7 stocks that may deliver solid returns in the next few weeks

The base of the recent consolidation in the stock is placed at its 52-week EMA (at Rs 162 level), highlighting strength. The weekly 14-period RSI has generated a buy signal moving above its nine-period average, thus supporting the positive bias. The analyst expects the stock to continue with its positive trend and head towards Rs 210, which is the 61.8 per cent retracement of the entire CY20 decline (Rs 280-96). The analyst recommends placing a stop loss at Rs 184 on a closing basis.


(Analyst: Dharmesh Shah, Head - Technical, ICICI direct)

The stock price could challenge its crucial upside resistance of Rs 84-85 levels in the near term. The upside breakout of that could open a sharp trended movement on the upside in the medium term. Weekly 14-period RSI shows a positive indication, which signals chances of further strengthening of upside momentum in the stock price ahead. The overall chart pattern of the scrip indicates a long trading opportunity. Buying can be initiated in Bombay Dyeing at CMP (Rs 80.15), add more on dips down to Rs 77, wait for an upside target of Rs 88 in the next 3-4 weeks. The analyst suggests placing a stop loss at Rs 75.


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

The stock is attempting an upside bounce of the last few weeks' range at Rs 625-630 this week. Further, the upside is likely to be a sharp up-trending move in the stock price. The analyst has observed a larger channel pattern and the stock price has started moving towards the upper end of a channel at Rs 710. Weekly 14-period RSI shows positive indication and one may expect further strengthening of upside momentum in the near term. The overall chart pattern of CESC indicates long trading opportunities. Buying can be initiated in CESC at CMP (Rs 619.55), add more on dips down to Rs 595, wait for the upside target of Rs 670 in the next 3-4 weeks. The analyst recommends keeping a stop loss at Rs 580.


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

The stock has moved out of a flag pattern and this denotes trend continuation. On the daily charts, it has started to show signs of a rally as momentum indicators have started to show the emergence of a strong trend. On the left side of the chart, there are no significant barriers to the price at least till Rs 230. Nocil is breaking out of a six-month consolidation pattern and a breakout of this size could result in a sizeable run. The analyst recommends buying for a target price of Rs 230 and above that to Rs 255 over the next 6-8 weeks.


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

Wipro’s decline from the high of Rs 467 was one of the least among major software stocks. On the daily charts, Wipro shows a descending triangle pattern which is a trend continuation pattern. Price has also closed above the 20-period SMA, a sign of bullishness which is confirmed by directional movement buy signal. On the higher time frame, the weekly chart of Wipro is in a strong trend. The stock is likely to see a rally towards Rs 460 and above that to Rs 510. Buy at current levels with a stop loss placed below Rs 400 for a holding period of at least 6-8 weeks.

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

Structurally, it has completely retraced its 26-month decline (Rs 755 to Rs 251) in just 11 months. A faster retracement in less than half the time interval highlights extension of the current rally and a robust price structure. The analyst expects the stock to continue with its up move and head towards Rs 795 in the coming weeks as it is the 150 per cent external retracement of the previous breather (Rs 732-596) placed at Rs 795. He recommends maintaining a stoploss at Rs 690 on a closing basis.


(Analyst: Dharmesh Shah, Head - Technical, ICICI direct)

The entire up move since October 2020 is well channeled, signalling sustained demand at elevated levels. The 20-day EMA has acted as a strong support for the stock in the entire rally since October 2020 and is currently placed at Rs 630 level. Among oscillators, the weekly MACD is in a strong up trend and is seen diverging from its nine-period average, thus validating a positive bias. The analyst expects the stock to head towards Rs 760 in coming weeks as it is the price parity with the previous up move of Rs 551 to Rs 670 as projected from the recent trough of Rs 629 signals upside towards 760 levels. Maintain a stop loss at Rs 655 on a closing basis.


(Analyst: Dharmesh Shah, Head - Technical, ICICI direct)