Domestic equity indices ended the week with modest gains even as the global markets struggled, thanks to buying in index heavyweight RIL and IT stocks. "We may see some recovery in the banking pack ahead but traders should limit their positions mainly to the sectors which are attracting consistent buying interest," said Ajit Mishra, VP - Research, Religare Broking.
Here are five stocks that analysts believe can offer solid gains over 2 weeks times:
1) HDFC Life | BUY | Target Price: Rs 640
This counter appears to have resumed its up move with a breakout above its 20 days old descending channel. Moreover, this breakout is accompanied by a decent consolidation around Rs 567 levels with a double bottom formation. Hence, sustaining above Rs 587 levels, it can be expected to target recent swing highs. Therefore, positional traders are advised to buy into this counter with a stop of RS 584 and look for an initial target of Rs 640.
Hero Moto | BUY | TargetPrice: Rs 3100
After retracing 62% of its leg of the rally from the lows of Rs 2620 to Rs 3181 levels, this counter appears to be stabilizing with a near term bottom in place at the recent low of Rs 2830 levels. Hence, sustaining above the said levels, this counter can be expected to head higher toward Rs 3100 levels. Therefore, positional traders shall buy now and can add further on dips in the zone of RS 2900-2850 levels and look for a target of RS 3100. Stp suggested for the trade is RS 2800 levels.
Colgate Palmolive | BUY | Target Price: Rs 1465
This counter appears to have resumed its short term rally as it made a strong move in Thursday's session from the lower end of its larger consolidation range present between Rs 1340-1470 levels. Hence, sustaining above Rs 1360 levels on a closing basis, it can slowly head towards its upper end of the sideways range. Therefore, positional traders should buy into this counter with a stop below Rs 1359 on a closing basis and look for a target of RS 1465.
Deepak Nitrite | BUY | Target Price: Rs 800
The stock price has broken out from the downward slopping trend line on the daily chart with a rise in volumes. The stock price is forming bullish higher tops higher bottom on the daily and weekly chart. The primary trend is positive were stock on the daily and weekly chart. The primary trend is positive where stock is trading above its 200 days SMA and EMA. +DI is placed above the -DI while the ADX line is placed above 25 levels indicating momentum in the uptrend. Therefore, the analyst recommends buying Deepak Nitrite at CMP and average at Rs 720 for the target of Rs 800, keeping a stop loss at Rs 705.
Tata Elxsi |BUY | Target Price: Rs 1330
The stock price has broken out on the daily chart by closing above the resistance level of Rs 1210 level with higher volumes. The trend of the stock is positive where it is trading above all its important short and long-term moving average. The RSI oscillator is placed above 70, indicating strength in the stock. +DI is placed above the -DI while the ADX line is placed around 40 indicating momentum in the uptrend. Therefore, the analyst recommends buying Tata Elxsi at CMP and average at Rs 1180 for the target of RS 1330, keeping a stop loss at Rs 1150.
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