The domestic stock market is trading near record highs, but there is no shortage of opportunities to make money shortly. Based on their technical configuration, analysts predict a significant rebound in many equities. Here are some stocks that, on their advice, are ready to rise higher and potentially produce high returns:
Persistent Systems
Persistent recently found support around the 3092 level in September 2022. This was close to where the stock had found support in the past. The stock price has increased in recent weeks and formed higher bottoms. As a result, the stock has risen beyond its current volume averages and broken out of its trading range. The 14-week relative strength index (RSI) and other momentum indicators are both increasing and not overbought, which is positive.
We anticipate the stock price to rise in the coming weeks as the intermediate technical setup is favorable. We advise purchasing between Rs 3,900 and Rs 4000. It is recommended to protect your investment by placing a stop loss order at Rs 3,617 and a goal order at Rs 4,500.
NHPC
Since reaching a peak of 46.9 in late October 2022, NHPC has since retreated. The 50-day simple moving average (SMA) and the 41-level, where the stock has been finding support, have been essential areas of consolidation as of late. Since then, shares have recovered and broken above the 43.15 swing highs, suggesting the stock is poised to extend its recent rally. The 9-day exponential moving average (EMA) is now higher than the 14-day RSI, a popular measure of daily momentum. Due to the good intermediate technical setup, we anticipate a price increase for the stock in the coming weeks. We advise purchasing between Rs 43.6 and Rs 44. The target price is Rs.47, while the stop loss is Rs.41.
Tech Mahindra
In recent months, the stock price has rebounded strongly from its lows. The ascending triangle pattern has been broken out recently, with good volume. So, the fact that it closed above its breakout zone indicates that buyers will likely remain in control for the foreseeable future.
Godrej Properties
After a precipitous drop from its earlier highs, the monthly counter is in the accumulation phase. A new leg of a bullish trend is forming on the daily and weekly charts, with the counter gradually increasing alongside rising volume.
Indian Energy Exchange
The counter had retreated from its earlier highs and was now trading inside a narrow range. It has broken out of a range and produced a higher bottom series on the daily charts. Therefore, the continuation of bullish momentum from current levels is indicated by a close over the resistance line.
NLC India
The counter has been gaining traction regarding trading volume as it continues a cycle of higher highs and higher lows. The stock price has broken through key resistance located in the 80.82 price range in the past week, indicating a bullish proportion in the upswing. The technical indications also support the current upward movement. Therefore, we advise investing in it with a short-term goal of Rs 92.50. Those interested in trading might do so if they adhere to a rigorous stop loss of Rs 78.40.
Infosys
After a prolonged underperformance, the IT industry is slowly beginning to rediscover its former glory. Infosys’s recovery has been sluggish initially, but it appears to be hitting its stride today. For the first time since April of 2022, share prices surpassed the 200-day simple moving average last week. The stock jumped in the second half of last week after spending a few sessions above it. In light of the weekly formation and the positioning of momentum oscillators, this stock will likely take part in the subsequent market upswing. Traders should buy with a target price of Rs 1,725 in mind. To protect your investment, a stop-loss order must be set at Rs 1,584.
DMart
It all started in Powai, Mumbai, in 2002 with the opening of DMart Avenue Supermarts, the parent business of the DMart grocery network. Radhakishan Damani, an investor and business mogul worth a billion dollars, created it.
DMart is a grocery company that specializes in selling everyday necessities. Food, toiletries, cookware, household appliances, beauty goods, and bed and bath linens are just some of the products it sells.
Its 294 points of presence around the Indian subcontinent reach many different states, including but not limited to Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, and others.
DMart’s expansion strategy centred on clusters has helped the company keep expenses low, providing it with a pricing advantage over rivals. Finally, the company’s high inventory turnover ratio (12.9) and fixed-asset turnover ratio (3.1) indicate that volume is a primary driver of the business’s success.
In FY22, food and drink sales made up 56.86% of the company’s total, while general products and clothing sales made up 23.40%. 19.74% of the earnings come from the sale of FMCG products that are not food-related.
DMart’s five-year performance is highlighted by an increase in operating revenue from Rs. 15,009 crores in FY18 to Rs. 30,353 crores in FY22, a compound annual growth rate (CAGR) of 15.13%. Profit after tax for the retailer increased at an annual rate of 15.54% throughout the same period, reaching Rs. 1,616 crores by FY22.
Pfizer
The pharmaceutical and biotechnology firm Pfizer Inc. of the United States has an Indian affiliate, Pfizer India. As of this writing, the parent firm owns 63.9% of the business.
In 1849, two Germans, Charles F and Charles Pfizer. Erhart founded Pfizer. The Indian subsidiary has been in business for seven decades, whereas the parent company has only been around for two. Consequently, in 1996, Pfizer India was included in the Bombay Stock Exchange’s official stock market index.
It boasts a diverse portfolio of over 150 medications over 15 therapeutic areas, making it the fourth-largest pharmaceutical firm in India. It runs a massive manufacturing facility in India, producing billions of tablets annually.
