Birla Corp, Praj Industries among 6 stocks that can give solid returns in near term

The stock has seen a consolidation phase in the last few days where prices have traded within a range. However, this just seems to be a time-wise correction within an uptrend and the entire consolidation is above its ‘20 DEMA’ support. Considering the broader structure, we expect the stock to resume its uptrend soon and hence short term traders can look for buying opportunities in the counter.
Analyst: Ruchit Jain, Lead Research, 5paisa.com

In spite of a decent up move in the auto stocks, this stock has seen a relative underperformance and has not seen a price wise rally. The stock has now formed a ‘head and shoulders’ pattern and prices are on verge of breakdown from the neckline. The RSI oscillator has recently given a negative crossover and is hinting at negative momentum. The breakdown is below Rs 454 and traders can look to sell below this support.
Analyst: Ruchit Jain, Lead Research, 5paisa.com

After showing upside bounce post downward correction in the last week, the stock price has witnessed a sharp upside breakout of the down sloping trend line at Rs 300 levels in this week and is currently trading higher. The stock price is moving up as per higher tops and bottoms on the weekly chart. The volume has started to rise during upside breakout in the stock price and weekly RSI shows positive indication.
Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

The stock price has been in a sustainable up move in the last few weeks. We observe positive chart patterns like higher highs and lows over the period of time, which signal strength of an uptrend. Now, the stock price in an attempt to stage an upside breakout of crucial resistance of the down trend line at Rs 376-378 levels. The positive pattern of volume and weekly RSI indicates more upside for the stock price ahead.
Analyst: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Since mid July 2022 Birla Corp is trading in a range of Rs 1,015-948. This range bound action is taking the shape of an ascending triangle pattern. Price action shows a break out of this ascending triangle pattern. Most cement stocks are on a rally mode as monsoon comes to an end and demand for cement will pick up in the festival season. The upside price should see a rally to Rs 1,220-1,250 levels over next 6-8 weeks. Buy with a stop below Rs 940 and hold.
Analyst: Manish Shah, Independent Trading Coach

Praj Industries has remained in a wide trading range of Rs 445-310 for almost 15 months. This is a huge consolidation if price does manage to break above Rs 445 there should be a long-lasting trending move. Buy at current levels of Rs 430 and add to long trades on a break above Rs 450 On the upside price can rally to Rs 600-650 over next several months. Put a stop at Rs 380 and hold.
Analyst: Manish Shah, Independent Trading Coach
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.)