The 50-share index lost 135 points, or 1.12 percent, for the week to end at 11,921.
Nifty settled below the crucial 11,950 marks last week, amid a selloff in select blue chips after the Reserve Bank of India slashed GDP growth forecast for FY20 and refused to deliver another rate cut. The 50-share index lost 135 points, or 1.12 percent, for the week to end at 11,921.
Nifty settled below the crucial 11,950 marks last week, amid a selloff in select blue-chips after the Reserve Bank of India slashed GDP growth forecast for FY20 and refused to deliver another rate cut. The 50-share index lost 135 points, or 1.12 percent, for the week to end at 11,921.
Based on various brokerage recommendations, here are 10 stock ideas that, they say, can potentially deliver solid gains in 14-24 sessions.
Century Textiles | Buy | Target price: Rs 540 | Stop loss: Rs 465
This counter appears to have registered a clean breakout above its interim top at Rs 470 on the weekly chart. In the past, this counter faced significant resistance around Rs 470 level, which can be due to excessive supply emanating from the bearish gap zone at Rs 464-458 registered on May 25, 2018, on the weekly charts. With the current breakout, the entire supplies from this zone appear to have been absorbed.
EID Parry | Buy | Target price: Rs 220 | Stop loss: Rs 175
After the recent price and volume breakout, this counter has retraced 62 percent of its last leg of the rally from the low of Rs 161-203 and appears to have resumed its up-move once again from the recent bottom at Rs 177. Hence, if it sustains above the Rs 177 level, this counter shall eventually head towards its logical target at Rs 225.
Colgate Palmolive | Buy | Target price: Rs 1,597 | Stop loss: Rs 1,639
This counter appears to have formed a decent base around Rs 1,440 level after retracing 50 percent of its last leg of upswing from the lows of Rs 1,227-1,642. Last Friday’s strong up-move with a close above its nine-day exponential moving average, which suppressed pullback attempts, is signaling that this counter has resumed its uptrend. If it sustains above the Rs 1,440 level, this stock should ideally.
Ceat | Buy | Target price: Rs 1,050 | Stop loss: Rs 920
This stock has witnessed a gradual correction from the peak of Rs 1,037 and made a bottom near Rs 910 level. It has indicated a bounceback with a bullish candle pattern on the daily chart. The chart looks attractive and with the bias turning positive, Prabhudas Lilladher anticipates further upside on the counter in the coming days. The RSI has also indicated a trend reversal.
Tata Elxsi | Buy | Target price: Rs 950 | Stop loss: Rs 795
The sharp run seen on the counter in October from Rs 610 level to Rs 839 sent the oscillators into the deep overbought territory. Subsequently, the stock went into a consolidation phase in November, digesting the gains of October. It started December on a positive note, breaking above the October highs and confirming the resumption of the recent uptrend.
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