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

India Cement has formed a higher bottom formation post short-term price correction. Currently, the stock is consolidating between Rs 162 to Rs 170. The stock has been consistently taking support near the 50-day SMA and the texture of the charts suggest trading above the same then uptrend wave likely to continue in the short run. Hence, if the stock succeeded to trade above Rs 162, we can expect a one more uptrend rally up to Rs 181. Stop loss should be at Rs 162.

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

After a strong uptrend rally the stock witnessed short term correction. However, the medium term texture of the stock is still positive. SBI took the support near an important retracement level and is currently trading near 50 day SMA with strong candlestick formation. Daily and weekly structure suggest reversal wave will continue in the near term if it manages to trade above Rs 355, which should be stop loss. Target should be at Rs 395.

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

On the weekly charts, after a long time stock closed above Rs 980 resistance which is broadly positive. On daily charts stock has formed higher bottom formation near 50 Day SMA which supports short term uptrend. In addition, on weekly charts, positive Parabolic SAR series along with bullish candle on weekly charts also suggest further uptrend in the near future. Rs 965 should act as a strong support and stop loss for the stock and sustain above the same can take it to Rs 1,075.

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

After five months of lull, volumes started picking up rapidly in February and the stock surged more than 70% to grab the eyeballs. This was followed by a brief phase of consolidation which seems to be over now. On Thursday, the stock prices finally managed to blow out as we witnessed a 10% rally with sizable volumes. The recent price chart displays a ‘Bullish Flag’ breakout in this stock. We recommend going long around Rs 580 for a target of Rs 655 in coming days. The strict stop loss can be placed at Rs 542.

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

In the last couple of sessions, the stock started rising along with towering volumes, indicating tremendous buying interest in the stock. In this course of action, it has managed to surpass the Rs 75 mark convincingly after nearly two years. Considering the broader degree price action, this probably is the beginning of the multi-month rally in this counter. We recommend going long on a small dip towards Rs 78 for a couple of short term targets of Rs 88 and Rs 94. The strict stop loss can be placed at Rs 72.20.

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

This stock has been consolidating in a ‘Downward Sloping Channel’ with no major destruction in prices. Now, after finding some support around the 89-EMA, the stock prices are about to move higher. Due to Thursday’s price up move, it’s at the threshold of the higher trend line of the channel. Looking at the positive placement of the momentum oscillators as well as few key moving averages, the possibility of it confirming the breakout is quite high. Traders are advised to go long for a target of Rs 632. The stop loss can be maintained at Rs 596.50.

(Analyst: Bharat Gala, President - Technical Research, Ventura Securities)

The 200 DMA of the stock is continuously rising since December 2020. The Super Trend Indicator is continuously in Positive mode. Recently, after making a bottom at Rs 1,558, taking support of up gaps is showing signs of possible up move. Observing the trend in the stock, the stock has a potential to test Rs 2,200-2,600 levels in coming days. If the stock corrects during the move, it can be added in the 1,710-1,340 range. Stop Loss at Rs 1,275 has to be observed in the trade.

(Analyst: Bharat Gala, President - Technical Research, Ventura Securities)

Stock traded in consolidation Zone for three months, absorbing the supply, making higher bottoms & higher tops in the up move with few up gaps. Bollinger bands are entering the narrow zone, and there is a possibility of positive price breakouts. The stock has closed above its all short term averages. The stock has strength to achieve a target of 1,000-1,300 in coming days. Intermediate buy area is 715-560. Stop loss of Rs 535 on closing basis is to be observed in the trade.

(Analyst: Bharat Gala, President - Technical Research, Ventura Securities)