Hot Stocks | Bet on Orient Cement, Zuari Agro Chemicals, Star Cement for short term

About this update from Zuari Agro Chemicals Ltd.

The Nifty came off its life highs of 21,834 and ended the first day of the year with little change from Friday's close. A late sell-off saw all the intraday gains being wiped off. At close, Nifty was up 10.5 points at 21,741.9. Cash market volumes on the NSE were the lowest since November 24, 2023. Broad market indices rose more than the Nifty as the advance decline ratio reached 1.88:1.Short-term trend of the Nifty remains positive as it is placed above its 11 and 20-day EMA (exponential moving average).In the Option segment, we have seen aggressive Put writing at 21,500-21,600 levels. This level coincides with the 11-day EMA which is placed at 19,484. Therefore, we believe that on the downside 21,500-21,600 levels will act as a strong support. Traders are advised to hold longs with trailing stop-loss of 21,500 in the Nifty on the closing basis.In the option segment, we have seen aggressive Call writing at 22,000 levels. Technically, next meaningful resistance is placed around 22,200 in the near-term, which is the 100 percent Fibonacci extension of major bottom-top-bottoms. So on the higher side 22,000-22,200 levels to act as a strong resistance.The broader market indices like midcap and small caps have continued their outperformance on the first day of the calendar year 2024. The ongoing bullish trend is likely to continue in broad market indices like midcap and small cap segments for the coming weeks.Here are three recommendations for the next 3-4 weeks:Orient Cement: Buy | LTP: Rs 262.5 | Stop-Loss: Rs 243 | Target: Rs 284-300 | Return: 14 percentThe stock price has broken out on the daily line chart to close at all-time high levels with higher volumes. Stock price has been forming bullish higher top higher bottom formation on the weekly chart.Momentum indicators and oscillators are showing strength in the stock.Star Cement: Buy | LTP: Rs 176.75 | Stop-Loss: Rs 166 | Target: Rs 190-205 | Return: 16 percentAfter breaking out from the Symmetrical triangle on the weekly chart, the stock price has been consolidating since last 10 weeks. Primary trend of the stock is positive as stock price is trading above important medium and long term moving averages.The stock price is likely to surge once it manages to cross immediate resistance of Rs 181 odd levels. Cement stocks are looking good on the short term chart.Zuari Agro Chemicals: Buy | LTP: Rs 197 | Stop-L...

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