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Thursday, April 18, 2024

SEBI RAs’ top picks for the week on Stocktwits are still ITC and HDFC AMC

<p>The Nifty50 experienced volatility this week, mostly due to economic events including the publication of statistics on inflation rates in the USA and India. The Nifty50 began the day level at 21,800 and ended the day 184 points down at 21,616. On Friday, however, the Nifty50 broke above the 22,000 barrier mark, opening 109 points higher at 22,020 and closing almost flat at 22,033.</p>
<p><img decoding=”async” class=”alignnone wp-image-419542″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sebi-ras-top-picks-for-the-week-on-stocktwits-are-still-itc-and-hdfc-amc-untitled–750×422.jpg” alt=”theindiaprint.com sebi ras top picks for the week on stocktwits are still itc and hdfc amc untitled” width=”1079″ height=”607″ title=”SEBI RAs' top picks for the week on Stocktwits are still ITC and HDFC AMC 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sebi-ras-top-picks-for-the-week-on-stocktwits-are-still-itc-and-hdfc-amc-untitled–750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sebi-ras-top-picks-for-the-week-on-stocktwits-are-still-itc-and-hdfc-amc-untitled–768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sebi-ras-top-picks-for-the-week-on-stocktwits-are-still-itc-and-hdfc-amc-untitled–390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sebi-ras-top-picks-for-the-week-on-stocktwits-are-still-itc-and-hdfc-amc-untitled–150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sebi-ras-top-picks-for-the-week-on-stocktwits-are-still-itc-and-hdfc-amc-untitled-.jpg 1024w” sizes=”(max-width: 1079px) 100vw, 1079px” /></p>
<p>The Nifty50’s important support level is around 21,800 for the next week. The data for this week indicates positive feelings, as shown by the Nifty50 closing over 22,000 and building a pattern of higher lows on a weekly basis. Additionally, the Relative Strength Index (RSI) level is close to 70. With an important resistance level of 22,500, the Nifty50 has a positive outlook for the next week when these considerations are taken into account.</p>
<p>At its current price of 405, ITC is forming a base close to the 400 support level. The Q3 performance and the company’s fundamentals are both excellent. After hitting a recent low, the stock is now stabilizing with heavy trading volume close to the 400 level of support.</p>
<p>The stock’s RSI level is below 30, which indicates the over-selling zone. A possible decline from the present level is expected if the stock keeps its position above the support level, with 450 and 475 being the target levels in three months.</p>
<p>At Rs. 3875, HDFCAMC (HDFC Asset Management Company Ltd) is a good option for investors looking for momentum. The recent performance of the stock makes a strong argument for a calculated entrance. Now, after a four-year period of consolidation range marked by flat returns, HDFCAMC is back on track and stronger than the Nifty, the market’s overall index.</p>
<p>The picture painted by technical indicators is optimistic, as ratio charts show strong momentum and the Aroon Indicator confirms a strong upward tilt. The price action of the stock exhibits a noteworthy pattern of rising highs and rising lows, which is indicative of a growing uptrend. This pattern is further supported by the development of a bullish continuation Heikin Ashi pattern. Furthermore, the crossing between the MACD and the Signal Line highlights the possibility of further growth, offering investors a positive risk-reward ratio.</p>
<p>After entering a downward trend in 2021, the stock has now successfully formed a descending wedge and broken through its upper bound. It is anticipated that the price would rise and provide us with a minimum trade with a 2:1 Reward to Risk ratio, or around a 9.71% Return on Investment. The first target is 526.50, the final target is 563.80, and the stoploss should be maintained at 452.15.</p>

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