Tech picks: NTPC, M&M, BHEL among 7 stocks that can rally up to 11% in short term

Equity markets ended the last week on a flattish note and investors will likely take cues from US Fed policy outcome and the macro data to be released later during the week. Here are five technical picks from analysts that can rally up to 11% in the short term.

The stock rallied higher during the week gone by and gave a breakout from its long consolidation phase on the weekly charts. The volumes along with the breakout were much better than its average which is a positive sign. The RSI oscillator also hints at positive momentum and hence, we expect a continuation of the uptrend in the short term.

Ruchit Jain, Lead Research, 5paisa.com

This stock showed a positive momentum at the start of this calendar month and has given a breakout from a channel. The volumes were decent compared to its daily average on breakout and the RSI is hinting at a positive momentum.

Ruchit Jain, Lead Research, 5paisa.com

On Friday, the stock breached its immediate swing high and firmly settled above the same, suggesting inherent strength. Importantly, the up move is backed by decent volumes, providing credence to the breakout. On technical parameters, major indicators have seen a positive crossover, adding to the bullish quotient in the counter.

Sameet Chavan, Head Research, Technical and Derivatives, Angel One

With Friday’s late surge, we can see a ‘Bullish Flag’ pattern getting confirmed on the daily time frame chart. Broadly, the weekly and monthly charts are well poised for a continuation of the up move in the near to medium term.

Sameet Chavan, Head Research, Technical and Derivatives, Angel One

After the remarkable up move of the last few weeks, the counter witnessed short-term correction from the higher levels. However, closing above the important retracement zone suggests bullish continuation chart structure. Therefore, the counter is likely to resume its uptrend from the current levels.

Shrikant chouhan, Head of Equity Research (Retail), Kotak Securities

The counter has shown a robust rally from the lower levels in the recent weeks. Additionally, it is continuously trading in an ascending triangle chart formation along with decent volume activity. Therefore, the overall formation indicates a likely breakout for a new leg of up move from the current levels.

Shrikant chouhan, Head of Equity Research (Retail), Kotak Securities

After a sharp uptrend rally, the counter witnessed a bit of a selling pressure but eventually moved to the higher side from the support zone. Moreover, the rising channel formation on the daily scale suggests a fresh breakout move from the resistance zone for the bullish continuation rally in the coming trading sessions.

Shrikant chouhan, Head of Equity Research (Retail), Kotak Securities

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)