NEW DELHI: The domestic equity markets bearish momentum continued on Monday, as benchmark Sensex slipped over 200 points in early trade amid selling across most sectors.While rupees weakness was cited as the immediate trigger for the selling spree, uninspiring December quarter earnings, a spike in crude oil prices, geopolitical tension on the Kashmir front and political uncertainty ahead of the general elections kept investors away from the market.
Technical analysts see stock-specific opportunities in this market.
Based on various brokerage recommendations, here is a list of 10 stocks that can potentially deliver solid gains over the next 2-3 weeks.
Mustafa Nadeem, CEO, Epic ResearchTorrent Pharma | Buy | Target price: Rs 1,870-1,920 | Stop loss: Rs 1,725This stock has been witnessing a bullish trend since April 2018, as it has been trending above its short-term moving averages.
The recent correction has created an opportunity for the stock to enter the established trend.
We expect the stock to move higher from its support placed at Rs 1,750, said Nadeem.
Bharti Infratel | Buy | Target price: Rs 340 | Stop loss: Rs 287Bharti Infratel reversed recently after a bearish trend, as the stock has been making higher tops and bottoms.
A sustained close above key resistance levels with higher volumes and internal strength is favouring the bulls.Aditya Agarwala, technical research analyst, YES Securities (India)Bajaj Holdings Investment | Buy | Target price: Rs 3,450-3,650 | Stop loss: Rs 2,950On the weekly chart, this stock is on the verge of a breakout from the neckline of an ascending triangle pattern placed at Rs 3,230.
A successful breakout and sustained trade beyond the neckline resistance can extend the upward movement to the Rs 3,450-3,650 levels.
Moreover, the stock witnessed volume-backed buying in the previous week, confirming the bullishness.
The RSI has also turned upward, after taking support at the lower end of the bull zone i.e.
48 level, and has formed a positive reversal on the daily chart, suggesting bullishness on the counter.
AIA Engineering| Buy | Target price: Rs 1,800-1,900 | Stop loss: Rs 1,630The weekly chart suggests AIA Engineering is on the verge of a breakout from a triangle pattern.
On the daily chart, the stock has broken out of a sideways consolidation, triggering a bullish breakout.
A sustained trade above Rs 1,700 will extend the rise to Rs 1,800-1,900 levels.
The RSI has turned upward from the 40 mark, after forming a positive reversal, affirming bullishness.Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher Reliance Industries | Buy | Target price: Rs 1,350 | Stop loss: Rs 1,200This stock has shown a higher bottom formation on the daily chart and formed a positive candle to signify strength.
It has the potential to rise further with a positive bias in the coming days.
The indicators are looking favourable.
With good volume participation witnessed, we recommend a buy on this stock for an upside target of Rs 1,350, keeping a stop loss of Rs 1,200, Parekh said.YES Bank | Buy | Target price: Rs 280 | Stop loss: Rs 180This stock has witnessed a huge spurt with a positive bias and strength.
The RSI shows a steep rise with a trend reversal and with favourable indicators supporting and with good volume participation witnessed, we recommend a buy on this stock for an upside target of Rs 280, keeping a stop loss of Rs 180, Parekh said.Mazhar Mohammad, Chief Strategist technical research trading advisory, Chartviewindia.inOberoi Realty | Buy | Target price: Rs 511 | Stop loss: Rs 449This counter appears to be on the verge of a breakout, as it has registered a bullish engulfing formation on the weekly chart in a week, when the rest of the market was under fire.
For the last couple of weeks, this counter has been consolidating in the Rs 475432 range and a breakout above the said range shall open it up for a lucrative target towards Rs 520.
Aditya Birla Fashion and Retail | Buy | Target price: Rs 257 | Stop loss: Rs 209For the last six sessions, this stock has been moving in a narrow range of five points.
It, however, appears to have emerged out of this range in the last session on relatively much higher volumes.
The stock can head to retest its lifetime high placed around Rs 263.
Positional traders should go long and look for a target of Rs 257 with a stop below Rs 209 on a closing basis, Mohammad said.Kkunal Parar, Senior Technical Research Analyst, Choice Broking Balrampur Chini Mills | Buy | Target price: Rs 160 | Stop loss: Rs 94On the daily chart, the stock has given a breakout of the neckline of its "cup handle pattern" formation with an increase in volume.
This suggests a bullish run and the stock may surge from its current level.
The stock has strong support of 200-days exponential moving average which is placed at Rs 94.Dilip Buildcon | Buy | Target price: Rs 515 | Stop loss: Rs 414On the daily chart, this stock has given a breakout of its upper band of downward falling channel formation which indicates upside movement in the counter.
The volume activity is gradually picking up with the rise in price which shows an accentuated buying activity in the counter.
The stock has started to trade above its 50-day moving average which indicates further upside movement in the stock.(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 mention)