Stocks to buy: Dr Reddy's Lab, Cipla among 9 stocks that can rise 6-15% in next 3-4 weeks; do you own any?

Experts judge the marketplace whitethorn stay successful a scope up of the wide predetermination outcome. At the aforesaid time, the ongoing results play volition infuse stock-specific movements.

On the macro front, the eurozone GDP information and the Bank of England (BoE) argumentation determination volition beryllium the absorption of this week.

On the method front, the marketplace is showing signs of weakness and a further correction whitethorn beryllium possible.

"The Nifty scale shows signs of near-term bearishness arsenic it forms a treble apical signifier connected the regular chart, coupled with a bearish engulfing candle. This suggests a sell-on-rise attack successful the market," said Kunal Shah, Senior Technical & Derivative Analyst astatine LKP Securities.

"Immediate absorption is noted astatine the 22,600-22,700 zone, wherever assertive telephone penning has been observed successful the options market. On the downside, the scale has contiguous enactment astatine 22,300, and a breach beneath this level could accelerate the downside momentum," said Shah.

Also Read: Indian banal market: 8 cardinal things that changed for marketplace implicit play - Gift Nifty, US jobs information to Nasdaq rally

For the abbreviated term, marketplace experts suggest picking stocks with beardown method indicators. Based connected the recommendations of respective experts, present are 9 stocks that tin emergence 6-15 per cent successful the adjacent 3-4 weeks. Take a look:

Axis Securities

Orient Electric | Last traded terms (LTP): ₹229.50 | Buying range: ₹226-222 | Target price: ₹240-250 | Stop loss: ₹216 | Upside potential: 9%

Orient Electric has demonstrated a breakout supra the medium-term falling transmission signifier astatine ₹225 connected the play chart, suggesting the onset of an uptrend. 

The banal is holding supra cardinal moving averages of 20, 50, 100, and 200 days, indicating an uptrend successful some the abbreviated and mean term. 

The stock's closing supra the regular precocious Bollinger Band besides signals a short-term buying opportunity. 

The play RSI holds supra its notation line, indicating affirmative bias.

Also Read: Stocks to Watch: Kotak Mahindra Bank, DMart, Mahindra Finance, Britannia, Titan, Inox Wind

BASF India | LTP: ₹4,062.50 | Buying range: 4,030-3,950 | Target price: ₹4,550-4,650 | Stop loss: ₹3,710 | Upside potential: 14.5%

On the play chart, BASF has breached retired supra the rounded bottommost signifier astatine ₹3,900 with a beardown bullish candle, signalling the continuation of the uptrend. 

The banal is forming higher highs and higher lows connected the play chart, portion besides maintaining supra an upward-sloping trendline, indicating an upward bias. 

The stock's closing supra the play precocious Bollinger Band besides signals a medium-term buying opportunity. 

The play RSI holds supra its notation line, indicating affirmative bias.

Indiamart Intermesh | LTP: ₹2,799.65 | Buying range: ₹2,780-2,726 | Target price: ₹3,060-3,185 | Stop loss: ₹2,598 | Upside potential: 14%

On the regular chart, Indiamart Intermesh has breached retired supra the symmetrical triangular signifier astatine ₹2,700 with a breakaway spread country and a beardown bullish candle, indicating the commencement of an uptrend. 

During signifier formation, measurement enactment tends to decline, portion astatine the breakout, determination is an summation successful activity, indicating an influx of marketplace participation. 

The banal rallied sharply aft the breakout, retraced to retest the 200-day elemental moving mean (SMA) astatine ₹2,768, and recovered support, confirming a affirmative bias. 

The regular RSI has besides fixed a crossover supra its notation line, generating a bargain signal.

Also Read: Day trading stocks to buy: IOC, BHEL, Sun Pharma — Anand Rathi adept recommends 3 shares to bargain contiguous — May 6

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

Dr. Reddy's Laboratories | LTP: ₹6,349.55 | Buying range: ₹6,275-6,350 | Target price: ₹6,700 | Stop loss: ₹6,111 | Upside potential: 6%

DR Reddy's showed a beardown uptrend with higher highs and higher lows connected a play scale, indicating sustained upward momentum and bullish sentiment. 

Recent trading saw enactment astatine the mediate Bollinger band, suggesting a imaginable rebound. 

The stochastic oscillator remained resilient, avoiding oversold conditions and showing a bullish crossover adjacent the 25 level connected the play scale. 

"This alignment suggests a favourable infinitesimal for traders to see agelong positions, with introduction recommended betwixt ₹6,275-6,350 for a projected upside people of ₹6,700. A halt nonaccomplishment adjacent ₹6,111, based connected regular closing prices, is advised to negociate downside risk," said Patel.

Piramal Enterprises | LTP: ₹962.20 | Buying range: ₹945-965 | Target price: ₹1,060 | Stop loss: ₹902 | Upside potential: 10%

Piramal Enterprises has recovered enactment astatine the 0.618 per cent retracement level from its erstwhile upward question betwixt April 3, 2023 and September 11, 2023. 

Before this, it consolidated wrong the scope of ₹820-900 for astir a month. 

On the indicator side, play stochastics grounds regular bullish divergence connected a play scale, suggesting a favourable buying opportunity. 

"Initiating agelong positions wrong the scope of ₹945-965 with an upside people of ₹1,060 is recommended. A halt nonaccomplishment adjacent ₹902, based connected regular closing prices, is advised to negociate imaginable downside risk," said Patel.

Cipla | LTP: ₹1,424.75 | Buying range: ₹1,400-1,430 | Upside target: ₹1555 | Stop loss: ₹1345 | Upside potential: 9%

On a play scale, Cipla demonstrated a robust uptrend, marked by higher highs and higher lows; signalling sustained upward momentum and bullish sentiment. 

Recent trading sessions recovered enactment astatine the mediate Bollinger band, hinting astatine a imaginable rebound. 

Additionally, the stochastic oscillator showed resilience and indicated hidden bullish divergence and a bullish crossover, further reinforcing the bullish outlook. 

"This alignment presents a favourable accidental for traders to see agelong positions, with an introduction betwixt ₹1,400-1,430 and a projected upside people of ₹1,555. To negociate downside risk, a halt nonaccomplishment adjacent ₹1,345, based connected regular closing prices, is recommended," said Patel.

Shiju Koothupalakkal, a method probe expert astatine Prabhudas Lilladher

Gujarat Mineral Development Corporation (GMDC) | LTP: ₹448.65 | Target price: ₹517 | Stop loss: ₹420 | Upside potential: 15%

The banal recovered importantly from the debased adjacent the 200-period moving mean (MA) of ₹317. 

Thereafter, it witnessed a decent pullback to amended the bias. 

A breakout supra the inverted caput and enarthrosis signifier enactment connected the regular illustration has strengthened the inclination and signalled a further emergence successful the coming days. 

The RSI is connected the rise, and with overmuch upside imaginable disposable from existent levels, its upward determination whitethorn continue.

Zydus Lifesciences | LTP: ₹997.40 | Target price: ₹1,150 | Stop loss: ₹937 | Upside potential: 15%

After the abbreviated correction, the banal has taken enactment adjacent the important 50EMA (exponential moving average) level of ₹928 and indicated a decent pullback with betterment successful the bias to signifier a higher debased signifier connected the regular chart. 

The RSI has cooled disconnected from the highly overbought zone, is presently indicating a inclination reversal, and has signalled a buy.

Birla Corporation | LTP: ₹1,559.90 | Target price: ₹1,770 | Stop loss: ₹1,440 | Upside potential: 13.5%

The banal has corrected rather importantly from the ₹1,800 level and precocious astir formed a higher debased connected the regular chart, taking enactment adjacent the ₹1,420 level. 

It has witnessed a decent pullback to determination past the confluence of moving averages of 50EMA and 100 play MA astatine the ₹1,500 level to amended the bias and further emergence is anticipated. 

The RSI has indicated a inclination reversal, signalling a buy, and has the imaginable to transportation connected with the affirmative determination further ahead.

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Disclaimer: The views and recommendations supra are those of idiosyncratic analysts, experts and broking companies, not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 06 May 2024, 08:46 AM IST