Analysts recommend betting on these 12 stocks for short term; do you own any?

Nifty rose about a percent in morning trade on November 1 and traded with decent gains during most part of the day.

The index clocked a gain of more than 5% in October. The year so far has been volatile amid concerns over rate hikes, inflation and geopolitical concerns.

Nifty is up about 4% this year so far and is expected to end the year with single-digit gains due to prevailing concerns.

As uncertainty prevails, analysts recommend betting on stocks that look good on fundamental and technical parameters.

Based on the recommendations of various analysts, here are 12 stocks that you can bet on for the next 3-4 weeks:

Analyst: Sumeet Bagadia, Executive Director, Choice Broking

Reliance Industries | Target price: ₹2,650-2,700 | Stop loss: ₹2,450

On a daily chart, the stock has given a breakout of the ascending triangle and managed to sustain above ₹2,450 level which suggests upside movement in the counter.

Furthermore, the stock has been trading above 21-day moving averages (DMA) which shows a positive trend for the time being.

Daily momentum indicator stochastic has shown a positive crossover which adds more bullishness to the price.

Kotak Mahindra Bank | Target price: ₹2,000-2,020 | Stop loss: ₹1,820

On the weekly chart, the price action of the stock embarked on strong traction above ₹1,850 level, confirming bullishness in the stock.

Moreover, it is also forming higher high higher low formations on the daily chart.

On the daily chart, the stock is trading above 21 simple moving averages (SMA), confirming the support in price action.

The stock is trading above 'Ichimoku cloud' in the hourly chart and a positive crossover is indicated in RSI and MACD in the momentum indicator as well which suggests continuity in the bullish trend in the near term.

Sustaining high volume points out buying interest among the traders.

"Based on the above technical structure, one can initiate a long position at the current market price. However, on the safer side, near ₹1,870-1,875 levels would be a better range to enter. Closing and sustaining above ₹1,925 will lead to ₹2,000-2,020 levels in the coming days," said the analyst.

Maruti Suzuki India | Target price: ₹9,800-9,900 | Stop loss: ₹9,000

The stock is developing a soccer pattern in daily charts, which supports the stock's bullishness.

On the daily chart, the stock is trading above 21 simple moving averages, confirming the price action's support.

RSI plotted on the daily timeframe is above 50 levels which reflects the strong momentum in the stock.

The Bollinger band on the daily timeframe has started to expand with volume participation indicating that the volatility in the underlying is increasing for an upside move.

"Based on the above technical structure, one can initiate a long position at the current market price. However, on the safer side, one can also enter near ₹9,400 level. Closing and sustaining above ₹9,560 will lead to ₹9,800-9,900 levels in the coming days," said the analyst.

State Bank Of India (SBI) | Target price: ₹575-580 | Stop loss: ₹515

The price action of the stock suggests strong traction expected above ₹545 level, confirming bullishness in the stock.

The stock is trading above 50 simple moving averages, confirming the support in price action.

The price is trading above the middle Bollinger band and a positive crossover is indicated in RSI and MACD suggesting continuity in the bullish trend in the near term.

Sustaining high volume after consolidation points out buying interest among the short-term traders.

"Based on the above technical structure one can initiate a long position at the current market price. However, on the safer side, near ₹530 level would be a better range to enter. Closing and sustaining above ₹545 will lead to ₹575-580 levels in the coming days," said the analyst.

Analyst: Jigar S. Patel, Senior Manager - Equity Research, Anand Rathi Share and Stock Brokers

HCL Technologies | Buying range: ₹1,020-1,030 | Target price: ₹1,150 | Stop loss: ₹960

On a weekly scale, the counter has formed a bullish bat pattern with a potential reversal zone of ₹920- ₹940 along with double bottom near the mentioned potential reversal zone which is adding more confirmation for early reversal in the counter.

Recently, it gave a clean breakout from its previous trading range of ₹860-950 and closed near ₹1,027 mark on a weekly closing basis which shows the strength in the counter.

On the indicator front, the weekly RSI (relative strength index) has formed an impulsive structure near the oversold zone along with the MACD-made bullish cross (weekly scale) which further confirms the upside in the counter.

"One can buy in small tranches at the current levels and buy another tranche around ₹985-990 levels (if tested). The upside is expected till ₹1,150 and support is seen around ₹960," said the analyst.

Muthoot Finance | Buying range: ₹1,040-1,046 | Target price: ₹1,150 | Stop loss: ₹980

On a weekly scale, this counter has formed a bullish shark with a potential reversal zone of ₹960-990 along with double bottom near mentioned potential reversal zone which is adding more confirmation for early reversal in said counter.

From the indicator perspective, the weekly RSI has formed a complex structure along with the MACD bullish cross which further confirms the upside in the counter.

"One can buy in small tranches at the current levels and buy another tranche at around ₹1,020 level (if again tested). The upside is expected till ₹1,150 and support is seen around ₹980," said the analyst.

Glenmark Pharmaceuticals | Buying range: ₹395-400 | Target price: ₹445 | Stop loss: ₹375

Glenmark Pharma has observed a steep fall of 49%t between July 2021 and June 2022. Since then, the stock has been consolidating between ₹360-400 and it has made a solid base near ₹375 level.

On a weekly scale, the said counter has formed an inverted bullish hammer near the support zone. Weekly RSI has formed an impulsive structure which is adding more confirmation for the upside in the coming days.

Analyst: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

Apollo Hospitals Enterprises | Target price: ₹4,900 | Stop loss: ₹4,400

The stock has made a higher bottom formation with the support lying strong around ₹4,350 level.

The RSI indicator has reversed its trend on the positive side signalling a buy. "With high volume participation, we anticipate the stock to move on further till ₹4,900 level," said the analyst.

Tata Motors | Target price: ₹450 | Stop loss: ₹388

The stock has witnessed a decent correction from ₹500 in recent times and has attained the support zone of ₹385-390 levels from where it has shown signs of bottoming out.

With some consolidation, it has indicated a pullback with improving bias and indicators.

The RSI is gradually on the rise from the oversold zone showing strength and is anticipated to move further up.

"A further rise above ₹418 would further strengthen the bias and one can anticipate a further rise till ₹450-460 levels," said the analyst.

Hindalco Industries | Target price: ₹505 | Stop loss: ₹385

The stock, after a short consolidation phase near ₹395, has indicated a pullback to come out of the consolidation zone.

Moving past the significant 50EMA (exponential moving average) level of ₹403 has further increased the probability of a further upward move in the coming days.

The RSI is getting stronger from the oversold zone and has indicated strength and shown a trend reversal to signal a buy.

Analyst: Pravesh Gour, Senior Technical Analyst, Swastika Investmart

Narayana Hrudayalaya | Target price: ₹860 | Stop loss: ₹700

This counter is in a conventional bullish uptrend as it has given a breakout of long consolidation as well as a breakout of a cup and handle formation with the strong volume on the daily chart.

It is bouncing back from around a 38.2% retracement of the previous rally. It is trading above its all-important moving averages with higher highs and higher low formations.

“On the higher side, the stock is facing a hurdle at around ₹800; above this, we can expect a long rally till ₹860+, while on the lower side, ₹700 is the crucial support level in any correction,” said the analyst.

Cummins India | Target price: ₹1,454 | Stop loss: ₹1,200

The counter has given a breakout of a long channel formation on the daily chart, while on the daily chart, it has witnessed a bullish flag pattern with a huge volume breakout.

The structure of the counter looks very classical as it is trading from all its principal moving averages.

“On the higher side, the stock is facing a hurdle at around ₹1,420, above this, we can expect a long rally till ₹1,454, while on the lower side, ₹1,200 is the crucial support level in any correction,” said the analyst.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of MintGenie.