sortiwa
[ad_1]
Sensex and Nifty scaled record highs last week on the back of continued foreign fund inflows, as risk appetite improved following an agreement on the Phase One of US–China trade deal. However, RBI’s pause on key policy rate capped the gains. For the week, Sensex rose 1.64 per cent while Nifty added 1.53 per cent.
The market has been witnessing rotation of sectors as well as stocks. “This is something we have been observing over the past three months,” says Kunj Bansal, Partner, MD & CIO, Sarthi Group. “It is becoming difficult to see where the market is headed and what shape and position it will take going forward.”
But most analysts agree the market is teeming with stock-specific opportunities. Based on the recommendations of some of the top analysts on Dalal Street, we picked 12 stock ideas that they said are likely to deliver solid gains over next few weeks.
Vikas Jain, senior research analyst, Reliance Securities.
Cadila Healthcare| Buy| Target price Rs 295| Stop loss Rs 248
This stock has seen a breakout from the long-term average and rose to a seven-month closing high with volumes signalling strong buying interest. Key technical indicators are positively poised above their averages, signalling strength on the counter. The analyst believes long positions can be initiated at this level and on dips for a price target of Rs 295 with a stop loss at Rs 248.
UPL | Buy | Target price: Rs 645 | Stop Loss: Rs 555
This stock has seen a breakout from its congestion zone at Rs 540-570 levels with strong volumes and closed above the medium-term averages. A bullish cross-over in RSI and Stochastic are signalling a turnaround and resumption of its northward journey which may result in a sharp up-move from current level. The analyst recommends that long positions can be initiated for a target of Rs 645 with a stop loss at Rs 555.
Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in
Britannia | Buy | Price target Rs 3,370| Stop loss Rs 3,027
Price action on this counter appears to be quite encouraging, as it is in a consolidation mode for last four weeks after retracing around 62 per cent of its last leg of rally from the low of Rs 2,835. Moreover, it closed above its narrow consolidation band at Rs 3,115 – 3,025 in the last session. Hence, if it sustains above Rs 3,030 level, it shall eventually head towards its interim top at Rs 3,399, the analyst said. He advised traders to buy the stock for a target of Rs 3,370 with a stop loss placed below Rs 3,027 on a closing basis.
Titan| Buy| Target price Rs 1,270 | Stop loss Rs 1,149
Friday’s price action on this counter on much higher volumes is clearly suggesting that it has bottomed out at the recent low of Rs 1,123. After registering a huge bearish gap in the Rs 1,277 – 1,199 zone on November 6, this counter slipped into the consolidation between Rs 1,199 and Rs 1,130 levels for five weeks. With last Friday’s strong comeback, the analyst believes the stock has positioned for a pullback rally. In that scenario, it shall eventually move ahead towards Rs 1,277 level to bridge the said bearish gap. The analyst advised positional traders to adopt a two-pronged strategy of buying now and adding further on declines in the Rs 1,180 – 1,170 zone for a target of Rs 1,270. The stop loss suggested for the trade is a close below Rs 1,149 level.
Corporation Bank | Buy| Target price Rs 28| Stop loss Rs 24
This counter appears to be consolidating for last 18 sessions in the Rs 27 – 23 band after witnessing sporadic rise from the lows of Rs 15-29 in just four sessions. Friday’s price action, at the lower end of consolidation band, on the back of huge volumes suggested that this counter is positioning itself for a resumption of the up-move. In such a scenario, it shall initially head to test its recent swing high of Rs 29, the analyst believes. He advised positional traders to buy this stock with a stop loss below Rs 24 on closing basis and for a target of Rs 28.
Rajesh Bhosale, Technical Analyst Angel Broking
ICICI Lombard | Buy | Target price Rs 1,552| Stop loss Rs 1,327
This stock has been a traders’ delight for some time, but it faced a hurdle around Rs 1,400 level in the past few weeks. On the daily chart, the stock broke this hurdle and confirmed a bullish continuation breakout, known as ‘Rectangular Channel’. In addition, prices have closed above the higher range of the Bollinger Band, indicating a trending up-move after its recent consolidation. On the oscillators front, the RSI has given a fresh ‘buy’ signal with its smoothened moving average supporting the ‘buy’ call. Hence, the analyst recommends buying this stock at current level for a target of Rs 1,552 over the next 14 sessions. The stop loss should be fixed at Rs 1,327, he said.
L&T Infotech| Buy | Target price Rs 1,840 | Stop loss Rs 1,640
On the daily chart, the stock has seen a strong up-move in the past couple of sessions to break above the trend line resistance joining the two major tops. The said breakout is supported by a strong bullish candle. In addition, the RSI has entered the positive zone and given a fresh buy signal with its smoothened average. The prices have closed above the higher range of the Bollinger Band, suggesting a trending up-move in the near term. Looking at all the above evidence, the analyst senses a strong upside in the near term. He recommends buying the stock at current level for a price target of Rs 1,840 over the next 14 sessions. The stop loss should be fixed at Rs 1,640, he said.
DLF| Buy| Target price Rs 249| Stop loss Rs 221
In the past few months, this has been one of the outperforming counters as it rallied from the October lows of Rs 138 to the recent close of Rs 230. Recently, this stock witnessed a brief pause and it has since resumed its uptrend by confirming a Continuation Flag breakout. In addition, the stock price has sustained above previous swing highs on the higher timeframe chart, confirming a ‘Rounding Bottom’ breakout with strong potential for an up-move in the near term. The prices are well above key averages supporting the ‘buy’ call, the analyst said. He recommended buying the stock at current level for a price target of Rs 249 over the next 14 sessions. The stop loss for the trade should be at Rs 221, he said.
Jay Thakkar , Assistant Vice President – Equity Research, Anand Rathi Stock Brokers
Container Corporation of India | Buy| Target price Rs 610 | Stop loss Rs 545
This stock has seen a breakout from a downtrend line resistance and, with that, it has provided a breakout from the Falling Wedge Pattern. Daily as well as weekly momentum indicator MACD is well into buy mode, the analyst saod. He recommended buying the stock with a price target of Rs 610 and a stop loss of Rs 545.
Mphasis| Buy| Target price Rs 898| Stop loss Rs 852
This stock has provided a breakout from the symmetrical triangular pattern with a clear ‘buy’ crossover on daily as well as weekly momentum indicators. It has provided a breakout from the base triangular pattern. One can buy the stock for the price target of Rs 898 with a stop loss of Rs 852, the analyst said.
Shrikant Chouhan, SVP Technical Research, Kotak Securities
Hero Moto Corp | Buy | Target price Rs 2,550 | Stop loss Rs 2,320
The stock witnessed sustained selloff over the past few weeks. However, a strong demand zone around Rs 2,250 level has emerged as support for the same. On the weekly chart, the stock has reversed from those levels with an increase in volume. For short-term traders, it offers buying opportunity at current level with a decent risk-reward ratio. The analyst expects the stock to resume its uptrend towards a target of Rs 2,550. He suggested a stop loss at Rs 2,320.
Vedanta| Buy | Target price Rs 160 | Stop loss Rs 138
This stock had given a Triangle Breakout on the daily chart and is currently retracing its breakout move. The stock is near the retracement level, where substantial volume activity is seen, which indicates that buying has emerged at lower levels. “Along with this, the stock has formed a higher bottom. Looking at the chart pattern, it seems the pain is over, and we can see the start of a new uptrend from current levels,” the analyst said. He recommended buying the stock with a stop loss at Rs 138 for a price target of Rs 160.
[ad_2]
Source link
