Infosys, Bharat Forge, Ajanta Pharma among 9 stocks that analysts say can deliver good gains in 2-3 weeks

NEW DELHI: Equity benchmarks Sensex and Nifty traded with mild gains in early hours on Monday amid weak Asian cu es and choppy crude oil prices.

Asia stocks traded near four-month lows, pressured by concerns over US-China tensions, which are appearing to be morphing into a technology Cold War.

Market participants said now that the general election is over, the market is reacting to global sentiments, quarterly earnings and macroeconomic cues.


Analysts advises a stock-specific approach in such a market. “There are chances that we might continue to see some upward movement in the market. Having said this, we strongly recommend not chasing such rallies blindly. There is a higher possibility that the action in the market would remain highly selective and stock-specific," said Milan Vaishnav, Consultant Technical Analyst at Gemstone Equity Research & Advisory Services.
Based on the recommendations of various analysts and brokerages, here are 9 stocks that they claim can potentially give you good returns over next 2-3 weeks:

Subash Gangadharan, Senior Technical Analyst, HDFC Securities

Raymond | Buy | Target price: Rs 960 | Stop loss: Rs 804
Raymond is one of the strongest stocks in the market currently. The stock rallied smartly this week on the back of above average volumes and closed at a four-month high in the process. Technical indicators are giving positive signals as the stock trades above the 13-day and 50-day SMA. Intermediate momentum readings, too, are in rising mode and not overbought.

Firstsource Solutions | Buy | Target price: Rs 64 | Stop loss: Rs 49.4
This stock rallied smartly towards the end of this week, moving above the trading range of Rs 47-54. The stock had been trading within the said range for the last several weeks. "With the stock looking positive on both the short-term and medium-term charts, the breakout seen this week gives further evidence that the upmove is likely to continue," Gangadharan said. Technical indicators, too, are giving positive signals as the stock trades above the short-term (13-day SMA) and medium-term (50-day SMA) moving averages. Intermediate momentum indicators, including the 14-week RSI, are in rising mode and not overbought.
Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher

Ajanta Pharma | Buy | Target price: Rs 1,150 | Stop loss: Rs 980
This stock has maintained a strong base near Rs 1,000 and currently has moved past 50-DMA moving average, signifying strength. It has the potential to rise further in the coming days. "The RSI also has indicated a trend reversal and with favourable indicators supporting our view for a positive bias, we recommend a buy in this stock for an upside target of Rs 1,150, keeping a stop loss of Rs 980," said Parekh.

Nalco | Buy | Target price: Rs 57 | Stop loss: Rs 46
This stock has got strong support near Rs 47 where it has taken support on three occasions. RSI is indicating a rising trend to improve the bias and has the potential to carry the stock further upward in the coming days. "The chart looks attractive with favourable indicators and with decent volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 57, keeping a stop loss of Rs 46," Parekh said.


Aditya Agarwala, Senior Manager, Technical Analysis, YES Securities

Shriram Transport Finance | Buy | Target price: Rs 1,230-1,300 | Stop loss: Rs 1,000
On the weekly chart, Shriram Transport Finance has turned upwards after taking support at the lower end of the range placed at Rs 1,000. The stock is now approaching the upper end of a trading range placed at Rs 1,300. Further, following a sharp decline from the Rs 1,300 level, the stock has broken out from a consolidation zone on volumes, suggesting that the bulls are active in the stock. RSI has formed a positive reversal at the 40-level and turned north, indicating bullishness in the stock.

Rajesh Bhosale, Technical Analyst, Angel Broking

HSIL | Buy | Target price: Rs 317 | Stop loss: Rs 269.4
"After a slumber for more than a year for the midcap and smallcap basket, the tide now seems to have turned upwards," Bhosale said. This stock, after forming a base in the recent past, has now broken above the recent consolidation and is now gearing up for a strong upward rally in the near-term. The said breakout from consolidation is supported with a good increase in volume and strong positive candle. In addition, momentum oscillator RSI is in the positive zone supporting the buy call.

Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in

Infosys | Buy | Target price: Rs 753 | Stop loss: Rs 696
This stock appears to be forming a short term bottom around Rs 700 level as it smartly recoiled after testing its 200-day ema (Rs 697) and registered a bullish Harami formation. Sustaining above Rs 700, it can eventually head to test its interim top of Rs 753.

Vikas Jain, Senior Research Analyst, Reliance Securities

Bharat Forge | Buy | Target price: Rs 545 | Stop loss: Rs 452
This stock has retraced 76.4 per cent from its previous up-move (Rs 339-802) and later reversed after taking support from its long-term monthly moving averages. “On the daily chart, the stock has crossed its short-term averages and we believe the stock will test its 200-day average,” said Jain.

Container Corporation of India (Concor) | Buy | Target price: Rs 555 | Stop loss: Rs 472
Concor stock has bounced from its 200-week average several times, giving a confirmation of a bottom being in place at lower levels. The key technical indicators also reversed from their lower levels and the stock has closed above its long-term averages for a breakout.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.)