Hot Stocks | Can buy Bandhan Bank, Colgate and Bata India for the short term

Hot Stocks | Can buy Bandhan Bank, Colgate and Bata India for the short term

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

[Bandhan Bank | LTP: Rs 322.85 | Target price: Rs 349 | Stop loss: Rs 306 | Upside: 8%]

The stock has given a flag pattern breakout on the daily charts.

Volumes have gone up along with the price rise in the recent past. The stock has got strong support at Rs 306, where 20, 50 and 100-days EMA coincides.

RSI and MACD are also showing strength in the current uptrend.

The banking sector is likely to outperform in the short-term.

[Colgate-Palmolive (India) | LTP: Rs 1,482 | Target price: Rs 1,585 | Stop loss: Rs 1,415 | Upside: 7%]

Nifty FMCG index is on the verge of breaking out from the crucial trendline resistance placed at 30,200.

Colgate Palmolive carries high weight in the Nifty FMCG index and is likely to participate in the rally which has resumed in the sector.

The stock has taken out crucial resistance of Rs 1,470 derived from the previous top on the daily charts.

The stock rose almost 3 percent with a significant jump in volumes on October 19. It has broken out from the last three weeks of consolidation.

[Bata India | LTP: Rs 1,387.10 | Target price: Rs 1,500 | Stop loss: Rs 1,331 | Upside: 8%]

The stock has broken out from the long-term congestion zone.

Moving averages have started widening after a narrow move on a daily basis. The stock has closed at the highest level since June 9.

Indicators and oscillator setup are bullish on the short term charts.

The short-term moving averages have crossed medium-term moving averages on the upside.

(The author is a technical research analyst at HDFC Securities)

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