3 stocks can deliver good returns in short term

money making ideas

Journey of Nifty

When Nifty was launched in April 1996 it was at 1,107 points. Nifty took nearly 18 years to reach the 7,000 milestone while the next 8,000 points took just 6.8 years. Since inception, Nifty is up 14 times in 25 years.

Out of the 50 stocks in Nifty, thirteen companies – ITC, HUL, L&T, SBI, Tata Motors, Dr Reddy’s Labs, Tata Steel, Grasim, HDFC Bank, RIL, HDFC, Hero and Hindalco – have been a part of the index’s journey since start.

Here are some stocks that analysts recommend for solid gains over the next few weeks:

BUY | Indraprastha Gas (IGL) | Target Price: Rs 620-660 | SL: 520

The price is at a crucial support zone of the rising trendline and horizontal support at Rs 520. The 50-period moving average remains above the 200-period average. A spurt in the last couple of days suggests buyers in control of the counter. IGL has the potential to move towards Rs 620 and above that to Rs 660 over the next 6-8 weeks. The analyst recommends traders to buy the stock with a stop loss below Rs 520.

BUY | Tata Chemicals | Target Price: Rs 630 | SL: 535

The upside breakout of the range movement could be considered as an upside breakout of the bullish flag pattern, which is an uptrend continuation pattern. This is a positive indication and one can expect further upside in the near term. The weekly 14-period RSI is trending up from near Rs 65 level, which signals further strengthening of upside momentum in the stock. Traders can buy Tata Chemicals for a target of Rs 630 in the next 3-4 weeks. Stop loss will be at at Rs 535.

BUY | Vinati Organics | Target: Rs 1,400 | SL: 820

The stock has formed a bullish marubozu pattern on the daily charts. Traders can buy towards dips to Rs 1,325, Targets should be around  Rs 1,400 with a stop loss at Rs 820. 

(*disclaimer: the stock ideas here are for learning purpose, consult your financial advisor before taking any position in above stocks)