Stocks to buy: NHPC, SJVN among 8 stocks predicted to rise 6-16% in 3-4 weeks, say analysts; do you own any?

Stocks to buy: NHPC, SJVN among 8 stocks predicted to rise 6-16% in 3-4 weeks, say analysts; do you own any? (agencies)

VoM News Desk | June 3, 2024 | 03:50 PM IST | Breaking News | Follow on Google News

Stocks to buy: NHPC, SJVN among 8 stocks predicted to rise 6-16% in 3-4 weeks, say analysts; do you own any?

Stocks to buy: NHPC, SJVN among 8 stocks predicted to rise 6-16% in 3-4 weeks, say analysts; do you own any?

Indian stock markets soared on Monday, with the Nifty 50 index jumping nearly 4% to a record high of 23,338.70, following exit polls predicting a strong majority for the BJP-led NDA. The BSE index also hit a lifetime peak of 76,738.89. This surge is driven by expectations of political stability and policy continuity under Prime Minister Narendra Modi, bolstering investor confidence in India’s economic momentum.

Market Insights and Expert Recommendations

Osho Krishnan, Senior Technical and Derivatives Analyst at Angel One, highlighted that while the market sentiment is positive, the implied volatility remains high. He suggests a cautious approach given the upcoming election results and RBI Monetary Policy Committee outcome. Key support levels for Nifty 50 are at 23,100-23,000, and for Nifty Bank, 50,000-49,500.

Stock Picks with Potential Upside

1. NHPC

• Previous Close: ₹107.25
• Buying Range: ₹105-108
• Target Price: ₹120
• Stop Loss: ₹99
• Upside Potential: 12%
• Rationale: Breakout from consolidation, bullish technical indicators.

1. SJVN

• Previous Close: Not specified
• Buying Range: Not specified
• Target Price: Not specified
• Stop Loss: Not specified
• Upside Potential: Not specified
• Rationale: Recovery after significant downturn, bullish signals from Bollinger band and DMI indicator.

1. Campus Activewear

• Previous Close: Not specified
• Buying Range: Not specified
• Target Price: Not specified
• Stop Loss: Not specified
• Upside Potential: Not specified
• Rationale: Breakout from long-term trendline, bullish weekly DMI indicator.

1. Coromandel International

• Previous Close: ₹1,307.30
• Buying Range: ₹1,300-1,274
• Target Price: ₹1,417-1,485
• Stop Loss: ₹1,222
• Upside Potential: 14%
• Rationale: Breakout above rounded bottom pattern, positive volume and RSI indicators.

1. Samvardhana Motherson International

• Previous Close: Not specified
• Buying Range: Not specified
• Target Price: Not specified
• Stop Loss: Not specified
• Upside Potential: Not specified
• Rationale: Breakout above multiple resistance levels, bullish weekly chart and RSI.

1. KNR Constructions

• Previous Close: Not specified
• Buying Range: Not specified
• Target Price: Not specified
• Stop Loss: Not specified
• Upside Potential: Not specified
• Rationale: Breakout above three-year symmetrical triangle, positive Bollinger band and moving averages.

1. Unspecified Stock (with support near ₹935)

• Previous Close: Not specified
• Buying Range: Not specified
• Target Price: ₹1,100
• Stop Loss: ₹935
• Upside Potential: Not specified
• Rationale: Ascending channel pattern, positive RSI indication.

1. Unspecified Stock (with support near ₹98.60)

• Previous Close: Not specified
• Buying Range: Not specified
• Target Price: ₹120
• Stop Loss: ₹100
• Upside Potential: Not specified
• Rationale: Ascending channel pattern, positive RSI indication.

1. Unspecified Stock (with support near ₹2,805)

• Previous Close: Not specified
• Buying Range: Not specified
• Target Price: Not specified
• Stop Loss: Not specified
• Upside Potential: Not specified
• Rationale: Rising trend with support at 50EMA, positive candle formation.

Global Market Reactions

European stocks and U.S. stock futures rose on Monday, anticipating an interest rate cut from the European Central Bank (ECB). The pan-European STOXX index increased by 0.6%, while U.S. 10-year Treasury yields and German yields dropped. China’s factory activity showed robust growth, boosting market sentiment. Gold remained steady at $2,327 an ounce, and oil prices fluctuated following OPEC’s decision to extend output cuts into 2025. Brent crude and U.S. crude both saw slight increases.

Investors are advised to focus on fundamentally and technically sound stocks while keeping a cautious approach given the volatile nature of the markets.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.