IRCTC, Tata Motors among 7 stocks that can rally in near-term

SCI has corrected from a high of 160 touched in December 2021. The stock recently found support at 85 levels which also roughly coincides with the 200-week EMA and previous intermediate lows of the stock. The stock has since then bounced back and made higher bottoms over the last few weeks. In the process, the stock has also broken out of the previous intermediate highs of 124.25, indicating the stock is set to continue its intermediate uptrend. Daily momentum readings like the 14-day RSI are in rising mode after recently moving above its 9-day EMA. With the intermediate technical setup too looking positive, we believe the stock has the potential to move higher in the coming weeks.

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

Metropolis has shown relative strength this month. In the process, the stock has broken out of a narrow range on the back of above-average volumes. Technical indicators are giving positive signals as the stock has closed above the 20 and 50-day SMA. Momentum readings like the 14-week RSI, too, have bounced back from oversold levels and are in rising mode and not overbought, which implies the potential for further upsides. With the intermediate technical setup too looking favourable, we expect the stock to move up further in the coming sessions.

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

This stock has been off the radar for quite some time now. Over the past couple of months, the stock prices made a smart recovery which appears to be the accumulation phase. After this, it made valiant attempts to surpass the sturdy wall of ‘200-SMA’ but failed to do so on multiple occasions. This week, stock prices finally managed to surpass and sustain above this key moving average, which is a sign of strength. If we look at the daily momentum oscillators and combine them with the weekly price structure, we expect the stock to find its mojo back soon. Thus, we recommend buying for a near-term target of Rs 785. Traders can participate by following strict stop loss at Rs 718.

Analyst: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

The life insurance companies underwent a decent price correction over the past few weeks. However, we can see this stock is recovering smartly precisely after testing the sacrosanct support around ‘200-day SMA’. With Friday’s strong move, stock prices managed to traverse the ’20-day EMA’, which is an indication of further strength in the coming week. Additionally, the ‘RSI-smoothened’ on daily chart is positively poised. Traders are advised to buy for a near-term target of Rs 1,285. The strict stop loss needs to be placed at Rs 1,226.

Analyst: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

On a daily scale, the stock is trading in a triangle chart formation, which clearly suggests bullish momentum is likely to remain in the short term. In addition, the stock has formed a higher bottom formation indicating good strength in the counter for a fresh breakout up move.

Analyst: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities

After a remarkable rally and a breather of a few sessions, the stock is gaining further traction for up move. The structure of the chart formation indicates a bullish continuation pattern, which is likely to persist in the near term.

Analyst: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities

After a short-term price correction, the stock has found support near its demand zone. The decent volume activity near the support zone indicates that the stock has limited downside, hence making it a good candidate with regard to the risk-reward scenario. Therefore, the stock is expected to give bullish momentum from the current levels.

Analyst: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)