Nifty continued its northward journey for the second day on the trot on December 14 gaining 44 points to close at yet another new all-time high level of 13,558.15.

                            




Out of the last thirty trading sessions since November 1, Nifty closed in the green on twenty-five trading days, gaining nearly 2,000 points.

The index remains in a strong intermediate uptrend as it has been making new all-time highs.

With intermediate and long-term momentum readings like the 14-week and 14-month RSI in rising mode and not showing any signs of negative divergence, the intermediate uptrend is likely to continue.

In the Options segment, we have seen Put writing at 13,400 levels. This level also coincides with the immediate low of 13,399, made on December 10.

Here are three buy recommendations for the next 3-4 weeks:

Greaves Cotton | LTP: Rs 85.15 | Target price: Rs 95 | Stop loss: Rs 80 | Upside: 12%

After giving a bullish breakout on December 1, this stock has witnessed healthy sideways movement.

The short-term trend of the stock is bullish where it is trading above all the important short-term moving averages.

RSI is showing strength in the stock. Plus DI is placed above the Minus DI while the ADX line is placed above 25 level, indicating momentum in the uptrend.

Kansai Nerolac Paints | LTP: Rs 556 | Target price: Rs 605 | Stop loss: Rs 520 | Upside: 9%

This stock has already broken out on the weekly charts in the week ending December 4 to close at a three-year high with a surge in volumes.

The primary trend of the stock is positive where it is trading above its 200-day EMA.

Plus DI is placed above the Minus DI, indicating strength in the current uptrend.

Paint as a sector is looking good on the chart. The correction seen during the last few days in the stock price is a buying opportunity.

Torrent Pharmaceuticals | LTP: Rs 2,704.50 | Target price: Rs 2,920 | Stop loss: Rs 2,600 | Upside: 8%

This stock has broken out of the downward slopping trendline, adjoining the close of November 13 and December 7, 2020, on the daily line charts.

The short-term, as well as the medium-term trend of the stock, is positive where the stock is trading above its all-important short and long-term moving averages.

Volumes have been higher during the up days as compared to down days during the last few days, indicating accumulation in the stock.


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