Nifty has recovered almost 78.60 percent from its December 21st low. Two back-to-back strong positive closings after a brutal fall indicate we are in a strong bull market and every dip should be utilized as a buying opportunity.

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For the last couple of trading sessions, prices have been hovering marginally above their 21-day exponential moving average.

But after a strong rally (iphone share market) of about a percent on December 23, prices have settled above the said average and it will be the next support zone for the index.


Here are two buy and one sell calls for the next 2-3 weeks:

Dr Reddy's Laboratories | Buy | LTP: Rs 5,217.90 | Target price: Rs 5,525 | Stop loss: Rs 5,025 | Upside: 6%

The recent spurt in prices has scooped Dr.Reddy's Laboratories above its downward sloping trendline resistance on the daily timeline.

The counter has also witnessed a classic downward sloping channel pattern breakout on the daily timeline.

The channel pattern normally acts as a continuous pattern after a prolonged consolidation.

A spurt in prices has made the stock settle above its 50 and 100-day exponential moving averages on a daily timeframe, which is a positive sign for the stock.


Max Financial Services | Buy | LTP: Rs 680.50 | Target price: Rs 730 | Stop loss: Rs 655 | Upside: 7%

After two bullish whipsaws, this stock has finally witnessed a rectangle pattern breakout on the daily timeframe.

Oscillators and momentum Indicators like RSI and MACD are showing strength in the stock on the weekly as well as daily charts.

The stock is trading above its 20, 50, and 100-day exponential moving averages on the daily interval which is a bullish sign for the prices.

Weekly price action suggests the stock is getting ready for an uninterrupted rally as prices are moving ahead of the consolidation range. 

Axis Bank | Sell | LTP: Rs 594 | Target price: Rs 565 | Stop loss: Rs 610 | Downside: 5%

In this recent fall, Axis bank prices have witnessed a smaller degree triangle pattern breakdown on the daily scale.

Prices are trading below their 21-day exponential moving average which indicates a short-term correction can continue for a while.

Momentum oscillator RSI (14) has given a horizontal trendline breakdown below 55 levels and is currently reading below 50 levels with bearish crossover on a daily interval.  (iphone share market)

The stock has also witnessed an upward slanting trendline breakdown adjoining the lows of the previous two months.