Hot Stocks | Here are three short-term buying ideas with an upside of 14-17{02346bf83de6e36140f9a3419962accbe3517f5478f0c39703bb0046727acb31}

© Nishant Kumar Hot Stocks | Here are three short-term buying ideas with an upside of 14-17%

The Indian market continued its winning streak with Nifty closing near the 13,400 mark on December 8, boosted by metal, IT and pharma stocks.

Bank Nifty also closed above 30,250 as PSU banks outperformed the market.

The reports of emergency vaccine rollout in India along with hopes of a stimulus package in the US and Japan kept the bulls on the front foot.

On the derivatives front, Put writers are continuously shifting to higher bands as Call writers are feeling discomfort.

On the higher side, now 13,500 holds a maximum open interest in Calls which should act as an immediate hurdle for Nifty.

However, the bias is likely to remain in favour of bulls as long as the Nifty is trading above the 13,200 mark.

One can expect sector-specific volatility in the coming sessions as the tug of war among bulls and bears can keep markets impulsive.

Here are three buy calls for the next 2-3 weeks:

Zen Technologies | LTP: Rs 85.80 | Target price: Rs 100 | Stop loss: Rs 75 | Upside: 17%

After testing the Rs 97 level in the recent past, the stock took a breather and slid back below Rs 70 to take support at its 100-day exponential moving average on the daily charts.

At the current juncture once again, prices have shown smart recovery as the stock has given a fresh breakout above Rs 85 after a prolonged consolidation.

The sudden rise in volumes along with price suggests the next up-swing, as prices are holding well above their short and long-term moving averages as well.

West Coast Paper Mills | LTP: Rs 178.40 | Target price: Rs 207 | Stop loss: Rs 157 | Upside: 16%

For the last three months, the stock has been consistently moving lower from Rs 205.

However, around Rs 155 level, it showed recovery as it surpassed its 200-day exponential moving average on the daily charts.

At the current juncture, the stock has formed a Cup and Handle pattern on the daily charts and a breakout can be seen above the pattern formation.

The positive divergences on the secondary oscillators also suggest the next upside in the stock.

Piramal Enterprises | LTP: Rs 1,479.90 | Target price: Rs 1,682 | Stop loss: Rs 1,350 | Upside: 14%

In the recent past, after forming a double-bottom pattern around Rs 1,195, the stock rose sharply back above its 200-day exponential moving average on the daily charts and surpassed the Rs 1,400 level in a short span of time.

At the current juncture, the stock has given an upside breakout above the bullish flag pattern after consolidating in the range of Rs 1,480-1,380 for nearly two weeks.

The breakout can be seen with marginally higher volumes which suggests strength in the trend.

(The author is Senior Technical Analyst at SMC Global Securities)

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