HBJ Capital has its share of fans and detractors, as we saw in the last post about them. Unfortunately, some people appear to have had a bitter experience with them. They need to address that issue soon by improving their customer service.
Anyway, HBJ’s Raj Sekhar has now sent a mailer claiming that the Nifty is making the “inverted Head and shoulders and now it has formed the second inverted shoulder and in the coming week it can break the neckline on the upper side to create the new life highs and this time, 8000 on nifty looks most promising”.
You can read the mailer here.
HBJ Capital has also recommended two stocks for short-term trading.
The first is Tata Steel, which is presently quoting at Rs. 537.7. HBJ has advised a buy for a target of Rs. 580 in 5 days with a stop loss of Rs. 515.
It is pointed out that in Friday’s trade, Tata Steel has not broken the upward trend line and has stopped exactly at the support level which is also its 50 DMA support. It is also stated that since the last few months, the stock has not surpassed its 50 DMA support. And every time when it has tested the 50 DMA it has bounced back sharply to its highest levels.
It is added that there is also a fundamental reason to buy the stock, namely, the QIP, which will reduce debt and improve ratings.
You can read the Tata Steel call here.
Adani Ports is the second recommendation. Its CMP is Rs. 262. The target is set at Rs. 295 in one week with a stop loss of Rs. 248.
It is pointed out that Adani Ports is making continuous higher top higher bottom pattern since last many months and continuously making life time highs on every correction and moving in a upward channel for long. It is stated that the stock has now taken a strong support at the bottom of the lower channel and have shown a signs of reversal. The stock is also stated to be trading in a short term triangular pattern, which gives more positive sensitivity to the stock. It is recommended that one should look at buying the stock for a target of Rs. 305 on the upside.
You can read the Adani Ports call here.
I suggest we keep a hawk eye on these stocks to check the accuracy of such short-term calls.