Hot Stocks: HDFC Life Insurance, bet on TVS Motor, know how these stocks will see a rise in the short term – Hot Stocks Bet on HDFC Life Insurance TVS Motor know how these stocks will see a rise in the short term

Nifty traded in a narrow range on June 8 after a consolidation breakout on the daily time frame. The benchmark index traded with super volatility after the RBI announced a 50 bps repo rate hike.

At the moment it is very difficult to spot any positional call unless Nifty gives a breakout or breakdown beyond certain levels. On the downside, immediate support for the index remains at 16,200. If the price breaks that level then the 16,000 level will act as an anchor point for the benchmark index.

Whereas, the level of 16,650 will act as immediate resistance for the index.

HDFC Life Insurance Company: Buy | LTP: Rs 600 | Stop-Loss: Rs 574 | Target: Rs 636 | Return: 6 percent

On the Daily chart, HDFC Life has given a breakout of a symmetrical triangle pattern at Rs 590 level on 27th May. Since then the stock has been consolidating in a very narrow range of Rs 597-613.

Rohan Patil of Bonanza Portfolio said that the stock price is well above its 21 and 50-DEMA. Momentum oscillators RSI (14) is in a flat level near the 60 level with a positive crossover on the daily scale.

If we look at the broader time frame, then the 14-week consolidation breakout has been seen in the stock price. The counter is trading above its trend line support. Along with this, support is visible at the level of Rs 603 in this stock.

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TVS Motor Company: Buy | LTP: Rs 751 | Stop-Loss: Rs 714 | Target: Rs 804 | Return: 7 percent

Rohan Patil of Bonanza Portfolio said that TVS Motor has outperformed the benchmark index Nifty. Recently it has seen a downward sloping trend line breakout on the weekly time frame.

On the daily chart, the stock price has given a horizontal channel breakout. After this, its price is continuously going up and the counter is showing strength.

Along with this, most of the indicators and oscillators are indicating bullish momentum. On the other hand, looking at the overall auto space, most of the auto stocks are performing well.

(Disclaimer: The views and investment advice given on moneycontrol.com are the personal views and opinions of investment experts. Moneycontrol advises users to consult a certified expert before making any investment decision.)



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