10 stocks that analysts say can offer impressive gains in the next few weeks

PSU banking stocks have performed stupendously in the last few days. The range and the speed of the rally reflects the deep value rooted in these stocks. The weekly charts show a double bottom breakout supported by trend line break. The price has also crossed above 50-day SMA on the weekly time frame chart. The analyst says that these are sure signs of a reversal and reflects a very high probability that the current rally has steam left. On the daily time frame, the price has been closing above its 200-day SMA. The analyst says fresh long trades can be taken with a stop below Rs 35 in anticipation of a rally towards Rs 54-55 over the next 4-6 weeks.

(Analyst: Manish Shah, Trading Coach, www.Niftytriggers.com)

Price action analysis in BDL reflects a possible trend change pattern. From its low of Rs 152 in March 2020, the price has rallied to Rs 480 in a matter of about 5 months. This rally was in a 5-wave sequence and this could be wave 1 of a developing impulse. The decline from the high of Rs 480 to Rs 283 can be marked out as wave 2 or B. In Elliott wave terms, the first corrective decline of an initial impulse is over and a new uptrend can emerge. The breakaway gap denotes that a major bottom at Rs 285 has been established. A slow meandering rally from the low of Rs 286 suggests lot of accumulation might have happened. The analyst says the stock should see a rally towards Rs 400 and above that to Rs 450 over the next 6-8 weeks. Intermediate term investors may consider buying with a stop loss at Rs 314. The analyst suggests traders to hold for the next 6-8 weeks.

(Analyst: Manish Shah, Trading Coach, www.Niftytriggers.com)

After showing a range-bound movement in the previous few sessions, the stock has witnessed a sharp up move in the last two sessions and closed higher. The stock has now witnessed an upside breakout of the hurdle at Rs 2,540 (previous swing highs as per weekly timeframe chart). Hence, the analyst expects a further upside from here and the upside momentum is expected to pick up in the short-term. Volumes have expanded along with up move in the stock price. The weekly 14-period RSI has moved above 60 levels. This could mean a possibility of a more upside in the near term. The analyst is bullish on the stock with a target price of Rs 2,900 in the next 3-4 weeks. He suggests placing a stop loss at Rs 2,540.

(Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities)

The stock has been in a sharp uptrend movement over the last one month. The upside momentum has accelerated after the formation of higher bottom at around Rs 64 in October. Currently, the stock price is making an attempt to stage a decisive upside breakout above the key overhead resistance at Rs 95, which is the swing high of June-July. A sustainable move above this area could open a sharp trended upside in the stock price. Volume and weekly RSI indicators are also signaling a positive up move for the stock. The analyst is bullish on the stock with a target price of Rs 112 in the next 3-4 weeks. A stop loss is suggested at Rs 92.

(Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities)

The stock is trading above its 200-EMA (exponential moving average) and has reversed from the same. The stock has also given a breakout of a symmetric triangle. The analyst expects a target price of Rs 2,180-2,190 from a short-term perspective on the stock. He recommends a buy with a stop loss at Rs 1,880.

(Analyst: Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited)

Dr. Reddy's has broken the resistance of a downward moving channel. The stock is moving above its 200-EMA, indicating a positive outlook. The analyst recommends a buy on this counter with a target price of Rs 5,310-5,320. A stop loss is suggested at Rs 4,750.

(Analyst: Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited)

The stock has been trading in an upward moving channel. Long-term moving averages like 50- and 200-day DMA as well as the 5- and 20-day DMA signals the presence of an uptrend in the stock. The analyst recommends a buy with a target of Rs 740 and stop loss at Rs 625.

(Analyst: Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited)

The entire up move in HDFC in the last two months is well-channeled and has recently rebounded, taking support at the lower band of the channel. The 20-day EMA signals the resumption of an up move after the last three weeks' breather. Structurally, the stock has already taken 3 weeks to retrace just 38.2% of the previous 3 weeks rally (Rs 1,906 to Rs 2,386). A slower retracement signals higher base formation and a robust price structure. The analyst expects the stock to continue it’s up move after last the three weeks' breather and head towards Rs 2,440 level as it is the 123.6% external retracement of the current breather (Rs 2,386-Rs 2,179). He recommends maintaining a stop loss at Rs 2,225 on a closing basis.

(Analyst: Dharmesh Shah, Head Technical, ICICI Direct)

The stock has resumed a fresh up move after the recent higher base formation and has generated a breakout above the last seven weeks' consolidation range (Rs 2,220-Rs 2,043), offering fresh entry opportunity. The base of the recent consolidation is placed at the rising demand line joining lows since October 2018 and 52-week EMA (currently at Rs 2,108), signalling strength and positive price structure. The analyst expects the stock to head towards Rs 2,420 level in the coming weeks as it is the 80% retracement of the recent breather (Rs 2,614-Rs 1,902). A stop loss is recommended at Rs 2,160 on a closing basis.

(Analyst: Dharmesh Shah, Head Technical, ICICI Direct)

The IT sector remains in a secular up trend since bottoming out in March 2020. After the last six weeks shallow retracement, the stock has resumed its fresh up move. The share price has been forming a higher peak and higher trough in all time frame. The stock has recently rebounded by taking support at the 50-day EMA and has generated a breakout above the major long-term trendline joining the highs of January 2015 (Rs 748) and May 2019 (Rs 846), signalling continuation of the uptrend. The analyst expects the stock to head towards Rs 1,020 in the coming weeks as it is the 150% external retracement of the entire previous major decline (Rs 845-472). A stop loss is suggested at Rs 890 on a closing basis.

(Analyst: Dharmesh Shah, Head Technical, ICICI Direct)