1/6 Money-making ideas
As bears are covering their positions and benchmark indices moving towards their highs again, some stocks are showing signs of breakouts. Analysts believe these five stocks may give returns of up to 24 per cent in the next few weeks.
2/6 RIL | Buy | Target: 2,200 | Upside: 9%
After showing a range movement with weak bias in the last 5-6 weeks, the stock has witnessed an upside bounce in the last couple of sessions. The present upside bounce could signal an upside breakout of the triangle pattern at Rs 1,970, and the stock has closed higher. This could be an indication of strengthening of upside momentum, and one may expect more upside in the near term. Volume has started to rise in line with the upmove in the stock and the relative strength index shows positive indication on daily/weekly charts. Buying can be initiated in Reliance Industries at CMP (Rs 2,014.95), and investors can add more on dips to Rs 1,940 and wait for the upside target of Rs 2,200 in the next 3-5 weeks. A stop loss at Rs 1,900 is recommended.
(Analyst: Nagaraj Shetti, Technical and Derivative Analyst, HDFC Securities)
3/6 Kotak Bank | Buy | Target: 2075 | Upside: 10%
The recent correction in this banking stock seems to be over, as the stock price has witnessed a sustainable bounce on Tuesday. The stock price sustained above the immediate support of 10-week EMA at Rs 1,850 (as per the weekly chart). Hence, more upside could be in store in the near term. The daily 14-period RSI has reached the lower bullish range of 40 (as per 60-40 levels). This pattern signals a possibility of further strengthening of upside momentum in the near term. One may look to buy Kotak at the current market price, and add more on dips to Rs 1,815, and wait for the upside target of Rs 2,075 in the next 3-4 weeks. A stop loss at Rs 1,770 is recommended.
(Analyst: Nagaraj Shetti, Technical and Derivative Analyst, HDFC Securities)
4/6 Apcotex Industries| Buy| Target: 230 | Upside: 24%
A trendline on the weekly charts of Apcotex from August 2018 highs indicates that the price has closed higher after more than two years of decline. This constitutes the first sign of a major change in trend. On the weekly timeframe, the price has also seen a breakout from an inverse-head-and-shoulders pattern. The price has seen a very steady rise from the lows of Rs 60 seen in March 2020, showing a pattern of higher highs and higher lows. The price is emerging out of a Bollinger band squeeze on heavy volumes, and seems to be getting ready for a trending move and showing firm signs of a reversal. Investors can buy this stock for a rally to Rs 210, and then to Rs 230. A stop loss below Rs 160 is recommended. Investors may hold the stock for 6-8 weeks.
(Manish Shah, Trader, Researcher, Trading Coach at www.Niftytriggers.com)
5/6 DCB Bank | Buy| Target: 125 | Upside: 5%
The stock is showing signs of stochastic and RSI reversal patterns. It is advised to buy at open or on dips to Rs 118 with a target in the range of Rs 121-125. A stop loss should be kept at Rs 116. Traders should hold the stock for the next five sessions for the desired target.
(Tency N Kurien, Research Analyst, Geojit Financial Services)
6/6 Finolex Cables| Buy| Target: 404 | Upside: 6%
The candle stock chart has formed an inverted happier pattern on the daily charts. It is advised to buy at open or on dips to Rs 378 with a target in the range of Rs 390-404. A stop loss should be kept at Rs 370. Traders should hold the stock for the next five sessions for the desired target.
(Tency N Kurien, Research Analyst, Geojit Financial Services)
