NEW DELHI: The optimism in global markets over a possible US-China trade deal and US Feds signal of a likely pause in interest rate hikes lifted major markets across world, including Indian equity benchmarks Sensex and Nifty.Mondays gains marked second consecutive session of rise for domestic stocks, backed by healthy gains across sectors.
Around 9:50 am, BSE Sensex was up 244 points, or 0.68 per cent, at 35,939, while Nifty50 rose 63 points, or 0.59 per cent, t0 10,791.Brokerages see opportunities across sectors and stocks.
Based on various brokerage recommendations, here is a list of stocks that can potentially deliver gains over next two to three weeks:Aditya Agarwala, Technical Analyst, YES SecuritiesInfo Edge (India) | Buy | Target price: Rs 1,690-1,750 | Stop loss: Rs 1,470On weekly chart, Info Edge (India) (Naukri) is approaching neckline of an ascending triangle pattern placed at Rs 1,690.
A successful breakout and a sustained trade above this neckline can extend upward move to level of Rs 1,850.
Currently, stock has turned north after taking support at lower end of pattern.
Sustained trade above Rs 1,570 i.e.
61.8 per cent Fibonacci retracement level, will extend rise to Rs 1,690-1,850 levels.
The RSI has also turned upwards after taking support at lower end of bull zone i.e.
40-level, and has formed a positive reversal on daily chart suggesting bullishness in stock.Dr Lal Path Labs | Buy | Target price: Rs 1,000-1,040 | Stop loss: Rs 900 On daily chart, Dr Lal Path Labs was on verge of a breakout from a bullish flag pattern, suggesting that resumption of an uptrend is on cards.
The stock has taken support at 61.8 per cent Fibonacci retracement level and turned higher, affirming that bulls are gaining momentum.
Sustained trade above Rs 945 will trigger a breakout from flag pattern, taking it higher to Rs 1,000-1,040 levels.
Moreover, RSI has turned upward from 50-level after forming a positive reversal, affirming bullishness.Sumeet Bagadia, Head of Technical Research, Choice BrokingIDFC Bank | Buy | Target price: Rs 51.50 | Stop loss: Rs 42On weekly chart, stock has seen a breakout, a high of "saucer bottom" formation, which suggests bulls may continue to pull counter.
On daily chart, 200-EMA is offer crucial support to counter, which suggests a bullish trend is likely in forthcoming sessions.
Kajaria Ceramics | Buy | Target price: Rs 580 | Stop loss: Rs 470On daily chart, this stock has seen a breakout from its multiple resistance zones along with a spurt in volume in prior candle, which indicates that stock may continue its bullish trend.
Moreover, stock has been trading above its 200-daily exponential moving average, which shows an upside rally in counter.Jay Thakkar, CMT Head Technical and Derivatives Research - AVP Equity Research, Anand Rathi Shares and Stock BrokersApollo Hospitals Enterprise | Buy | Target price: Rs 1,380 | Stop loss: Rs 1,240 This stock has seen a breakout from a running triangular pattern which it had formed in its Wave 2 and with this breakout, it has started Wave 3 on higher side.
The daily, weekly, as well as monthly MACDs are in buy mode.
So, overall trend for long term is also quite positive.YES Bank | Buy | Target price: Rs 200 | Stop loss: Rs 185This stock has seen a clear breakout from a symmetrical triangular pattern, which was formed in its Wave B and with this breakout, Wave C has resumed.
The momentum indicator MACD is also in buy mode with a positive divergence.ICICI SecuritiesSiemens | Buy | Target price: Rs 1,150 | Stop loss: Rs 1,010This stock has bounced back from lower band of three years long-channel move (Rs 1,560 Rs 850) underpinned by strong volumes along with highest delivery percentage (78 per cent) since June 2011, indicating accumulation at lower levels.ITC | Buy | Target price: Rs 293 | Stop loss: Rs 276The stock has already taken 18 months to retrace just 80 per cent of previous seven months upward move from Rs 222 to Rs 367.
The slower pace of retracement suggests corrective nature of current decline and overall positive price structure.Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher Jindal Steel Power | Buy | Target price: Rs 167 | Stop loss: Rs 144This stock has witnessed a value erosion from high of Rs 172 to bottom out at around Rs 145 where it has got a good base and currently has produced a positive bullish candle pattern in daily chart to signify strength and has potential to rise still further up in coming days.
MM | Buy | Target price: Rs 785 | Stop loss: Rs 705This stock has almost formed a higher bottom formation pattern in daily chart taking support near Rs 710 where, on previous occasion also, it has formed a good base and rallied.
The risk-reward looks decent and attractive.
The stock looks poised for an upward move in coming days and it has strength and potential to scale upside targets.
Milan Vaishnav, CMT, MSTAContainer Corporation of India (Concor) | Buy | Target price: Rs 405 | Stop loss: Rs 360After peaking at Rs 740 early 2018, this stock has remained under a broad consolidation, forming lower tops but relatively out-performing broader markets.
Currently, it is seen breaking out of a falling trend line, which joins high of Rs 740 with subsequent lower tops on weekly charts.
The RSI is seen marking a bullish divergence and a 14-period high.
On daily charts, stock has closed above upper Bollinger band, which indicates that present up move can continue.
The daily MACD has shown a positive crossover and PPO has just turned positive on daily charts.
Weekly RSI, too, has marked a fresh 14-period high and is seen breaking out after forming a higher bottom.
The weekly MACD remains in continuing buy mode.
The upward revision in price over coming days cannot be ruled out.
State Bank of India | Buy | Target price: Rs 320 | Stop loss: Rs 285For most part of 2018, State Bank of India has experienced a broad consolidation.
Currently, it remains in a large symmetrical triangle formation.
Despite this, stock has generally out-performed PSU Bank Index, as indicated by RS Line.
Following sideways consolidation in a defined range, stock looks to break out of symmetrical triangle formation on weekly charts.
The RSI has marked a 14-period high on both daily and weekly charts, which is a bullish signal.
The PPO has turned positive.
The stock has its largest weight in PSU Bank Index, an index which is set to relatively outperform broader CNX500; it remains in leading quadrant on Relative Rotation Graph when benchmarked against broader CNX500.