stock names: Top 10 Ganesh Chaturthi picks for Dalal Street to add more colour to festive mood

Festivals are always not only about buying new clothes, jewellery, vehicles, or a house. For Dalal Street investors, it’s about picking stocks in their portfolio during such auspicious occasions that can help in wealth creation.

On the eve of Ganesh Chaturthi, here are the top stocks picked by analysts, which have the potential to give double-digit returns in the near to medium term.

Linde India, Upside Potential: 35%
The “Ascending Triangle” breakout in July this year pushed the stock into the bullish territory. Subsequently, the stock scaled over Rs 5,200, its immediate hurdle, further prompting fresh advance.

The overall trend is headed to Rs 8,000-mark, as per the technical layout on the weekly and monthly charts. The support falls at Rs 4,800-4,700 levels.

Polycab India, Upside Potential: 30%

After hitting an all-time high at Rs 5,333, the stock has managed to hold ground near Rs 4,800, which is the breakout mark of the bullish rally.

The stock succeeded to reverse around this corner, representing robust support and an accumulating posture that continues to embrace the positive trend. The stock is heading towards Rs 6,300-7,500 levels. Recommend accumulating the stock at around Rs 5,100, and on a dip towards Rs 4,600.

Finolex Industries, Upside Potential: 25%
The broader outlook clearly validates the support of 200-SMA, presently set at Rs 145-mark. The consolidation breakout from the range of Rs 200-155 in early August has elicited a bullish outlook for the coming months. Also, the positive crossover of 100-SMA with 50-SMA further negates any major drawdown.

Recommend buying the stock at levels of Rs 228, for a target of Rs 285.

Union Bank of India, Upside Potential: 15%
The stock has managed to take out the hurdle range of Rs 95-92, with aggressive volumes in recent sessions. This move has simultaneously built support at Rs 84-78 levels. With the overall trend heading towards Rs 110, more accumulation is expected to emerge.

Recommend buying at levels of around Rs 98 and/or on a decline towards Rs 90, for a target of Rs 110.

CDSL, Upside Potential: 50%
The stock has witnessed a decent spurt with a strong bullish candle pattern on the weekly

chart to strengthen the trend for a further rise in the coming weeks. A breakout has been established above the Rs 1,260 zone and one can expect further gains with the RSI also well placed. With the chart looking good, recommend buying and accumulating the stock for a target of Rs 1,720-2,000, with a stop loss at Rs 1,200.

Power Grid Corp, Upside Potential: 50%
The stock has been in a strong uptrend since the last 2-3 years and has recently indicated a clear breakout above the Rs 185 zone. The RSI is also well placed and has indicated immense upside potential. With the chart looking good, recommend buying or accumulating the stock for a target of Rs 275-300, with a stop loss at Rs 175.

CIE Automotive India, Upside Potential: 41%
The stock has been in a strong uptrend from the Rs 165 zone and has witnessed a series of higher bottom formation patterns on the weekly chart. The RSI is well placed, indicating strength and has immense upside potential to carry on the momentum further ahead. With the chart looking attractive, suggest buying the stock for a target of Rs 660-700, keeping a stop loss at Rs 455.

HDFC Life Insurance, Upside Potential: 17%
HDFC Life consolidated in a falling channel and has recently broken out of that on the upside, indicating a trend reversal. In terms of price pattern, it has broken out of the bullish flag pattern with above average volume. The overall medium-term trend is positive, and the recent consolidation has set the floor for the next leg of upmove. Expect the stock to test its previous swing high and all-time high at around Rs 775 and beyond that, it can go towards Rs 850 from a medium-term perspective.

UTI AMC, Upside Potential: 14%
UTI AMC formed a double bottom pattern at Rs 620-600 zone and has, thereafter, started to form higher tops and higher bottoms on the weekly charts. This indicates a short-term bottom and a new leg of upmove. One can expect the dips to be bought into. The initial hurdle is placed around Rs 910-920, which coincides with the previous swing highs. Overall, the short to medium term outlook is positive and can expect the stock to trade with a positive bias.

Balrampur Chini Mills, Upside Potential: 18%
Having consolidated in a range for the past 9 months, Balrampur Chini gave breakout on the upside, indicating that it has started the next leg of upmove. Weekly and daily momentum indicators have triggered a positive crossover which is a buy signal. Expect the stock to witness a sharp upmove towards Rs 516, considering that it has broken out after a nine-month consolidation.

(Stock recommendations given by Avdhut Bagkar of Stoxbox, Vaishali Parekh of Prabhudas Lilladher, and Jatin Gedia of Sharekhan by BNP Paribas)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)


Read original article here

Denial of responsibility! Todays Chronic is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Leave a Comment