5 stocks that may deliver up to 16% returns in next few weeks

IndusInd Bank found support around Rs 789 on Thursday. These levels also coincide with its 200-day EMA, thereby making it a strong support point. The bounce back seen on Friday came on the back of above average volumes, indicating there significant accumulation in this counter. Momentum indicators like the 14-day RSI, too, have bounced back from oversold levels, which augurs well for the stock. With the medium term technical set up looking attractive, the analyst believes that the stock could gradually move higher in the coming sessions. He recommends a buy between Rs 830-860 with a stop loss placed at Rs 800. The target price is Rs 980.

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

Sun Pharma remains in a strong intermediate and long term uptrend. Recently, however, the stock corrected from a high of Rs 628 to test a low of Rs 550. The stock has bounced back strongly from the lows of Rs 550 in the last 2 sessions, thereby showing relative strength against the Nifty, which has been in correction mode. In the process, Sun Pharma has closed above its 50-day SMA. The 14-day RSI has also bounced back. With the medium term technical set up looking attractive, the analyst believes that the stock could gradually move higher in the coming sessions and recommend buying between Rs 580-595 for a target price of Rs 670. A stop loss is recommended at Rs 550.

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

From the last couple of weeks, Ashok Leyland stock has witnessed a price correction. It corrected nearly 12 per cent from its previous resistance level. In the short term time frame, the stock is in the oversold zone. The daily and weekly pattern indicates high chances of price reversal from current levels. In addition, oversold momentum indicators cycles and retracement support level indicates fresh uptrend wave from current levels. The stock took a strong support near Rs 110 and if it sustains above the same, the analyst expects a quick pullback rally up to Rs 119.

(Analyst: Shrikant Chouhan, EVP- Equity Technical Research at Kotak Securities)

The stock has registered a sharp price surge in the recent past but post Rs 414 breakout, the stock failed to sustain at higher levels and due to consistent selling pressure it corrected over 8 percent. From the last couple of weeks, BPCL has been volatile and the texture of the chart suggests it will remain so for next few trading sessions. However, the medium term structure of the stock is still positive. On the weekly chart, the stock still maintains a higher bottom series which is broadly positive. Currently, the stock is trading near its 200-day SMA. The daily and weekly structure of the stock clearly suggests a strong possibility of a fresh uptrend rally from current levels. The analyst has set a target price of Rs 410 on the stock.

(Analyst: Shrikant Chouhan, EVP- Equity Technical Research at Kotak Securities)

After a strong uptrend rally from Rs 490 to 555, the stock was hovering between Rs 555 to Rs 520. However, the medium term texture of the stock is bullish and likely to remain so in the medium-term. It has formed a strong reversal pattern near its 50-day SMA, which is broadly positive. In addition, the strong bullish candles near the important retracement level along with modest volume activity clearly suggests a fresh uptrend from current levels. For positional traders, Rs 518 should be the key level to watch out for. If the stock succeeds to trade above the level, then the analyst expects one more uptrend wave up to Rs 575.

(Analyst: Shrikant Chouhan, EVP- Equity Technical Research at Kotak Securities)