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NEW DELHI: There seems to be no Monday blues for Indian equities as positive global sentiment played ball.
Asian shares reached near their nine-month highs on renewed hopes of US-China trade talks after US Treasury Secretary Steven Mnuchin's positive comments.
Besides, strong Chinese export data soothed concerns of an economic slowdown to an extent.
However, the small range of gains reflected a cautious undercurrent in the market due to election politics and the ongoing fourth-quarter earnings.
Around 9:35 am, the BSE Sensex was 50 points, or 0.13 per cent, up at 38,816, while the Nifty was higher 21 points, or 0.18 per cent, up at 11,664.
Analysts are of the view that one should follow a stock-specific approach in such a market.
Based on some analysts' recommendations, below are 10 stocks that can give solid returns in coming 2-3 weeks.
Vaishali Parekh, senior technical analyst at Prabhudas LilladherDilip Buildcon| Buy| Target price: Rs 725| Stop loss: Rs 610The stock has been stagnant and consolidating around Rs 620.
It currently has produced a positive bullish candle to signify strength and has made the chart look attractive for further upsides.
The RSI has indicated a trend reversal to signal a buy.
"With good volume participation, we recommend a buy in this stock for an upside target of Rs 725, keeping a stop loss at Rs 610," said Parekh.
Maruti Suzuki| Buy| Target price: Rs 7,700 | Stop loss: Rs 7,150The stock has been consolidating for quite some time between Rs 7,100 and Rs 7,200 and has given a breakout with a positive bullish candle pattern to signify strength.
It appears the stock has the potential for fresh upward movement.
The RSI has been on the rise and with favourable indicators supporting our view, the chart looks very attractive.
Mazhar Mohammad, Chief Strategist – Technical Research Trading Advisory, Chartviewindia.in Ashok Leyland| Buy| Target price: Rs 107| Stop loss: Rs 90This counter appears to have resumed its upmove after retracing 62 per cent of its last leg of rally from the lows of Rs 77–95 levels.
As momentum in this counter is picking up with a close above its interim swing high of Rs 95, it can ideally head to test its 200-day moving average, placed around Rs 107.
Dabur India| Buy| Target price: Rs 427| Stop loss: Rs 398This counter appears to have found a near term bottom around Rs 399 as it has been moving almost flat for the last 9 sessions - in a narrow range of Rs 408–399.
Hence sustaining above Rs 400, it can register a decent pullback rally and try to test its interim top placed around Rs 430 levels.
"Positional traders are advised to buy into this counter for a target of Rs 427, with a stop loss at Rs 398," Mohammad said.
Jay Thakkar, AVP Equity Research, Anand Rathi Shares and Stock BrokersTVS Motor Company| Buy| Target price: Rs 515| Stop loss: Rs 480The stock has started to form higher tops and higher bottoms on the daily charts and the ascent prior to the previous rise was an impulsive one, hence another five wave rise is expected from current levels.
HDFC Bank| Buy| Target price: Rs 2,350| Stop loss: Rs 2,195The stock seems to have completed wave 4 correction on the daily chart and the weekly momentum indicator MACD is still into buy mode, hence wave 5 up is expected from here on.
Emami| Buy| Target price: Rs 430| Stop loss: Rs 385The stock has provided a breakout from the downtrend line resistance with a clear buy crossover in its momentum indicator MACD on the daily as well as weekly charts.
Nagaraj Shetti, Senior Technical Derivative Analyst, HDFC securitiesMaruti Suzuki| Buy| Target price: Rs 8,000| Stop loss: Rs 6,880The stock price, as per the weekly chart, appears to have bottomed out currently.
We observe a sharp upmove in the stock price after forming a higher bottom in the previous week.
Last week, there was an upside breakout of a triangle type pattern, and the stock price closed above Rs 7,150.
The overall volume and momentum oscillators also show confirmation of present sharp upmove.
Lupin| Buy| Target price: Rs 905| Stop loss: Rs 785The downtrend in this stock appears to have been over.
The recent upside bounce in the stock price could be considered as a bottom reversal for the near term.
There is a multiple bottom type formation at Rs 720-725 levels, which is a positive indication.
Weekly 14 period RSI is signaling that the upside momentum in the stock price could continue for coming weeks.
Vikas Jain, Senior Research Analyst, Reliance SecuritiesAjanta Pharma| Buy| Target price: Rs 1,120| Stop loss: Rs 985The stock has formed a base in the range of Rs 980-1,000 levels and witnessed positive momentum over the past few days.
Major technical indicators are positively poised above their averages lines.
The stock is expected to come out of the narrow range soon and will rebound upwards from current levels.
Mahindra Mahindra| Buy| Target price: Rs 750| Stop loss: Rs 625MM has completed his corrective phase retracing 38.2 per cent from its high forming a low at 615 levels and witnessed positive momentum over the past few weeks.
Positive cross-over in RSI and MACD is also signaling strength in the stock and in favor of a break-out.
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com.
Please consult your financial advisor before taking any position in the stock/s mentioned.)
