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3 Stocks to buy with strong upside momentum for short-term profits
Sensex has shown good momentum to the upside in the past few weeks and a rapid recovery from its 52w-low of Rs. 50,921.22 to Rs. 59188 in August 2022. The different market sectors are looking good technically to continue the upside momentum for upcoming trading sessions.
Here are some of our picks on stocks that are expected to continue the positive momentum to the upside.
State of India (SBIN)
This Nifty 50 stock is surging rapidly on the uptrend from the past trading sessions. It is currently trading at Rs. 541, near its all-time high of Rs 549. The stock is approaching a major resistance with a good upside momentum, and it can potentially break its all-time high.
Key charting indicators:
• RSI is going upwards and has crossed 60 on the daily time frame.
• The price is above 50 and 200 moving averages.
• The chart is making a Bullish flag pattern over a 4-hour time frame.
According to Technical Analysis, the stock looks good for short-term and long-term gains. For Confirmation, wait for the stock to cross all-time high.
JSW STEEL Limited
The metal stocks saw a sharp downfall in May 2022, but the sector recovered rapidly in the past few weeks. The JSW steel stock is looking in a position to buy for good short terms gains. The stock has given a breakout from the downtrend and is now making higher highs and lows in the chart.
Key charting indicators:
• RSI is taking support around 50 and going upwards on the daily time frame,
• Breakout of Pennant on the daily time frame,
• the price is taking support in 200 Moving average and going up.
JSW steel is moving with good volume, strong upside momentum, and no major resistance is currently near the stock price.
Grasim Limited
Grasim Limited is moving to the upside from a few weeks after a sharp fall. The stock has a robust upside momentum, and It is in a good position to buy for short-term profits as it has just given a trendline breakout on a daily time frame with a good volume.
Key charting indicators:
• RSI is in the overbought zone, which is a good sign.
• The stock price is above 200 and 50 moving averages.
• The trendline breakout was acting as a resistance.
Grasim Limited is one of the best picks in terms of momentum as the stocks haven't corrected much from the past few weeks and moving upside with good volume.
