L&T, HUL and Marico among 8 stocks that may deliver strong returns in short term

L&T on the weekly time frame has decisively broken out above the 'Cup and Handle' pattern as well as the 'multiple resistance zone' which was placed between Rs 2,100-2,080 levels. The breakout is accompanied by an increase in volumes, confirming participation at the breakout level. The weekly 'Bollinger band' generated a buy signal as the stock closed above the upper Bollinger Band. The weekly strength indicator RSI is holding above a reading of the 50 mark and its reference line indicates positive momentum.

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On the weekly chart, Godrej Consumer Products has decisively broken out above the 'symmetrical triangle' pattern which was in formation from September 2021. The stock is forming a higher high-low on the weekly chart. This formation indicates a positive uptrend. The stock is well placed above 20, 50, 100 and 200 key averages, indicating positive momentum. The daily and weekly strength indicator RSI is in bullish mode and the weekly RSI crosses above its reference line which had generated a buy signal.

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On the weekly time frame, the stock has decisively broken out above the 'Consolidation' pattern. It was consolidating between Rs 2,975-2,500 levels. The breakout is accompanied by an increase in volume, confirming participation at breakout level. The stock is well placed above 20, 50, 100 and 200 key averages, indicating positive momentum. The weekly strength indicator RSI is holding above a reading of the 50 mark and its reference line indicates positive momentum.

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On the weekly time frame, the stock has decisively broken out above the 'multiple resistance zone' placed at Rs 750-730 levels. The stock has also broken above horizontal resistance placed at Rs 816 level. It is also respecting the upward-sloping trendline and forming a higher high-low on weekly charts. This formation indicates a positive uptrend. The breakout is accompanied by an increase in volume, confirming participation at the breakout level. The daily and weekly strength indicator RSI is in bullish mode and the weekly RSI is holding above its reference line which indicates positive momentum.

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The stock is trading in higher highs and higher lows formation on charts, which are bullish in nature. Apart from this, the stock has formed a 'continuation triangle' pattern on weekly charts and given the breakout of patterns. It has also managed to close above the same. So, follow-up buying is anticipated from the stock over the coming days. Therefore, one can buy in the range of Rs 2,700-2,710 levels for the upside target of Rs 2,900-2,950 levels with a stop loss below Rs 2,600 levels.

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Short-term, medium-term and long-term biases are looking positive for the stock as it is trading in higher highs and higher lows on charts which are bullish in nature. Apart from this, the stock is forming an 'Inverse Head and Shoulder' pattern on the weekly chart, which is considered to be bullish. RSI and MACD are also suggesting a buy call for the stock. Therefore, one can buy in the range of Rs 2,710-2,720 levels for the upside target of Rs 2,900-2950 levels with a stop loss below Rs 2,610 levels.

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The stock has been resilient and it seems to have been consolidating for the past few months with volume concentration, indicating a structural turnaround in price in the near term. The stock has been taking support from its 50-day EMA and the rising trend line joining highs of August 2018 & January 2019 is signalling the resumption of the up move and offers a fresh entry opportunity. On the oscillator front, the daily 14-period RSI has generated a buy signal with the presence of positive divergence. It validates the positive bias. Hence, it can be expected that the stock can head towards Rs 575 in the near term.

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The stock is seen providing a breakout from its previous swing high of November 2021 of Rs 48.3 and reclaiming a high. The stock is expected to further accelerate post its breakout above 48 as it is backed by volumes that are double the 10-week average. Amongst oscillators, MACD has entered bullish territory and is seen trending up, diverging from its 9-week mean, indicating strong upward momentum. Hence, in the short term, one can expect the stock price to head towards Rs 65 which is the previous swing high of April 2019.

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