Stock Picks Podcast on June 07, 2018: 5 stocks that could return 10-12% in short term

The Indian stock started Wednesday on a positive note and remained in the green throughout the session. The index had formed a Hammer shaped candle on Tuesday which indicated bullishness. This continued into Wednesday’s trading session.

On the daily chart, the index seems to have found support at the lower band of the rising wedge which led to a 100 points rally. The trend looks positive as the Nifty managed to float above its 50-day exponential moving average (EMA).

Momentum indicator moving average convergence divergence (MACD) witnessed a bullish crossover and is currently hovering above the signal line. The relative strength index (RSI) is in a bullish crossover with no visible divergence on the daily chart.

Going forward, the bias is looking slightly on the positive and the upmove can extend towards 10,770. A conclusive move above 10,770 may result in a movement towards 10,910 levels. At the lower end, support is visible at 10,550, below which the current short term uptrend may reverse.