INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Extending their winning streak to the sixth consecutive session, Indian equity benchmarks opened with solid gains on Monday, as
investors bought shares across sectors
sharp fall in import of oil, gold and electronic goods.
Sustained FPI flows, rupee's continuous rise against the US dollar, easing crude
oil prices and hopes that the US Fed will stay dovish in its policy review later this week boosted sentiment
While the market was brimming with positivity, analysts cautioned against getting carried away and advised a stock-specific approach
Based on various brokerage recommendations, here is a list of 12 stocks that can potentially deliver solid gains over the next 2-3 weeks
Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher BHEL | Buy | Target price: Rs 75 | Stop loss: Rs 63The stock has seen a
decent correction from Rs 71.35 to Rs 66 level, and has seen a trend reversal with a healthy green candle pattern
It has seen a close above the 34 WMA, which is significant
The RSI indicator has also confirmed a buy signal with a trend reversal
| Target price: Rs 400 | Stop loss: Rs 340The stock has made a good correction from Rs 393 to consolidate near Rs 365, which is forming a
The stock has rallied with good volume participation and with the positive indicator like RSI, it may move further upwards to around Rs
400.
Aditya Agarwala, Senior Manager, Technical Analysis, YES Securities Shriram City Union Finance | Buy | Target price: Rs 1,950-2,060 |
Stop loss: Rs 1,700On the weekly chart, Shriram City Union Finance has resumed its upward journey after completing a Five Wave correction
Further, it has also completed a bearish AB=CD pattern, indicating bullishness building up in the stock
Sustained trade above this neckline can extend the upward movement to the levels of Rs 1,950-2,060
RSI has also turned upwards after taking support at the lower end of the bull zone i.e
40-level and has formed a positive reversal on the daily chart, suggesting bullishness in the stock.
Power Grid Corporation | Buy | Target
price: Rs 202-210 | Stop loss: Rs 187On the weekly chart, Power Grid has broken out from a triangle pattern, triggering the resumption of
Sustained trade above Rs 195 with healthy volumes would take the stock higher to the levels of Rs 202-210
Further, on the daily chart, it has broken out from a bullish flag pattern, affirming the bullishness
Moreover, the RSI has turned higher from the 40-level, indicating that bulls are in control of the stock.
Mazhar Mohammad, Chief Strategist
new lifetime highs, this counter is well placed to be a catch-up play with the larger trends
After almost a vertical move from the lows of Rs 78, this counter appears to be on the pause mode for the last four sessions and sooner
rather than later it should resume its upmove with an initial target placed at Rs 97
Raymonds | Buy | Target price: Rs 885 | Stop loss: Rs 799This counter has been consolidating for the last couple of sessions after the
Momentum shall pick up once again on a close above Rs 835
In such a scenario, it can test its interim top placed around Rs 885 level
Mustafa Nadeem, CEO, Epic ResearchONGC | Buy | Target price: Rs 165 | Stop loss: Rs 150The stock has broken bullish continuation pattern
along with higher volumes on the daily chart
The sharp pullback from lower levels of Rs 150 has formed a hammer pattern which indicates a trend reversal
Torrent Power | Buy | Target price: Rs 270 | Stop loss: Rs 248On the daily chart, a flag pattern is seen after a recent run-up from lower
This consolidation makes the trend healthier for the next leg of upmove
The volume, which has been dry, seems to be rising now while RSI shows momentum to remain strong and up with a reading of 63
Kkunal Parar, Senior Technical Research Analyst, Choice Broking IDFC First Bank | Buy | Target price: Rs 62.15 | Stop loss: Rs 47On the
weekly chart, the stock has given a breakout from the neckline of its cup handle pattern formation with an increase in volume, which
The stock may surge from its current level
On the daily chart, the stock has a given breakout of its flag pattern formation which is a continuation pattern and indicates an upside
move in the counter.
MM | Buy | Target price: Rs 733 | Stop loss: Rs 675On the weekly chart, this stock has formed a bullish Harami pattern,
which is a reversal formation and suggests that the trend may reverse in the counter
On the daily scale, the stock has given a breakout of its falling trend line which suggests a robust upside movement in the counter
Furthermore, the stock has closed above its 200-day exponential moving average which shows northward movement in the counter.
Subash
Gangadharan, Senior Technical Derivative Analyst, HDFC SecuritiesKotak Mahindra Bank | Buy | Target price: Rs 1,440 | Stop loss: Rs
1,270Kotak Mahindra Bank is one of the strongest stocks in the market currently
Last week, the stock broke out of the Rs 1,198-1,315 trading range on the back of above average volumes
This augurs well for the uptrend to continue
Technical indicators are giving positive signals as the stock trades above the 13-day and 50-day SMA
Daily momentum readings too are in rising mode and not overbought
Sundram Fasteners | Buy | Target price: Rs 610 | Stop loss: Rs 520Sundram Fasteners had rallied smartly last week on the back of healthy
volumes, from the lows of Rs 516
In the process, the stock has broken above the Rs 495-549 trading range, that the stock was trading within since early January 2019
Technical indicators are giving positive signals as the stock trades above the short-term (13-day SMA) and medium term (50-day SMA) moving
Momentum indicator 14-day RSI is in the rising mode and not overbought
Please consult your financial advisor before taking any position in the stock/s mentioned.)
