The Nifty regained momentum in the preceding five sessions, after last week’s decline, led by broad-based buying and supportive global cues.

We continue to maintain our positive stance and expect the index to head towards a target of 10,600 levels in the coming weeks as it is the measuring implication of the Bullish Double Bottom pattern formed during the August – September period.

The Nifty50 held on to its key support of 10,100 levels during the recent decline from 10,490, as it is the confluence of following:

The bullish gap area leading to the breakout from three-month range is placed around 10,123-10,096 region

- 50 percent retracements of current up move (9,687-10,490) are placed at 10,094 levels

- Equality of preceding decline (10,178-9,687=491 points) as calculated from life high of 10,490 is placed around 10000 levels

We believe current round of profit booking will make the market healthier by working off short-term overbought conditions.

Here is a list of top three stocks which could give up to 16% return in the next 6 months:

Tata Chemical: BUY| CMP Rs736| Target Rs805| Stop Loss Rs695| Return 9%| Time Frame 1 month

Tata Chemical has resumed its up move after consolidation above the recent trend line breakout area signalling a change of polarity as previous trend line resistance reverse its role and acting as support.

The stock after three weeks of profit booking, which has been characterized by shallow correction has broken above prior week’s high indicating resumption of up move and offers fresh entry opportunity.

The lower band of recent consolidation was placed at Rs702 levels is likely to act as support in the short term. Weekly 14-period’s RSI is in a strong uptrend forming higher high and higher low and is seen rebounding taking support at its nine period’s average thus supports the continuation of the uptrend in the short term

Based on the above technical observation we expect the stock to head towards Rs805 levels over the coming month being the 161.8% external retracement of recent decline (Rs765-702) placed at Rs805 levels

MOIL: BUY| CMP Rs252| Target Rs282| Stop Loss Rs232| Return 12%| Time Frame 1 months

MOIL Ltd has witnessed a strong breakout rally during October 2017 rallying from Rs190 to 52 weeks high of Rs285. In the process, the stock has registered a resolute breakout above the rebounding pattern containing the entire price activity since January 2017 to October 2017.

Post the breakout rally the stock has entered a shallow correction in the last three weeks to work off the overbought condition developed during the previous rally.

The stock has recently resumed its up move after consolidating near the 38.2% retracement of the previous rally placed around Rs242 levels, which is likely to act as major support for the stock in short-term.

Among oscillators, the weekly MACD (E-12/26/9) which measures the underlying strength in the trend had entered into rising trajectory since August 2017 and is currently diverging from its 9-period average highlighting strong bullish momentum and indicates strength in the price structure.

Based on aforementioned technical observations, we believe the consolidation phase over the last three weeks has approached maturity, thus offering fresh entry opportunity. We expect the stock to resolve higher and test its recent high of Rs285 in coming weeks.

Oberoi Realty: BUY| CMP Rs509| Target Rs590| Stop Loss Rs465| Return 16%| Time Frame 6 months

The stock remains in a well-established uptrend and continues to inch northwards in a rising peaks and troughs manner on medium time frame charts.

Structurally, the rallies are becoming bigger and swifter underlying the robustness in the price structure along with strong momentum. At the same time, corrections are short-lived and shallow in nature which is the sign of the consistent appetite for the stock at elevated levels.

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In the current week, the share price has resumed its uptrend following the two-week breather, as it breaks out of Bullish Flag continuation pattern. Breakout from bullish flag pattern offers a fresh entry opportunity to ride prevalent uptrend in the stock.

Based on aforementioned technical observations, we believe the stock price is expected to continue its current upward trend. We have projected a medium-term target of Rs590 based on the measuring implication of the bullish Flag pattern breakout.