Short-term returns on Hot Stocks | Paytm, Apollo Tyres, and TVS Motor may reach up to 16%
The breakthrough of an ascending triangle formation is typically interpreted as a bullish signal for Paytm. This pattern consists of a resistance level with a flat top and a support level with an upward slope, indicating potential buying pressure.
As it approaches its 20-day moving average (20-DMA), the Nifty index exhibits significant bullish momentum. Nonetheless, it still confronts a significant obstacle at 18,450. Once this level is surpassed, we can anticipate a rise to between 18,630 and 18,700.
In terms of support levels, the 9-DMA of 18,270 provides the closest support, followed by the 20-DMA of 18,171.
The Bank Nifty is holding steady near the 44,000 level. There are indications that it may surpass its all-time peak of 44,152. If this threshold is surpassed, the subsequent levels to monitor are 44,444 and 45,000.
The 20-day moving average near 43,500 is a crucial support level that must be monitored.
Apollo Tyres | LTP: Rs 379 | Stop-Loss: Rs 355 | Aim: Rs 420 | Return: 11%
The indicator is in a conventional uptrend. On the daily chart, a triangle formation has been broken, accompanied by substantial volume. Breakouts from chart patterns, such as triangles, are frequently interpreted as bullish signals, indicating the continuance of an upward trend.
The breakout was accompanied by a substantial volume, which bolsters the significance of this move. As the counter trades above all of its significant moving averages, its overall structure is highly profitable.
The momentum indicator RSI (relative strength index) is also bullish, while MACD (moving average convergence divergence) bolsters the present strength.
The psychological resistance level is 400 rupees. Psychological levels are typically significant price levels that can affect market sentiment and function as barriers to price advancement. If the price is able to surpass the Rs 400 resistance level with conviction, it would indicate increased bullish momentum and the possibility of additional gains. This could result in a target price of Rs 420 or even higher in the foreseeable future.
Rs 355 has been identified as the main support level in the event of a decline.
TVS Motor: Buy | LTP: 1,261 | Stop-Loss: 1,220 | Aim: 1,334 | Return: 6%
On the daily chart, the counter has broken out of a lengthy consolidation with a volume that soared above all of its main exponential moving averages. It is currently trading at an all-time peak and has the potential to reach Rs 1,300 in the near future.
Rs 1,220 will function as an immediate support level on the downside. The moving average convergence divergence (MACD) momentum indicator is maintaining the present strength, and the relative strength index (RSI) is also poised favourably.
One 97 Communications (Paytm): Buy | LTP: 720 rupees | Stop-Loss: 650 rupees | Target: 834 rupees | Return: 16 percent
The emergence of an ascending triangle formation is typically a bullish indicator. This pattern consists of a resistance level with a flat top and a support level with an upward slope, indicating potential buying pressure. The breakout indicates that the counter may experience additional gains. In addition, it has formed patterns of higher highs and higher lows, and it is trading above all significant moving averages. Long-term investors can profit greatly from the structure of the counter.
On the upside, Rs 750 is the immediate resistance level; above this level, we anticipate a move to Rs 830. A cluster of moving averages near Rs 650 is a strong demand zone during any downward correction.
