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Sensex shed 0.26 per cent last week and Nifty 0.21 per cent, as holiday mood among investors brought down volumes.
Jimeet Modi, Founder & CEO, SAMCO Securities, said while Nifty is trending higher, it may face resistance at 12,300 level as profit booking may emerge.
“On the weekly chart, Nifty50 has a formed a Doji pattern, indicating confusion. However, many sectors are not replicating Nifty movement and, hence, action will shift to specific stocks going forward,” Modi said.
In this backdrop, here is a list of 12 money-making ideas that, analysts say, can deliver solid gains over the next few weeks.
Ajit Mishra, VP Research, Religare Broking
IndusInd Bank | Buy | Target price: Rs 1,550 | Stop loss: Rs 1,495
In the banking space, private banking majors are leading from the front and are still looking buoyant. After breaking out of its consolidation range, IndusInd Bank has taken an intermediate pause, offering a fresh buying opportunity, the analyst said. He advised traders to buy the stock in the Rs 1,510-1,515 range with a stop loss of Rs 1,495 for a target of Rs 1,550.
PVR | Buy | Target price Rs 1,960 | Stop loss Rs 1,820
PVR has been consolidating in the Rs 1,710-1,900 range for last three months. It surged on December 27 and came closer to the upper band of the range, which coincides with its record high. The analyst believes the chart pattern and positioning of the indicators are pointing to the strong possibility of a breakout in the near future. He advised traders to buy the stock in the Rs 1,855-1,870 range for a target of Rs 1,960 with a stop loss at Rs 1,820.
Jay Thakkar ,Assistant Vice President – Equity Research, Anand Rathi Stock Brokers
Jubilant FoodWorks | Buy | Target price: Rs 1,680 | Stop loss: Rs 1,599
This stock has seen a breakout from the Triangular Pattern with a clear ‘buy’ crossover in its daily momentum indicator MACD. Hence the probability of an upside is quite high, the analyst said. He advised traders to buy the stock for a price target of Rs 1,680 with a stop loss at Rs 1,599.
Coromandel International | Buy | Target price Rs 545 | Stop loss Rs 510
This stock has seen a breakout from the Symmetrical Triangular pattern, and with that the probability of an upside has increased. Momentum indicator MACD has seen a ‘buy’ crossover on the hourly, daily as well as weekly charts, the analyst said. He recommended buying the stock for a target of Rs 545 with a stop loss at Rs 510.
Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in
Edelweiss Financial Services | Buy | Target price Rs 134 | Stop loss Rs 108
This counter appeared to be in the consolidation mode for last 15 trading sessions, but at the lower end of the consolidation phase, it is witnessing relatively huge volumes hinting at some sort of accumulation. Moreover, price action over the last 28 sessions appears to be unfolding in a contracting triangle, which can pave the way for a spurt on the upside. Hence, if it sustains above Rs 108 level, this counter can be expected to witness a breakout sooner than later. In such a scenario, it can head to test its 200-day moving average at Rs 140. However, for time being, in anticipation of a breakout, positional traders are advised to buy into this counter for a target of Rs 134. Stop loss suggested for the trade is a close below Rs 108.
JK Tyres| Buy| Target price Rs 81| Stop loss Rs 70
This counter appears to have registered a fresh breakout after a 10 days of consolidation in an extremely narrow range between Rs 71 and Rs 74. With a sudden spurt in last session, this counter appears to have initiated a fresh leg of upswing. Hence, if it sustains above Rs 71, it should ideally head to retest its swing high of Rs 81. Therefore, positional traders are advised to buy into this counter and look for a target of Rs 81 with a stop below Rs 70 on closing basis, the analyst said.
Gateway Distriparks | Buy| Target price Rs 117| Stop loss Rs 98
This counter appears to have initiated a fresh leg of uptrend with a huge breakout, after moving in an extremely narrow range between Rs 96 and Rs 94 in last 12 sessions. Hence, initially it can head towards its recent swing high of Rs 117, and beyond that, a bigger move cannot be ruled out. For the time being, the analyst advised positional traders to adopt a two-pronged strategy of buying now and adding further on declines in the Rs 105 – 102 zone and look for a target of Rs 117. The stop loss suggested for the trade is a close below Rs 98.
Shrikant Chouhan, SVP Technical Research, Kotak Securities
Sun Pharmaceutical | Buy | Target price Rs 460 | Stop loss Rs 410
This stock witnessed sustained selloff in last few weeks from Rs 470-460 levels. Currently, it is holding above the important retracement zone on the daily charts and a rebound from these levels cannot be ruled out. For short term traders, it offers buying opportunity at current levels with a decent risk-reward ratio. The analyst expects the stock to resume its uptrend towards the target of Rs 460, with a stop loss of Rs 410.
Punjab National Bank | Buy | Target price Rs 70 | Stop loss Rs 63
This stock has reversed from its strong long-term support zone of Rs 57 where buying from strong hands has emerged. On weekly charts, stock is forming a complex inverse head and shoulder pattern which is a bullish reversal pattern. With a strong up-move in the PSU bank space, the analyst expects this stock to show a smart move and which in turn could start a new uptrend wave. He suggests buying the stock with a target price of Rs 70, and a stop loss of Rs 63.
Vikas Jain, Senior Research Analyst, Reliance Securities
M&M Financial Services| Buy | Target price Rs 365 | Stop loss Rs 308
This stock has made higher bottoms on weekly charts over the past one quarter and completed his price wise and time wise correction. Positive cross-over in RSI and rise in Stochastic from its oversold zone are indicating probable turnaround in the stock, the analyst said. He advised a long position on dips for the target of Rs 365 with a stop loss of Rs 308.
Vaishali Parekh, Senior Technical Analyst at Prabhudas Lilladher
Coal India | Buy | Target price Rs 220-230 | Stop Loss Rs 188
This stock has almost formed a Double Bottom pattern near Rs 183 and seen a decent bounceback with the RSI getting stronger. It implies strength for further upside in the coming days. The bias is positive with favourable indicators and the analyst suggests to buy and accumulate this stock for an upside target of Rs 220 -230 levels keeping the stop loss near Rs 188.
Rajesh Bhosale, Technical Analyst Angel Broking
Indoco Remedies | Buy | Target price Rs 211 | Stop loss Rs 162
After a long time, the midcap stock has finally joined the bulls’ party and outperformed during the week gone by. This midcap stock after gyrating in a broad range of Rs 135-175 for the last five months has finally broken the range on the higher side confirming a ‘Rectangular Channel’ breakout. In addition, prices on the daily chart have also closed above super trend indicator which acted as stiff resistance four times in the last few months. Moreover, there is also a fresh bullish crossover with 50-EMA crossing 89-EMA from below supporting the buy call. Hence, the analyst recommends buying this stock at current levels for a target of Rs 211 over the next 14 sessions. The stop loss should be at Rs 162.
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