Hot Stocks | Archean Chemical, Tata Steel, HFCL may deliver in double digits

About this update from Archean Chemical Industries Ltd.

The Nifty has been on a consistent upward trend, forming higher tops and higher bottoms on monthly timeframes. While January saw indecisiveness with a Doji candle pattern, February showed robust momentum, leading the index reach a new milestone at 22,252.50.Despite a correction in the initial days of February, the Nifty showed resilience, rebounding from lower levels in the latest week, indicating strong demand at lower price points. On the weekly scale, the index experienced mean reversion from the 9-week EMA (exponential moving average), which consistently acted as a support area.Key technical indicators, including the relative strength index (RSI), remained positive, with levels above 60 on weekly and monthly intervals, reinforcing the bullish momentum.Looking ahead, immediate resistance levels for the Nifty are seen at 22,500, followed by the 23,000 mark. On the downside, crucial support levels are identified at 21,850 and 21,530.Here are three buy calls for next 2-3 weeks:Archean Chemical Industries: Buy | LTP: Rs 746 | Stop-Loss: Rs 688 | Target: Rs 851 | Return: 14 percentACI is currently trading at its lifetime highs, indicating robust and resilient momentum in the market. The stock has shown a strong structural development, breaking out from a significant resistance zone established since February 2023, accompanied by a surge in volume above the 21-week average volume.Moreover, ACI maintains its position above both the 12-week and 26-week exponential moving averages (EMA), reinforcing the bullish trend. The MACD (moving average convergence divergence) remains in positive territory, highlighting the strength of the trend supported by substantial momentum.A noteworthy observation is the breakout of the sloping trendline in the ratio chart of ACI against Nifty. This development emphasizes the stock's robust strength and potential for sustained outperformance compared to the broader market.Looking forward, there is an anticipation of further price ascent towards Rs 851 mark. It is recommended to set a stop-loss at Rs 688, strictly based on the closing basis.Tata Steel: Buy | LTP: Rs 146 | Stop-Loss: Rs 135 | Target: Rs 163 | Return: 12 percentTata Steel exhibits a robust price structure, with a clear uptrend observed from April 2020 to August 2021. Subsequently, the stock entered a base formation phase and is now nearing its all-time highs, poised to...

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