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9 stocks that analysts say can offer solid returns in 2-3 weeks

Money-making ideasiStock
1/11
Money-making ideas
The domestic equity market saw a massive selloff on Monday. Analysts believe that the market could see more disruptions going forward and recommend adopting a stock-specific approach. Nifty is likely to face resistance at higher levels and we could see some volatile move or mild disruption in the markets. The financial stocks are showing very weak relative strength and may underperform the broader market. We recommend staying highly stock specific in approach," said Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder of Gemstone Equity Research & Advisory Services.Here are 9 stock ideas that analysts say can offer solid returns over the next 2-3 weeks:
ICICI Bank | BUY | Target Price: Rs 397Shutterstock.com
2/11
ICICI Bank | BUY | Target Price: Rs 397
This counter appears to be consolidating around Rs 360 levels for the last eigh trading sessions in a narrow range of Rs 376-359 levels. Hence, as long as it sustains above Rs 359 on closing basis, one can remain positive on the counter and look for a decent pull back attempt towards its 200-day moving average. Hence, positional traders can buy into this counter with a stop below Rs 359 on closing basis and look for an initial target of Rs 397.[Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in]
Gujarat Alkalies | BUY | Target Price: Rs 375iStock
3/11
Gujarat Alkalies | BUY | Target Price: Rs 375
This counter appears to be moving in a range of Rs 389-310 levels. Interestingly, inside this range 100-day simple moving average is offering support and propping up the prices higher towards the upper end of the consolidation range. As risk-reward ratio from current levels appears to be favourable, positional traders should buy with a stop below Rs 330 on a closing basis and look for a target of Rs 375.[Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in]
Hindalco | BUY | Target Price: Rs 197iStock
4/11
Hindalco | BUY | Target Price: Rs 197
This counter appears to be consolidating in a range of Rs 185-172 levels for the last eight trading sessions after the correction from the highs of Rs 203 levels. As long as this counter sustains above Rs 175 levels on closing basis, one can look for a pull back attempt towards recent swing high of Rs 203. As risk reward ratio looks decent enough, positional traders are advised to buy into this counter for a target of Rs 197 with a stop below Rs 174 on closing basis.[Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in]
Coal India | BUY | Target Price: Rs 132iStock
5/11
Coal India | BUY | Target Price: Rs 132
From the last couple of weeks, the stock has witnessed a price correction. The stock corrected over 13 per cent from its previous resistance level. In the short-term time frame, the stock is in the oversold zone and daily and weekly patterns indicate high chances of price reversal from current levels. In addition, oversold momentum indicator cycles and double bottom formation on weekly charts suggest that high chances of fresh uptrend wave from current levels cannot be ruled out. It has been taken a strong support near Rs 118.50 level; if it sustains above the same, we can expect a quick pullback rally up to Rs 132.[Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities]
Bharti Airtel | BUY | Target Price: Rs 535Shutterstock.com
6/11
Bharti Airtel | BUY | Target Price: Rs 535
The stock had a strong and consistent performance in the last quarter. But, currently the stock has witnessed a price correction. It almost corrected over 12 per cent in the current quarter. However, the medium-term wave structure of Bharti is still in on the positive side. Hence, the ideal strategy should be to add this stock near support levels. Furthermore, on short term time frames, the stock is in the oversold zone and presently is hovering near 200-day SMA with strong double bottom formation. That suggests quick pullback rally can’t be ruled out from current levels. Rs 479 should be the trend decider level for Bharti. If stock manages to trade above the same, we can expect continuation of strong wave up to Rs 535.[Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities]
M&M | BUY Target Price: Rs 700Agencies
7/11
M&M | BUY Target Price: Rs 700
Post a strong uptrend rally from Rs 450 to Rs 650, the stock was witnessing narrow range activity. However, on daily charts, the stock has formed higher bottom series pattern along with positive SAR series which indicates that the uptrend is likely to continue in near term. Currently, M&M is trading near Rs 650 range breakout level and robust price volume activity indicates a strong possibility of fresh breakout in the near term. In addition, after a long time, the stock has formed strong weekly bullish candle near resistance level and comfortably closed above Rs 650 resistance mark, which suggest high changes of another uptrend rally from current levels.[Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities]
Axis Bank | BUY | Target Price: Rs 490-520ET Bureau
8/11
Axis Bank | BUY | Target Price: Rs 490-520
The stock has witnessed a decent correction recently and has bottomed out near Rs 425 levels and currently has improved the bias to anticipate further upward move in the coming days. The RSI indicator has shown signs of bottoming out and has improved the bias with a trend reversal to signal a buy. With the chart looking attractive, we suggest to buy and accumulate this stock for an upside target of Rs 490-520 levels keeping the stop loss of Rs 420.[Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher]
ICICI Bank | BUY | Target Price: Rs 400-420BCCL
9/11
ICICI Bank | BUY | Target Price: Rs 400-420
The stock has witnessed a decent correction recently and has consolidated, maintaining the support zone near Rs 360 levels. The RSI indicator has shown signs of bottoming out and has improved the bias with a trend reversal to signal a buy. We anticipate an upward move in the coming days and we suggest to buy and accumulate this stock for an upside target of Rs 400-420 levels, keeping the stop loss of Rs 350.[Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher]
Glenmark Pharma | BUY | Target Price: Rs 570PTI
10/11
Glenmark Pharma | BUY | Target Price: Rs 570
Glenmark has shown a lot of relative strength in the last one week. While the Nifty has gained 0.46% W-o-W, Glenmark has gained a healthy 4.5% over the same time period. The stock has been steadily climbing higher in the last few months, making higher tops and higher bottoms in the process. On Friday, the stock closed at a new 12-week high. Technical indicators are giving positive signals as the stock trades above the 20-day SMA and 50-day SMA. Momentum readings like the 14-day RSI, too, are in rising mode and not overbought. We believe the stock is ready to continue the next leg of its underlying uptrend and has the potential to move higher in the coming weeks. We, therefore, recommend a buy between the Rs 500-510 levels. CMP is Rs 507. Stop loss is at Rs 482 while targets are at Rs 570.[Subash Gangadharan, Technical Research Analyst, HDFC securities]
UltraTech Cement | BUY | Target Price: Rs 4,220Getty Images
11/11
UltraTech Cement | BUY | Target Price: Rs 4,220
After testing a low of Rs 3,779 in early September, UltraTech has been steadily rising and making higher tops and higher bottoms over the last few sessions. The Rs 3,779 levels have also held in July 2020, implying a double bottom pattern has been made by the stock. Technical indicators are giving positive signals as the stock trades above the 20-day and 50-day SMA and the 14-day RSI is in rising mode and not overbought. We recommend a buy between Rs 3,980 and Rs 4,020 with a stop loss of Rs 3,920 and target of Rs 4,220 for 22 trading sessions. CMP is Rs 4014.[Subash Gangadharan, Technical Research Analyst, HDFC securities]
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