10 stocks from top brokerages to make money over next 3 weeks

The Nifty50 index remained on the upward trajectory and hit a fresh peak in opening trade on Monday. It had formed a strong bullish candle on the daily as well as weekly charts last week.

This holiday-truncated week is likely to remain choppy ahead of the F&O expiry, and some profit booking at higher levels cannot be ruled out.

For the week ended January 19, the 30-share Sensex added 668 points, or nearly 2 per cent, while Nifty gained 153 points, or 1.42 per cent.

Mazhar Mohammad, Chief Strategist for Technical Research & Trading Advisory, Chartviewindia.in, said traders are advised to book profit by taking advantage of the initial euphoria, if any, on Monday and maintain a tight stop loss below 10,790 level on a closing basis. They should look for higher targets in case of any breakout.

Based on the recommendations of various broking houses, here are 10 stock strategies that can potentially deliver solid gains over the next 11-21 sessions:

Analyst: Rajesh Palviya, Head – Technical & Derivatives Analyst, Axis Securities

Federal-Mogul Goetze (India) | Buy | Target price: Rs 600-620 | Stop loss: Rs 555-545

The most prominent observation on the price chart of Federal-Mogul Goetze (India) is that the entire sideways consolidation under way since July 2017 till date has taken the shape of a 'Horizontal Channel' continuation pattern formation as highlighted in the weekly price chart. The stock has given a breakout of 6 month’s consolidation at Rs 550. The metrics are the implication of the price pattern i.e. the range of the consolidation (Rs 555- Rs 488 = 67) projected from the breakout level of Rs 550 that provides upside target of Rs 600-620 approximately. The stock is sustaining above its 20, 50, 100 & 200-day EMA which supports bullish sentiment ahead. It is moving in higher top higher bottom formation across all the timeframe indicating sustained uptrend. Volumes are significantly rising around the breakout level.

Mphasis | Buy | Target price: Rs 810-840 | Stop loss: Rs 750

The price chart of Mphasis shows the entire sideways consolidation under way since November 2017 till date has taken the shape of a 'Horizontal Channel' continuation pattern formation as highlighted in the weekly price chart. The stock has given a breakout of 10 weeks’ consolidation at Rs 770 level. The measuring is the implication of the price pattern i.e. the range of the consolidation (Rs 770- Rs 699 = 71) projected from the breakout level of Rs 770 that provides upside target of Rs 810-840 approximately. The stock is sustaining above its 20, 50, 100 & 200-day EMA which supports bullish sentiment ahead. Volumes are significantly rising around the breakout level.

Analyst: Gajendra Prabu, Technical Research Analyst at HDFC Securities

Sudarshan Chemical | Buy | Target price: Rs 500 | Stop loss: Rs 417

This stock has completed the throwback back fall at the low of Rs 417.95 and is in progress of new rising leg from the low. On weekly chart, price has formed a long lower shadow candle, which is a bullish reversal formation and this could push the price up towards new highs. Price is in internals of 'Wave V', so there is some room on the upside. Two weeks back, price has provided a breakout and made new life high, for the last two weeks, price has taken a breather and now seems set for the next rise. In addition, RSI oscillator slipped from overbought zone and created room for price to move up. So, traders may look to buy the stock at the current market price (CMP) and add on dips to Rs 435 for the upside target of Rs 500 over the next 2-3 weeks.

Biocon | Buy | Target price: Rs 640 | Stop loss: Rs 535

Price and volume breakout has been witnessed on this counter. The stock has formed a new life high and is showing good strength at the higher level. The counter has been forming continuous higher tops and higher bottoms in all degrees, which is a bullish continuation formation. Price has just started its 'Wave V' from the low of Rs 525 so the stock has good upside potential. In addition, faster upward retracement has been witnessed in smaller degree which is bullish confirmation for the stock. Price has moved out from the consolidation phase and is showing positive momentum. Buying can be initiated at CMP and added in dips to Rs 550 for the upside target of Rs 640 over the next 2-3 weeks.

Analyst: Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan

Bharat Forge | Buy | Target price: Rs 815 | Stop loss: Rs 700

This stock has been in consolidation mode for the last few weeks. Structurally, the consolidation now seems to have matured and the stock is about to start a fresh rally. The stock has taken support near the junction of 40-day exponential moving average and the daily lower Bollinger Band. So, the rally is starting from a strong support zone and is likely to sustain on the upside.

Kotak Mahindra Bank | Buy | Target price: Rs 1147 | Stop loss: Rs 1020

This stock formed a multi-week triangular pattern and has broken out on the upside in the last week. Along with the price breakout, the weekly momentum indicator has given a fresh buy signal from the equilibrium line. The lower timeframe momentum indicators are already in bullish mode. Also, the volumes have started picking up, which shows strength in the price action.

Milan Vaishnav | Technical Analyst | Gemstone Equity Research and Advisor

Granules | Buy | Target price: Rs 145 | Stop loss: Rs 129

The Rs 145 level has acted as resistance for the stock multiple times in last two quarters. The stock makes an attempt to move past this line early this year, but retraced back into trading range. Currently, the stock is in a large bullish ascending triangle formation and is likely to make an attempt to move past the 145 mark. With the current retracement, a Doji has emerged. It potentially signals likely technical pullback as it has occurred near major support area of 200-DMA. The On-Balance-Volume -- OBV -- has not declined and this is a bullish sign. Lead indicators remain neutral.

CG Power | Buy | Target price: Rs 105 | Stop loss: Rs 89

This stock broke out of a bullish ascending triangle formation early this month and after a minor uptick, it has created a narrow congestion zone. The stock has taken support at its short term 20-DMA. The weekly MACD continues to remain in a continuing buy mode and it is bullish while it trades above its signal line. The lead indicators on the daily charts remain neutral against the price. With the congestion taking place on lower than average volumes, some upward revision of prices in the direction of the original breakout cannot be ruled out in coming days.

Taj GVK Hotels | Buy | Target price: Rs 220 | Stop loss: Rs 171

The stock has been oscillating in a defined trading range over past several months and is now seen attempting a breakout from this formation. The Rs 186 level has been seen acting as resistance and some upward revision in prices following a likely breakout cannot be ruled out. The on balance volume has already set a fresh high and this is bullish. The stock has attempted to break out and much higher-than-average volumes further confirm this effort. RSI has set a higher bottom and is seen inching higher. The MACD has reported a positive crossover and it is now bullish while trading above its signal line.

Analyst: Vikas Jain, Sr. Research Analyst, Reliance Securities

Can Fin Homes | Buy | Target price: Rs 540 | Stop loss: Rs 445

The stock reversed after taking support of horizontal trend line and closed the session on a positive note. Due to recent turnaround, RSI and Stochastic have given positive crossover. As per the current daily set-up, Reliance Securities believes that the stock will surpass all the near-term hurdles of moving averages and climb higher levels.

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