Cipla, Auro Pharma among 6 money-making ideas in near term

After a price-wise correction from its highs, the stock went through a time-wise correction in the recent past where the stock prices consolidated within the range of Rs 500-560. However, the stock has now given a breakout from its resistance with increasing volumes and the momentum oscillator is also in buy mode hinting at a positive trend. Hence, traders can look to buy the stock in the range of Rs 575-570 for potential targets of Rs 610 and Rs 625 in the near term. The stop loss should be placed below Rs 550.

Analyst: Ruchit Jain, Lead Research, 5paisa.com

The stock had recently consolidated in a broad triangle and prices have given a breakout from the pattern. The breakout, post announcement of its quarterly results, was supported by good volumes and the ‘RSI’ oscillator too is indicating a positive momentum. Thus, traders can look to buy Cipla in the range of Rs 1000-990 for a potential target of Rs 1060 in the near term. The stop loss for positions can be placed below Rs 965.

Analyst: Ruchit Jain, Lead Research, 5paisa.com

Auto stocks are on a rampage and tire stocks have off late started to attract buying interest. Balkrishna Industries shows a breakout from a huge symmetrical triangle pattern. This suggests that prices are moving higher after a prolonged period of sideways action. Price has also started to trade above its 200-SMA in the last 10 days. Prices are set for a rally to Rs 2800 and above that to Rs 3000 over the next 6-8 weeks. Put a stop below Rs 2240. Hold for 6-8 weeks.

Analyst: Manish Shah, Independent Trading Coach

Nuvoco Vistas seems to be breaking out of an inverse head and shoulder pattern. Price has seen a prolonged decline post its listing. The inverse head and shoulder pattern mark the cessation of its decline from the high at around Rs 577 in September 2021. The 20-period moving average has crossed above the 50-period moving average. Buy for a rally to Rs 400-420 over the next 6-8 weeks. Keep a stop loss below Rs 310.
Analyst: Manish Shah, Independent Trading Coach

After showing minor weakness amidst consolidation in the last week, the stock price witnessed a sharp up move in this week so far. Present up move has validated the decisive upside breakout of the intermediate downtrend line (resistance line connected from the falling tops) at Rs 760. A rise in volume during upmove and positive daily as well as weekly RSI pattern signal a positive outlook for the stock price ahead.

Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

After a sharp weakness in the month of June 22, the stock price shifted into a minor upside bounce with range movement till last week. The stock price is currently in an attempt of staging an upside breakout of the strong overhead resistance around Rs 104-105 levels. Hence, a sustainable move above this hurdle could open further upside for the stock price ahead. Volume and daily RSI are also supporting further upside for the stock price.

Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities