Top 3 stocks for short term investment:- up to 25% ROI.
Welcome readers wandering to find out the best stocks to invest in for the short term. well, you are on the right page. It's a Friday and our technical analyst has picked the top 3 stocks for short-term investment. And, good thing is that these stocks may give you up to 25% return on your short-term investment. This is a glance at our weekly contribution to money control for the hot stocks. Before stocks buy for the short term let's take a look at the market fluctuation.
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Equity Market fluctuation:-
Over the past seven weeks, the Nifty has been trading in a weekly range of 15,431-14,350. It has closed below the 50-day simple moving average (SMA), which has been serving as strong support since October 2020, on a regular basis. On the options front, the 15,000 Call strike has seen a significant increase in participation and open interest. On the put hand, open interest is increasing by 14,000 contracts. In the future, we can expect the Nifty to trade in a range of 14,000 to 15,000 points. The RSI on the weekly and daily timeframes has developed a bearish hinge and is heading lower, suggesting that the bears are in charge of the trend.
Stocks for short term investment:-
After, market fluctuation now let's dive in and check what is the best share to invest in for the short term. So, as I said our technical analyst has picked 3 stocks that can give up to 25% ROI in the coming week.
1. Ambuja Cement:-
Cement stocks have been gaining traction and moving higher in recent sessions, with Ambuja Cements being one of the best outperformers in the sector. Since March 2020, the stock has been trading in a higher high, higher low pattern on a weekly timeframe. The stock has been heading higher for the last three sessions, with bullish momentum.
The immediate resistance is at Rs 332 (78.6 percent extension level of the rise from Rs 136.55-272 and projected from Rs 226), followed by Rs 361 (78.6 percent extension level of the rise from Rs 136.55-272 and projected from Rs 226). (100 percent extension level of the rise from Rs 136.55-272 and projected from Rs 226).
Rs 290 (breakout level) and Rs 270 (previous swing low) are the main support levels. The stock can be purchased at current levels with a goal of Rs 332 and then Rs 361.
Fortis Healthcare:-
Since October 2020, Fortis Healthcare has been on a clear uptrend on a weekly basis. The stock is in a strong bullish period, according to a simple bar chart analysis of the higher timeframe. On the weekly timeframe, the RSI is heading higher, suggesting that prices are moving in a bullish direction. Rs 230 (previous swing high) is a strong resistance standard, followed by Rs 246. (1.27 percent extension level of the rise from Rs 156 to Rs 206 and projected from Rs 183).
The stock can be purchased at current levels and added to on dips until it reaches Rs 191 for a target of Rs 230, followed by Rs 246.
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