Sensex, Nifty trade in a narrow range, 5 stocks which can give up to 16% return in short term

The Sensex was up 20.95 points at 31166.75, while the Nifty was down 3.20 points at 9618.05. The market breadth was positive as 1,338 shares advanced against a decline of 929 shares declined, and 137 shares were unchanged.

Sun Pharma, Aurobindo Pharma and Hindustan Unilever were the top gainers, while Tata Steel, ICICI Bank, Hindalco and Vedanta lost the most. 

Traders need to be cautious, as the index is trading at all-time highs and need to change strategies. Rather than jumping on fresh breakouts one can better look for a dip. 

For the coming week, we recommend traders to use buy on dip strategy. Any dip near 9,530 level will be a good buying opportunity for the short-term and for existing position. We recommend booking profits on the higher side. 

Top five Technical picks which can give return up to 16 percent in short-term.

Britannia Industries: BUY | Target Rs 3800 | Stop Loss Rs 3360 | Upside 8% 

The Stock was on the radar on traders since the stock has broken its 52-week high in April and currently it is trading near demand zone of Rs 3,500.

We expect prices to bounce from the current levels and one can look to buy the stock for the targets of Rs 3,800 and keeping a stop loss below Rs 3370 on a closing basis. 

Muthoot Finance: BUY| Target Rs 450| Stop Loss Rs 380 | Upside 9% 

The Stock is in full up the mood and in Wednesday’s session, the stock again has given a range breakout with decent volume hinting that it is ready to touch fresh levels in the coming sessions. 

Jindal Steel & Power: BUY | Target Rs 142 | Stop Loss Rs 107 | Upside 16% 

The Stock consolidated for more than two years and has given a breakout in February with huge volume suggesting bottom has formed. 

TATA Communication: BUY| Target Rs 800 | Stop Loss Rs 690 | Upside 10% 

In a recent correction, the Stock has corrected from 770 to 650 and took a pause on its 200-DMA. We have witnessed a quick pull back rally from its 200-DMA with a decent rise in volume. 

For trading perspective, one can initiate a buy on the counter at current levels to any dip near 710 targets of 800 by keeping stop out below 690 levels. 

Jamna Auto: BUY| Target Rs 295| Stop Loss Rs 234 | Upside 15% 

The Stock is in a strong uptrend and in Wednesday’s session, it gave strong breakout and closed near its 52 week high. 

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