Below is the Views On stock recommendations by Mr. Santosh Meena, Senior Analyst, TradingBells
It seems that the Market has put bottom around 10700 and it is ready to move higher. The market is looking ahead after the pain of slowdown and NBFC crisis and there is a good chance that the market may hit a fresh all-time high before year-end. On an immediate basis 11700 is one hurdle which was high after corporate tax cut; once it will be taken out the market will get momentum. Midcap and Smallcap counters are showing signs of accumulation which were under severe pain. In Samvat 2076, things are likely to improve and the government may continue with their steps of reforms which may lead bullish momentum to pick up where Nifty can head towards 13000 kinds of level till next Diwali. In the downside 11400 is immediate support while 11100 will act as very strong support. On the global front also, we have some positive development from the US-China trade war front. We have a bullish view on the overall market, we are recommending the following stocks for Samvat 2076.
ICICI General Insurance:
ICICI general insurance is in a strong uptrend where the counter has broken out a bullish continuation pattern of Cup and handle after a long consolidation of 6 months. The bullish momentum is likely to continue where it may see the level of 1600 in the next 6 months.
The strongest guy in the NBFC camp remained in the uptrend amid major problems in the sector. On the technical front, it is forming double bottom formation where 2195 will be the breakout point whereas momentum indicators are also positively poised. It has moved above all its important moving averages and we are expecting an upside target of 2500 in the next 6-8 months.
The overall trend of the Pidilite is bullish where after a decent correction from its 52-week high, it is forming a base around the previous breakout point of 1300 which coincides with its 100-DEMA. Therefore, it provides a favorable risk-reward opportunity for the traders where we can expect a target of 1600 in the next couple of months.
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