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Amidst the ongoing turmoil and new consolidation in the Indian stock market, excellent technical earning opportunities are emerging for short term traders. Market analysts believe that sectoral rotation has intensified with Nifty and Sensex remaining at key support levels. High-volume breakouts are being seen especially in select stocks of auto, PSU banking, power, infrastructure and defense sectors. Leading domestic and multinational brokerage houses have given ‘BUY’ ratings on 10 selected stocks for the next one month (3 to 4 weeks) after in-depth analysis of technical charts, momentum indicators and recent delivery volumes. If you are also planning to do swing trading for potential returns of 8 to 15 percent, then it is important to keep an eye on the entry point, target and stop loss of these stocks.
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CMP/Entry Range: ₹670 – ₹675
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Target Price: ₹724 / ₹740
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Stop Loss: ₹650
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Strategy and Technical Approach: This giant of the realty sector has created a strong pattern of ‘Higher High-Higher Low’ on its daily chart. After consolidation over the past few weeks, the stock has shown a sharp bounce back from its 50-day moving average. The brokerage believes that due to pre-sales of luxury housing and new project launching, the stock may see a sharp rally of 8 to 10 percent.
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CMP/Entry Range: ₹1,240 – ₹1,245
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Target Price: ₹1,360 / ₹1,375
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Stop Loss: ₹1,180
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Strategy and Technical Approach: Multiplex chain operator PVR Inox is breaking out of its long-term bottom formation. The stock has shown signs of ‘double bottom’ breakout on the weekly chart. Occupancy is expected to increase due to the upcoming festive season and big releases at the box office, giving every possibility of a short term recovery in the stock.
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CMP/Entry Range: ₹1,275 – ₹1,280
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Target Price: ₹1,400 / ₹1,425
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Stop Loss: ₹1,212
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Strategy and Technical Approach: In the renewable energy space, Adani Green has taken strong support at the 50% Fibonacci retracement level. An increase in volume has been seen for three consecutive trading sessions. On the technical charts, the RSI has moved out of the oversold zone and into the positive territory, indicating an upside of more than 10% in the next one month.
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CMP/Entry Range: ₹345 – ₹348
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Target Price: ₹380 / ₹392
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Stop Loss: ₹330
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Strategy and Technical Approach: Tire companies are getting the direct benefit of stability in the prices of crude oil and rubber. JK Tire has given a breakout with its symmetrical triangle pattern. Due to continuous trading above 20-day EMA, it seems to have strong momentum to touch new highs in the short term.
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CMP/Entry Range: ₹1,585 – ₹1,595
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Target Price: ₹1,750
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Stop Loss: ₹1,510
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Strategy and Technical Approach: This company, which has a strong market share in the general insurance sector, has come out of the consolidation range. Double digit growth in premium collections and improvement in combined ratio have boosted investor confidence. The stock has formed a base at ₹1,570 level, due to which the downside risk seems limited.
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CMP/Entry Range: ₹130 – ₹132
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Target Price: ₹145 / ₹150
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Stop Loss: ₹125
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Strategy and Technical Approach: Texmaco Rail witnessed heavy trading volumes on the back of rising orders for wagon manufacturing and railway infrastructure. On the technical front, the stock has crossed its 200-DMA and made a bullish crossover on MACD, indicating a potential upside of 12% to 14%.
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CMP/Entry Range: ₹435 – ₹438
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Target Price: ₹480 / ₹495
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Stop Loss: ₹416
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Strategy and Technical Approach: The order book of this Navratna company, which manufactures specialty steel and superalloy for defense and space sectors, remains strong. The stock has crossed its old resistance and entered a new uptrend. The brokerage has advised buying with a strict stop loss of ₹ 416.
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CMP/Entry Range: ₹430 – ₹434
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Target Price: ₹465 / ₹472
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Stop Loss: ₹415
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Strategy and Technical Approach: Due to continuous demand for thermal power and record coal production, Coal India shares are witnessing continuous institutional buying. Attractive valuations and dividend yield of over 6% make it a safe and strong return-yielding stock even in market downturns.
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CMP/Entry Range: ₹2,810 – ₹2,830
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Target Price: ₹3,100 / ₹3,150
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Stop Loss: ₹2,650
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Strategy and Technical Approach: A ‘cup and handle’ breakout is being seen on the charts of CarTrade Tech following improvement in profitability in the used car market and auto portal segment. Momentum indicators on both Daily and Weekly timeframes are in favor of the stock, suggesting a bullish upside of 10% over the next one month.
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CMP/Entry Range: ₹1,440 – ₹1,455
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Target Price: ₹1,530 / ₹1,560
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Stop Loss: ₹1,380
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Strategy and Technical Approach: GE Shipping’s financial performance continues to be strong due to the strength of the global supply chain and crude tanker freight rates. The stock is consolidating near its all-time high on technical charts. If it sustains above ₹1,440, the stock can touch the target of ₹1,530 in a very short time.
When investing in the stock market through swing trading or a one-month perspective, capital protection is more important than earning profits. Before taking entry in any trade, the risk-to-reward ratio should be at least 1:2 or 1:3. This means that if you are taking a risk of ₹10, the potential profit should be at least ₹20 to ₹30. Never invest your entire capital in a single share; Divide your portfolio into at least 4 to 5 different sectors. The most important thing is to strictly follow the stop loss suggested by the brokerage and avoid the mistake of averaging when the price falls. Only discipline in the market and respect for technical standards brings consistent profits.
Disclaimer: Investing in the stock market is subject to market risks. The stocks, levels and targets mentioned here are based on the opinions of brokerage houses and technical analysts. Please consult your SEBI-registered financial advisor before trading or investing in any shares.