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Buy these two stocks for near term gains as bulls continue to push Nifty higher

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By Nagaraj Shetti

Nifty continued with a sustainable upmove for the second consecutive session on Wednesday and closed the day higher by 123 points. Nifty registered a new all-time high at 14666 in the latter part of the session. Another long bull candle was formed, which indicate an uptrend continuation pattern. The previous four sessions decline has been retraced completely in the last two sessions. This faster retracement could signal further upside in the short term.

The immediate support of 10 day EMA has proved to be a false downside breakout and that led to a sharp upside reversal. As per this pattern, this 10 period EMA could be tested again during next dip, after moving into new highs above 14666-14700 levels. On the upper side, the long term trend line resistances as per monthly chart) could come into play.

The short term trend of Nifty continues to be positive and Wednesday’s upmove could be a confirmation of bullish reversal from the lows. One may expect further upside for the next few sessions, before encountering a next crucial overhead resistances around 14800 levels. Immediate support is at 14550. 

Stock Picks: 

Buy SBI Cards & Payment Services Ltd (CMP Rs 997.15) 

After showing a range movement in the last 8-9 sessions, the stock price has witnessed a sharp upside bounce on Wednesday. We observe positive chart pattern like higher highs and lows, which indicate strength of an uptrend in the stock price. The volume has expanded during recent upside breakout and daily 14 period RSI is placed around 70 levels. Hence, further uptick of RSI from here could mean further strengthening of upside momentum.

Buying can be initiated in SBI Cards at CMP (997.15), add more on dips down to Rs 960, wait for the upside target of Rs 1100 in the next 3-5 weeks. Place a stoploss of Rs 935.

Buy Godrej Consumer Products Ltd- (CMP Rs 799) 

After showing an upside breakout as per weekly time frame chart at Rs 765 in the last week, the stock price continued with upside momentum so far in this week. This pattern could be a confirmation of valid upside breakout of a larger triangle pattern and one may expect further sustainable upside in the near term. Volume keeps on rising after the upside breakout and the weekly momentum oscillator like RSI/Stochastic signal positive indication.

Buying can be initiated in Godrej Consumer at CMP (799), add more on dips down to Rs 765, wait for the upside target of Rs 880 in the next 3-5 weeks. Place a stoploss of Rs 745.

(Nagaraj Shetti is a Technical Research Analyst at HDFC Securities. The views expressed by the author are his own. Please consult your investment advisor before investing.)

Sahara India Commercial Corporation: SC stays SAT order lifting Sebi’s attachment directive

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The Supreme Court on Friday stayed the order of the Securities Appellate Tribunal (SAT) that had lifted Sebi’s attachment order on Sahara India Commercial Corporation (SICCL) and its directors, including Subrata Roy, subject to the company depositing Rs 2,000 crore with the markets regulator.

This lifting order, according to Sebi, is in contravention of the SC’s 2012 and 2013 orders that had directed Sebi to take all legal remedies, including attachment and sale of properties and freezing of bank accounts, for realisation of Rs 25,781 crore collected by the two Sahara firms – SICCL and Sahara India Real Estate Corporation – from three crore investors with interest in case of default in payment by them.

Also Read: Share Market HIGHLIGHTS: Sensex ends 105 pts up, Nifty at 17833 amid volatility; Infosys, TCS, SBI stocks jump

A bench led by Justice SA Nazeer while staying the SAT’s order also sought response from Sahara India Commercial Corporation, Subrata Roy and others on the Sebi’s appeal against the tribunal’s decision. It also tagged the case with the cases already pending before it.

The SAT in November asked SICCL and then directors, including Subrata Roy, to deposit Rs 2,000 crore with Sebi. Following the deposit of the amount, the attachment order against the company and its directors would be lifted. The fund was to be kept in an escrow account by the market regulator. Besides, the tribunal had also directed SICCL and Sahara India to provide a full inventory of all the assets and properties and details of all the bank accounts in India and abroad, demat accounts and holding of mutual funds/shares /securities (in physical or in demat form) to Sebi within four weeks.

In April last year, Sebi’s recovery officer had issued a demand notice directing SICCL and its then directors to deposit Rs 14,106 crore within 15 days, failing which recovery would be made. As Sahara group company failed to comply with its orders, the recovery officer issued an attachment order in October 2021 directing the banks to attach the accounts and demat accounts of the firms. This was challenged by SICCL before the SAT.

Sahara group has been locked in a prolonged legal battle with Sebi for allegedly breaching norms in raising over Rs 25,000 crore through bonds. Roy and two group directors are out on parole since May 2016, after spending two years in Delhi’s Tihar Jail.