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Business News/ Markets / Stock Markets/  IRCTC, Piramal Ent, Delta Corp among 6 stocks that can jump 8-23% in the next 3-4 weeks; do you own any?

IRCTC, Piramal Ent, Delta Corp among 6 stocks that can jump 8-23% in the next 3-4 weeks; do you own any?

Nifty 50 reached a record high last week and closed almost 1% higher. Technical experts suggest potential upside towards 22,500. Six stocks recommended for buying include PEL, Oberoi Realty, and Delta Corp.

Experts recommend buying technically and fundamentally sound stocks at the current juncture. (Pixabay)Premium
Experts recommend buying technically and fundamentally sound stocks at the current juncture. (Pixabay)

Equity benchmark Nifty 50 hit its fresh record high of 22,297.50 last week and ended almost a per cent higher on the weekly scale. On Monday, February 26, the market benchmark opened lower and traded lacklustre in the morning session amid weak global cues.

On the technical front, experts pointed out that the Nifty has broken out of a 45-day consolidation period, indicating a potential upside towards 22,500. According to Santosh Meena, Head of Research at Swastika Investmart, the immediate support for the Nifty 50 lies at the 20-day moving average (DMA) of around 21,900, while the 50-DMA at 21,700 serves as a key support level.

Anand James, Chief Market Strategist at Geojit Financial Services observed that the downside may be pushed higher to 22,055 on a closing basis while continuing to have 22,450- 22,550 as the near-term objectives. But he believes that the large swings or muted sideways moves need to be accounted for this week, rather than a directional play. For the day, Nifty needs to push beyond the congestion resistance of 22,240-22,280 to signal strength, said James.

Experts recommend buying technically and fundamentally sound stocks at the current juncture. Based on the recommendations of several experts, below are six stocks that one can consider buying for the next three to four weeks. Take a look:

Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers

Piramal Enterprises (PEL) | Last traded price (LTP): 933.55 | Target price: 1,055 | Stop loss: 860 | Upside potential: 13%

In September 2023, PEL reached its zenith, soaring to nearly 1,140. 

However, it subsequently endured a substantial downturn, plummeting by almost 300 points, constituting a significant 26 per cent decline. 

Presently, the stock seems to have discovered a level of support within the bracket of 840-900, suggesting a potential stabilization in its price movement. 

Notably, recent market observations have unveiled the formation of a double bottom pattern on the daily chart, accompanied by bullish divergence—a promising indication for traders. 

This confluence of technical signals presents an enticing opportunity for market participants.

"Traders are advised to contemplate initiating long positions within the range of 915-935. The anticipated target for this bullish trade is positioned at 1,055, representing a potential upside opportunity. To manage risks effectively, it is recommended to set a stop loss level at 860, to be evaluated based on daily closing prices," said Patel.

Oberoi Realty | LTP: 1,366.10 | Target price: 1,475 | Stop loss: 1,299 | Upside potential: 8%

Last month, Oberoi Realty demonstrated a commendable consolidation phase in the range of 1,280 to 1,345, coinciding with its 100-day exponential moving average (DEMA). 

However, recent developments have marked a significant shift in market dynamics. 

The stock has decisively broken out of this consolidation range, marking a notable departure from the previous trading pattern. 

Furthermore, it has breached the bearish trendline that persisted over the last two months. 

Technical indicators are aligning favourably with this bullish sentiment. 

The daily stochastic oscillator has undergone a bullish crossover and rebounded from the 40 level, suggesting a reversal of momentum to the upside. 

This confluence of factors indicates a potential for sustained bullish momentum in the forthcoming week. 

"Traders are recommended to initiate long positions within the range of 1,345 to 1,370. The upside target for this trade is set at 1,475, reflecting the anticipated continuation of the bullish trend. It is prudent to set a stop loss at 1,299 on a daily closing basis to mitigate potential downside risks," said Patel.

Delta Corp | LTP: 146.70 | Target price: 180 | Stop loss: 127 | Upside potential: 23%

In the recent trading session, this stock exhibited a robust recovery, rebounding sharply after honouring an eight-month-old bearish trendline. 

Additionally, noteworthy market activity was observed on February 7, 2024, characterized by a substantial surge in buying volume, accompanied by a large green candlestick formation. 

However, it is notable that despite the bullish momentum, the lower limit of the aforementioned green candle remains unbreached. 

On the technical front, the Stochastic oscillator has signalled a reversal from oversold territory, following a notable impulsive rebound, providing further validation for bullish sentiment. 

"Investors are encouraged to consider establishing long positions within the range of 140–150. The anticipated target for this bullish trade is set at 180, reflecting the potential for significant upside movement. To manage potential risks effectively, a stop loss order is advised to be placed in proximity to 127 on daily closing prices," Patel said.

Shiju Koothupalakkal, Technical Research Analyst, Prabhudas Lilladher

BSE | LTP: 2,276.80 | Target price: 2,500-2,600 | Stop loss: 2,180 | Upside potential: 14%

The stock after a decent correction from 2,600 level bottomed out, taking support near the important 100 period MA (moving average) of 2,160. 

A positive candle formation on the daily chart has improved the bias to signal a further rise. 

The RSI indicated a trend reversal after 13 days to signal a buy and. 

A close above the 50EMA level of 2,270 has further strengthened the bias. 

"With the chart looking good, we suggest buying the stock for an upside target of 2,500 to 2,600 levels keeping the stop loss of 2,180," said Koothupalakkal.

Mishra Dhatu Nigam | LTP: 447.25 | Target price: 520 | Stop loss: 417 | Upside potential: 16%

After the slide from 545, the stock stabilised near the strong support of 390 and indicated a decent pullback with a positive candle formation to move past the 50EMA level of 434 to improve the bias and indicate further rise in the coming days. 

The RSI has cooled off from the highly overbought zone and has flattened out. Currently, it is well-placed indicating a trend reversal to signal a buy.

IRCTC | LTP: 964.85 | Target price: 1,050- 1,080 | Stop loss: 915 | Upside potential: 12%

The stock after the short correction from the peak of 1,050 bottomed out near the important 50EMA of 890. 

Thereafter, it gradually picked to improve the bias. Currently, with a positive candle formation, it has come out of the resistance of 960. 

With the price well-positioned and bias improving, one can anticipate a fresh upward move in the coming days. 

The next near-term target would be 1,005 and after that with strength sustaining, it can achieve and re-test the previous peak of 1,050 in the coming days. 

From the current level, one can maintain the near-term support of 915.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.


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Published: 26 Feb 2024, 10:16 AM IST
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