Maruti, HDFC Bank & M&M among 10 stocks that analysts say can offer good returns in next 2-3 weeks

Analysts are of the view that one should follow a stock-specific approach in such a market.

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The small range of gains reflected a cautious undercurrent in the market due to election politics and the ongoing fourth-quarter earnings.
NEW DELHI: There seems to be no Monday blues for Indian equities as positive global sentiment played ball today.

Asian shares reached their nine-month highs on renewed hopes of US-China trade talks after US Treasury Secretary Steven Mnuchin's positive comments. Besides, strong Chinese export data soothed concerns of an economic slowdown to an extent.

However, the small range of gains reflected a cautious undercurrent in the market due to election politics and the ongoing March quarter earnings.

Around 9:35 am, the BSE Sensex was up 50 points, or 0.13 per cent, at 38,816 while the Nifty was higher 21 points, or 0.18 per cent, at 11,664.

Analysts are of the view that one should follow a stock-specific approach in such a market. Based on some analysts' recommendations, below are 10 stocks that can give solid returns in coming 2-3 weeks.

Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher

Dilip Buildcon| Buy| Target price: Rs 725| Stop loss: Rs 610

The stock has been stagnant and consolidating around Rs 620. It has produced a positive bullish candle to signify strength and made the chart look attractive for further upsides. The RSI has indicated a trend reversal to signal a buy. "With good volume participation, we recommend a buy in this stock for an upside target of Rs 725, keeping a stop loss at Rs 610," said Parekh.

Maruti Suzuki| Buy| Target price: Rs 7,700 | Stop loss: Rs 7,150

The stock has been consolidating for quite some time between Rs 7,100 and Rs 7,200 and has given a breakout with a positive bullish candle pattern to display strength. It appears the stock has the potential for fresh upward movement. The RSI has been on the rise and with favourable indicators supporting our view, the chart looks very attractive.

Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory,

Ashok Leyland| Buy| Target price: Rs 107| Stop loss: Rs 90

This counter appears to have resumed its upmove after retracing 62 per cent of its last leg of rally from the lows of Rs 77–95 levels. As momentum in this counter is picking up with a close above its interim swing high of Rs 95, it can ideally head to test its 200-day moving average, placed around Rs 107.

Dabur India| Buy| Target price: Rs 427| Stop loss: Rs 398

This counter appears to have found a near-term bottom around Rs 399 as it has been moving almost flat for the last 9 sessions - in a narrow range of Rs 408–399. Hence, sustaining above Rs 400, it can register a decent pullback rally and try to test its interim top placed around Rs 430 levels. "Positional traders are advised to buy into this counter for a target of Rs 427, with a stop loss at Rs 398," Mohammad said.

Jay Thakkar, AVP, Equity Research, Anand Rathi Shares and Stock Brokers

TVS Motor Company| Buy| Target price: Rs 515| Stop loss: Rs 480

The stock has started to form higher tops and higher bottoms on the daily charts and the ascent prior to the previous rise was an impulsive one. Hence, another five wave rise is expected from current levels.

HDFC Bank| Buy| Target price: Rs 2,350| Stop loss: Rs 2,195

The stock seems to have completed wave 4 correction on the daily chart and the weekly momentum indicator MACD is still in a buy mode. Hence, wave 5 up is expected from here on.

Emami| Buy| Target price: Rs 430| Stop loss: Rs 385

The stock has provided a breakout from the downtrend line resistance with a clear buy crossover in its momentum indicator MACD on the daily as well as weekly charts.

Nagaraj Shetti, Senior Technical & Derivative Analyst, HDFC Securities

Maruti Suzuki| Buy| Target price: Rs 8,000| Stop loss: Rs 6,880

The stock price, according to the weekly chart, appears to have bottomed out currently. We observe a sharp upmove in the stock price after forming a higher bottom in the previous week. Last week, there was an upside breakout of a triangle type pattern, and the stock price closed above Rs 7,150. The overall volume and momentum oscillators also show confirmation of the current sharp upmove.

Lupin| Buy| Target price: Rs 905| Stop loss: Rs 785

The downtrend in this stock appears to have been over. The recent upside bounce in the stock price could be considered as a bottom reversal for the near term. There is a multiple bottom type formation at Rs 720-725 levels, which is a positive indication. Weekly 14 period RSI is signalling that the upside momentum in the stock price could continue for coming weeks.

Vikas Jain, Senior Research Analyst, Reliance Securities

Ajanta Pharma| Buy| Target price: Rs 1,120| Stop loss: Rs 985

The stock has formed a base in the range of Rs 980-1,000 levels and witnessed positive momentum over the past few days. Major technical indicators are positively poised above their averages lines. The stock is expected to come out of the narrow range soon and rebound upwards from current levels.

Mahindra & Mahindra| Buy| Target price: Rs 750| Stop loss: Rs 625

M&M has completed his corrective phase retracing 38.2 per cent from its high, forming a low at Rs 615 levels and witnessed positive momentum over the past few weeks. Positive cross-over in RSI and MACD is also signaling strength in the stock and in favour of a breakout.

(Views and recommendations given in this section are the analysts’ own and do not represent those of Please consult your financial advisor before taking any position in the stock/s mentioned.)




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