The Indian market has been highly volatile of late with the Nifty broadly n a range of 17,400-17,900 amid concerns over rate hikes, inflation and recession.
After Friday's drubbing, the market is up on Monday with buying in select heavyweights across sectors.
The market is expected to remain volatile with the Fed meet and RBI MPC outcome as top triggers. For the short term, analysts recommend placing bets on stocks that look technically and fundamentally good. Based on recommendations of various analysts, here are 11 stocks that can give healthy returns in short term:
Analyst: Jigar S. Patel, Sr. Manager - Equity Research, Anand Rathi Share and Stock Brokers
Max Financial Services (MFSL) | Buying range: ₹820-824 | Target price: ₹900 | Stop loss: ₹780
On a daily scale, it has formed a bullish bat pattern with a potential reversal zone of ₹780. For the last two months, it has been making a nice base near ₹790-800 levels.
Recently on a daily scale, the stock confirmed a MACD bullish cross near zero line along with volume picking adding more confirmation of further upside in the counter.
Daily RSI has nicely bounced back from 40 which is adding more strength to the counter.
Indus Towers | Buying range: ₹203-205 | Target price: ₹228 | Stop loss: ₹190
This stock seems to be oversold and we are witnessing the RSI rebounding from 50 levels on the daily scale along with MACD displaying a positive bias near the zero line on the daily chart.
This indicates the possibility of a bounce in the coming sessions. In addition, on the daily chart, the stock is at the potential reversal zone of the bullish bat pattern i.e. ₹195-200.
Muthoot Finance | Buying range: ₹1,030-1,035| Target price: ₹1,110 | Stop loss: ₹990
This stock seems to be oversold and we are witnessing a positive intersection in MACD on the weekly scale along with RSI stabilizing around 40 on the weekly chart.
This indicates the possibility of a bounce in the coming sessions. In addition; the stock has made an inverted bullish hammer near crucial support of ₹1,020 on the daily scale.
For the last few weeks, the counter has been making a nice base near ₹1,010-1,020.
Analyst: Santosh Meena, Head of Research, Swastika Investmart
Poly Medicure | Target price: ₹1,060 | Stop loss: ₹880
The counter has entered into a fresh expansion phase after breaking out downsloping trendline resistance. Now, it is witnessing a breakout of bullish pennant formation which may lead to further strength towards the ₹1,060 level.
It is trading above its all-important moving averages with a positive bias in momentum indicators. The ADX is trading above the 50 mark and indicating strength in the trend whereas RSI is also trading well above the 60 mark. on the downside, a 10-DMA of ₹880 will act as a strong support level.
Wonderla Holidays | Target price: ₹450 | Stop loss: ₹360
The counter is in strong bullish momentum where it is breaking out bullish flag formation after consolidating above 20-DMA.
On an immediate basis, ₹424 is a critical hurdle; above this, ₹450 will be the next target level. On the downside, 20-DMA of ₹360 is an immediate and strong support level.
Momentum indicator RSI witnessed a positive crossover after taking support at the 50 mark while MACD and ADX are also positively poised.
Thermax | Target price: ₹2,825 | Stop loss: ₹2440
The counter is in a classical uptrend where it is continuously making higher highs and higher lows formation. Recently it has broken out bullish flag formation followed by a breakout of the symmetrical triangle pattern.
It is respecting its 20-DMA beautifully while 50-DMA is acting as a base for any meaningful correction. Momentum indicator RSI witnessed a positive crossover after taking support at the 60 mark while MACD and ADX are also positively poised.
Analyst: Ravi Gangan, Technical Trader, Mehta Equities
Tata Power | Target ₹255-260 | Stop loss: ₹225
Tata Power is back in action post breaking is long time support price near 220. The stock has seen a stable momentum near the ₹230-240 range.
A further break above this range will help the stock prices to move in the north direction towards another psychological mark above ₹250 levels. On the downside, stop loss would be ideal near ₹225 levels.
Adani Enterprises | Target price: ₹4,000 | Stop loss: ₹3,570
This Adani group stock has not seen any negative red candle closing for a month the stock is up up and rising with one directional movement.
Amidst the volatile markets, the company has withstood all odds and still has the potential to reach to psychological of ₹4,000.
Buy on dips would be the preferred strategy for this setup as any dips can be buying opportunity for the ongoing rise. However strict stop loss near ₹3,570 is advisable to maintain.
NTPC | Target price: ₹190 | Stop loss: ₹160
NTPC has touched its new 52-week high near ₹176 levels keeping the momentum steady on the upside.
The rise was followed by higher highs and higher lows over the last three consecutive sessions indicating positivity in the stock.
The RSI has the strength to take prices even higher towards 190 levels as it has not reached its overbought conditions. Also, ₹260 can be considered as a stop loss from where prices started rising and are now acting as base support levels.
Analyst: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Sumitomo Chemical India | Target price: ₹575 | Stop loss: ₹495
The stock has maintained a positive trend with an ascending channel pattern on the daily chart currently indicating a bullish candle pattern to improve the bias maintaining above the 50DMA level of ₹477 and anticipating a further rise in the coming days. The RSI has also picked up strength and is well placed with the further upward move expected.
Delta Corp | Target price: ₹247 | Stop loss: ₹212
The stock has been gradually on the rise on the daily chart currently indicating a positive candle with huge volume participation improving the trend and almost giving a breakout expecting a further upward move in the coming days. The RSI has been on the rise with strength indicated.
Disclaimer: The views and recommendations given in this article are those of individual analysts and broking firms. These do not represent the views of MintGenie.
