Telecom stocks stole the show, jumping on hope of government relief, but there was some weakness towards the close of the week as the package offered lagged expectations.
Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote, said Nifty50, Nifty Midcap and Smallcap indices are clearly forming a corrective pattern along with majority sectoral indices, which are also moving sideways. “Trading in such a phase can cause whipsaw losses,” he said.
But brokerages continued to see stock-specific opportunities. Based on various brokerage recommendations, here is a list of 12 money-making ideas that analysts said should make money over the next few weeks.
Ajit Mishra, VP Research, Religare Broking
Lupin | Buy| Target price Rs 820| Stop loss Rs 750
Lupin has formed a reversal pattern on the daily chart and is now on the verge of a breakout from its five-month-long consolidation phase. Indications are in favour of a steady rise from here on. Further, the existence of major support zone of long-term moving averages i.e. 200 EMA on daily chart, is adding to the positivity.
PVR| Buy| Target price Rs 1,920| Stop loss Rs 1,700
After making a record high, PVR retraced marginally of late and currently hovers in a range while holding firmly above the support zone of the 100 EMA on the daily chart. Considering its chart pattern and overall trend, the analyst expects a strong surge ahead.
Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in
Apollo Tyres | Buy| Target price Rs 183| Stop loss Rs 161
This counter appears to be have a strong support around the Rs 162 mark, as it bounced back after testing the said support level at least on two occasions in the past. Even in the last session, the stock registered an intraday low of Rs 162 and recoiled from the same. Hence, sustaining above Rs 162 level, the stock can easily head towards its logical target of Rs 183. In between some resistance can be expected around Rs 171, but once that hurdle is cleared, the momentum shall get strengthened further with a target of Rs 183.
Tata Steel | Buy| Target price Rs 447 | Stop loss Rs 383
A strong recovery in the last session after testing its 50-day moving average suggests this counter might have completed its correction at an intraday low of Rs 383 hit in last session. In that scenario, it should resume its uptrend which appears to be in place from the low of Rs 320 hit last October. For this up-trend, the ideal target shall be a test of the 200-day moving average, whose value is placed around Rs 447. In between, there can be some hiccups around Rs 421 mark, but with the momentum strengthening, that should be cleared. Positional traders are advised to adopt two-pronged strategy of buying now and adding further on dips in the Rs 395 – 387 zone, analysts said.
Exide | Buy| Target price Rs 207 | Stop los Rs 186
For the past two weeks, this counter appears to be consolidating in a narrow range between Rs 194 and Rs 186 levels, with a positive bias and it appears to be on the verge of a breakout. This counter made a strong comeback in last session on relatively much higher volumes. On such a breakout, it can head to test its recent swing high of Rs 208.
Vaishali Parekh, Senior Technical Analyst at Prabhudas Lilladher
Hindalco | Buy| Target price Rs 208 |Stop loss Rs 182
This stock has taken base at the ascending trend-line support near Rs 187 level, and with the RSI also indicating a trend reversal to imply strength, it shows the potential to rise further with a positive bias in the coming days.
Godrej Properties | Buy| Target price Rs 970| Stop loss Rs 845
This stock has given a decent correction recently from the peak of Rs 1,025 to bottom out near Rs 844 level and has moved past the significant 200DMA to imply strength and has improved the bias. With the RSI recovering strongly from the oversold zone has indicated a trend reversal and signaled a buy.
Jay Thakkar, Head of Technical and Derivatives Research and AVP Equity Research, Anand Rathi Shares and Stock Brokers
Max Financial Services| Buy | Target price Rs 512 | Stop loss Rs 486
This stock has provided a breakout from the symmetrical triangular pattern and since then it has been trending higher towards its next swing resistance. The stock is trading well in an upward sloping parallel channel, the probability of it inching towards Rs 536 is quite high.
Power Finance Corporation| Buy| Target price Rs 127 | Stop loss Rs 115
This stock has completed a wave B correction and since then it has been trading higher with a clear buy crossover in its momentum indicator MACD. The stock seems to have completed Wave 4 correction on the daily charts and Wave 5 up seems to have started.
Sun Pharma | Buy | Target price Rs 475 | Stop loss Rs 441
This stock has provided a breakout from the falling channel with a buy crossover in its momentum indicator MACD. The momentum indicator has provided this buy crossover with a positive divergence, hence the probability of an upside is high. Also, the Nifty Pharma Index has provided a breakout from the inverse head and shoulders which is quite positive for the entire sector.
Shrikant Chouhan, Head of Technical Research, Kotak Securities
LIC Housing | Buy | Target price Rs 440 | Stop loss Rs 410
It is in a strong uptrend. It was at Rs 353 level in the month of October and from there all the way it rallied to Rs 453 level without any meaningful correction. Since the last two weeks, the stock is correcting and on Friday, it closed higher, which shows the correction is completed.
Raymond | Buy | Target price Rs 740 | Stop loss Rs 670
This stock saw a strong up-move from Rs 540 to Rs 829 in a short span of time. In the last two weeks, the stock has erased almost 50 per cent gains which is positive for short term traders as it offers buying opportunity with a decent risk-reward ratio. It has formed the Doji star formation on a daily chart, which is an indication of pause to the current sell-off.
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