely to shift upward to 11,650-11,700.
Here are three stocks that could give 6-7 percent return in the next 1 month:
Hero MotoCorp: Buy| LTP: Rs.2,739.65| Target: Rs 2,950| Stop loss: Rs 2,640| Return: 7.66 percent
The recent rally in the stock has led to a breakout of a falling trend line that suggests increased optimism in the stock. The strong momentum in the auto index also supports bullish bet in the counter.
Traders can accumulate the stock in the range of Rs 2,720-2,745 for the target of Rs 2,950 and a stop loss below Rs 2,640.
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