11 stocks that analysts say can deliver solid returns in the next few weeks

The stock has witnessed a price correction of more than 10 per cent from its 52-week high level. Currently, the stock is trading near its 50-day SMA and on the weekly charts the stock is trading near an important retracement level that indicates high chances of trend reversal in the short-term. In addition, on the weekly and monthly charts, the stock has maintained a higher bottom series pattern that also helped positional traders to take a positive stance near the crucial support level. The analyst is bullish on Eicher Motor with a target price of Rs 2,660 and suggests placing a stop loss at Rs 2,390.

(Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)

After a short-term price correction from Rs 825 to Rs 725, the stock is now hovering between Rs 750-Rs 790. However, the medium term texture of Cipla is very strong and higher bottom formation on daily and weekly charts indicates the strong possibility of another uptrend wave. A strong bullish candle on monthly charts, along with modest volume activity, advocates a further uptrend. Unless it is trading below Rs 760, positional traders can retain an optimistic stance and look for a target of Rs 850, according to the analyst who suggests a stop loss below Rs 760.

(Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)

The stock has witnessed a sharp price surge in the recent past but post breakout the stock failed to sustain at higher levels. Due to consistent selling pressure at higher levels, it corrected over 10 per cent. From the last couple of weeks, the stock has been volatile and texture of the chart suggests it will remain volatile for the next few trading sessions. However, the medium term structure of the stock is still positive and likely to continue in the near term. On the weekly charts, the stock still maintains a higher bottom series. The analyst, therefore, recommends buying the stock for short-term gains with a target of Rs 1,525 and stop loss at Rs 1,375.

(Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)

The stock has witnessed a correction from Rs 270 level and has consolidated, taking support near Rs 244. This indicates a higher bottom formation pattern on the daily chart. There are signs of improvement in the bias, with the RSI also showing a trend reversal and signaling a buy to anticipate further upside movement in the coming days. The analyst suggests buying this stock for a target of Rs 270-280, keeping the stop loss at Rs 240.

(Analyst: Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher)

The stock has given a decent correction and has flattened out near Rs 1,290 level to improve the bias and has indicated signs of a reversal to anticipate further upward move from here on. The RSI also has consolidated and gaining strength to improve the trend. The analyst suggests buying this stock for a target of Rs 1,450-1,480, while keeping a stop loss at Rs 1,280.

(Analyst: Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher)

This counter appears to have resumed its up move after a brief corrective and consolidation phase from the highs of Rs 632 to Rs 591. Moreover, the rally on relatively higher volumes from the lower end of the the 26-day-old ascending channel is hinting that short term bottom may be in place at the recent lows of Rs 591. Hence, as long as it sustains above Rs 591, the trend shall remain positively biased. The moment it registers a sustainable close above Rs 632, it shall head to test Rs 688 level registered in 2018. Therefore, positional traders are advised to adopt a two-pronged strategy of buying now and adding further on dip, if any, in the zone of Rs 610 – Rs 600. The analyst has suggested a stop loss below Rs 593.

(Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in)

This counter appears to have registered a breakout on both price and volume charts last Wednesday after 8 days of consolidation in extremely narrow ranges. The price behaviour on weekly charts is also looking somewhat attractive as last week’s bullish candle is on the back of 4 weeks of indecisive formations on weekly charts. Hence, a positive stance in this counter can be retained as long as it sustains above Rs 95, according to the analyst. Positional traders are advised to buy the stock for a target of Rs 114. A stop loss is suggested at Rs 95.

(Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in)

This counter appears to have registered a fresh breakout after moving in an extremely narrow range for the preceding 8 trading sessions. Moreover, with this breakout it also closed above its interim top of Rs 408 registered in August 2020, confirming that it has embarked on a fresh leg of upswing. Hence, upon sustaining above Rs 400 level, it can be expected to eventually head towards Rs 460, which is the 62% retracement level of its entire fall from Rs 638 to Rs 172. However, considering the fact that it witnessed a huge price appreciation from the lows of Rs 381 to Rs 441 in last Friday’s session, positional traders are advised to adopt a two-pronged strategy of buying now and adding further on dips into the zone of Rs 410 – Rs 395 levels and look for a target of Rs 460. The analyst suggests a stop loss at Rs 390.

(Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in)

After correcting from a high of Rs 232 touched in October 2016, Orient Cement found support around the Rs 35 level in May 2020. The stock has since then rebounded and gradually climbed higher in the last few months. Recently, the stock broke out of the recent intermediate highs of Rs 78 on the back of above average volumes, indicating the stock is now in a new intermediate uptrend. Technical indicators are giving positive signals as the stock is trading above the 20-day and 50-day SMA. Short term momentum indicators like the 14-day RSI are in rising mode and not extremely overbought. With the short and medium term technical setups looking positive, the analyst believes the stock has the potential to move higher in the coming weeks. He, therefore, recommends a Buy on the counter between Rs 85-88 levels for a target of Rs 112. A stop loss is suggested at Rs 76.

(Analyst: Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities)

After finding support at Rs 4,656 which coincided with the 20-week SMA, Dr's Reddy's has been gradually rising in the last few weeks and making higher tops and higher bottoms in the process. In the last week, the stock broke out of the recent trading range of Rs 4,905-5,100. Technical indicators are giving positive signals as the stock trades above the 20-day and 50-day SMA and momentum readings like the 14-day RSI are in rising mode and not overbought. The analyst believes the stock is ready to continue the next leg of its underlying uptrend and has the potential to move higher in the coming weeks. He recommends a Buy between Rs 5,200-5,250 levels for a target of Rs 5,650. He suggests placing a stop loss at Rs 5,050.

(Analyst: Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities)

Recently, the stock gave a long-term breakout by breaking above the key resistance level of Rs 3,150 that acted as stiff resistance for around three years. A strong potential target for this breakout is still pending. However, a quick move post breakout towards Rs 3,380 resulted the oscillators going into an overbought territory. Hence, in the last few sessions we witnessed some consolidation. On the daily chart, we are now witnessing a continuation pattern breakout known as ‘Pennant’. The analyst senses the resumption of a primary uptrend. With all the above price formations and technical parameters in favor of bulls, the analyst recommends a buy at current levels for a target of Rs 3,550 over the next 14 sessions. A stop loss can be placed below Rs 3,250.

(Analyst: Sameet Chavan, Chief Analyst Technical and Derivatives, Angel Broking)