Stock Market

L T, Voltas, HCL Tech among 12 money-making ideas that can deliver good gains in the short term

   Download Android App    Share in      FullScreen   CheckVideos

Mumbai: Equity benchmark Sensex and Nifty rose 3.07 per cent and 3.20 per cent, respectively, last week and posted their best weekly performance since May 26, buoyed by gains in global markets an hopes of progress in the US-China trade talks and a possible deal on Brexit.

Financials led the gains in the last week. Indian markets are closed on Monday for the state elections in Maharashtra. According to Nagaraj Shetti, technical research analyst, HDFC securities, Nifty’s near-term trend looks positive.

The index is expected to encounter key overhead resistance around 11,800-850 zone in the next couple of weeks .

“There is a higher possibility of downward corrections from the highs,” he said. Based on various brokerage recommendations, here are 12 stock strategies that can potentially deliver gains over the next few weeks. Vaishali Parekh, Senior Technical Analyst, Prabhudas LilladherLarsen - Toubro | Buy | Target price Rs 1,580 | Stop loss Rs 1,390This stock has indicated the formation of a higher bottom in the daily chart taking support near the 200DMA level at Rs 1, 390 and has improved the bias with a pullback to show strength and has potential to rise further upside in the coming days.

The RSI has been maintained positive and decent volume participation was witnessed. Havells | Buy | Target price Rs 740 | Stop loss Rs 660This stock has taken support at the ascending trendline at Rs 650 level and picked up momentum with positive bias to imply strength and anticipate further rise in the stock.

The RSI also indicated a trend reversal to give a buy signal. Jay Thakkar, Head of Technicals and Derivatives, Anand Rathi Shares and Stock BrokersBajaj Finserv | Buy | Target price Rs 8,550 | Stop loss Rs 8,100This stock has seen a breakout from the downtrend line resistance with a clear buy crossover in its momentum indicators on the weekly charts.

With this breakout the Wave 4 on the daily charts seems to have got over and Wave 5 up seems to have started. Bata | Buy | Target price Rs 1,853| Stop loss Rs ,1733This stock has provided a breakout from the falling channel formed in its wave 4 on the daily charts.

The momentum indicator MACD is well in the buy mode at all the degrees. Voltas | Buy | Target price Rs 721 | Stop loss Rs 676This stock has provided a breakout from the larger accumulation which was in a symmetrical triangular pattern.

It has also completed the retest of the same and it has again started to form higher tops and bottoms.

It has recently provided a breakout from the falling channel. Ajit Mishra, VP Research, Religare BrokingHCL Technologies| Buy| Target price Rs 1,150| Stop loss Rs 1,060HCL Tech has been trading in the uptrend trending channel on the weekly chart and recently tested the lower band of the same.

It is gradually rebounding now while holding firmly above the support of multiple moving averages on the daily chart.

The existence of major support combined with an upbeat chart structure is pointing towards a gradual rise from hereon. Tata Chemicals |Buy| Target price Rs 660 | Stop loss Rs 598Tata Chemicals has been trading in a broader range for the last nine months and now trading on the verge of a breakout.

The chart pattern and positioning of the supporting indicators are adding to the confirmation. Kotak Mahindra Bank | Buy| Target price Rs 1,710 | Stop loss Rs 1,575.Kotak Mahindra Bank is one of the strongest counters in private banking space and currently consolidating in a range around its record high.

Indications are strongly in the favor of breakout from the same in the near future.

Besides, the existence of major support around Rs 1,540 zone is further adding to the positivity. Vikas Jain, Senior Research Analyst, Reliance SecuritiesITC | Buy | Target price Rs 275 | Stop loss Rs 230This stock has made an inside range on monthly candles which indicates a strong breakout and the positive momentum in the sector will aid stock to outperform.

A bullish crossover on RSI and Stochastic are signaling turnaround in the stock.

The analyst believes the stock will soon resume its northward journey and will revisit the prior swing highs. Engineers India | Buy | Target price Rs 125 | Stop loss Rs 102This stock is being trading in a band of averages and crossover of the short to medium term average will give a fresh breakout.

The stock has formed higher bottom after witnessing sharp decline, signaling lack of selling interest.

RSI and MACD are positively poised above their averages. Mustafa Nadeem, CEO, Epic ResearchEscorts | Buy| Target price Rs 720 | Stop loss Rs 620This stock has seen a very strong run-up from lower levels of Rs 500 recently and has formed a Pennant pattern.

A fresh breakout is seen from the same pattern which is a bullish continuation pattern, indicating a further extended run in prices can be seen.

A positive moving average crossover coupled with RSI above 60 shows strength will continue to sustain. Balkrishna Industries| Buy| Target price Rs 720 | Stop loss Rs 620This stock has given a fresh breakout from a rectangle pattern as it has been oscillating between a range of Rs 800-700.

On the other hand, the Long build-up is also seen in prices adding almost 10 per cent while RSI is showing strength above 70 on a daily scale.

A positive cross of 20 - 50 MA further validates the view.




Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021

Buy Our Merchandise (Peace Series)

 

Contribute US to Start Broadcasting


It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm

STRIPE

Details
Category: Stock Market


21