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Hero Moto, RIL, TaMo, Kotak Bank among 10 stocks that analysts say can deliver good gains in 2-3 weeks

NEW DELHI: Indian equities suffered strong losses in early t..

NEW DELHI: Indian equities suffered strong losses in early trade on Monday, tracking their Asian peers as the spectre of trade war resurfaced after the US President Donald Trumps fresh threat to hike tariffs on Chinese goods.

Trump's comment may jeopardise a possible trade deal at this juncture, as China is likely to delay sending its delegates to Washington for talks scheduled for later this week.

Back home, fifth phase voting in the general elections also made investors nervous.

Sensex fell over 450 points and Nifty touched 11,585 on the downside in early trade.

While the market is in negative terrain, analysts are advising a calculated, stock-specific approach. Based on various brokerage recommendations, here is a list of 10 stocks that analysts say can potentially deliver solid gains over the next 2-3 weeks.

Rajesh Bhosale, Technical Analyst, Angel Broking

Hero MotoCorp | Buy | Target price: Rs 2,700 | Stop loss: Rs 2,490
On the daily chart, this stock has bounced from the strong demand zone formed in the Rs 2,500 – 2,515 range. The said levels twice acted as strong reversal points in last five months and a bullish hammer formation on the weekly chart at these crucial levels does create optimism. In addition, we are witnessing a positive divergence with prices making a lower low. However, the RSI oscillator is not making a lower low, indicating accumulation in the stock at lower levels.

JSW Steel | Buy | Target price: Rs 337 | Stop loss: Rs 293
After consolidating in a range for more than three months, this stock has broken the range on the upside, confirming a bullish reversal Cup N Handle pattern on the daily chart. The said breakout is supported with a bullish candle and increasing volume. In addition, momentum indicator RSI is placed in positive zone supporting the buy call. “Looking at all the above evidence, a strong upside from the current levels cannot be ruled out. So, we recommend buying this stock at current levels for a target of Rs 337. The stop loss should be fixed at Rs 293,” Bhosale said.

Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory,

Exide Industries | Buy | Target price: Rs 227 | Stop loss: Rs 209
After the recent correction, this counter appears to have reached its critical supports at Rs 209 on short-term charts from where it rallied in the past. In Fridays session, it almost tested the said support with a low of Rs 210 and smartly rebounded. "Positional traders are advised to plan a two-pronged strategy of buying now and adding further on dips between Rs 212–210. Look for a target of Rs 227 and keep a stop loss at Rs 209," said Mohammad.

DLF | Buy | Target price: Rs 197 | Stop loss: Rs 169
This counter appears to have posted a near-term bottom around Rs 170 after retracing 62 per cent from the lows of Rs 143 to Rs 209 levels. Moreover, with Fridays strong price action on the back of relatively higher volumes, this counter closed above its nine-day ema which curtailed the upmove on the intermittent pullback attempts. "Sustaining above Rs, 170 this counter can stage a decent recovery and positional traders are advised to buy into this counter for a target of Rs 197 with a stop loss of Rs 169," Mohammad said.

Vaishali Parekh, Senior Technical Analyst, Prabhudas Lilladher

Bharat Forge | Buy | Target price: Rs 535 | Stop loss: Rs 455
This stock has made a double bottom formation pattern on the daily chart, taking support near Rs 456 and has produced a positive bullish candle in the daily chart to signify strength and has potential to rise further in the coming days. The RSI has indicated a trend reversal to signal a buy. "With favourable indicators supporting the positive bias, we recommend a buy in this stock for an upside target of Rs 535, keeping a stop loss of Rs 455," said Parekh.

Reliance Industries | Buy | Target price: Rs 1,520 | Stop loss: Rs 1,350
This stock has almost given a breakout above the previous peak level of Rs 1,412 and has indicated a positive bias with a rising trend which can take the stock to the new highs in the coming days. The RSI is rising with favourable indicators which have made the chart look attractive.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Tata Motors | Buy | Target price: Rs 232 | Stop loss: Rs 195
The recent downtrend in this automobile stock seems to be ending in the short-term. Currently, the stock is in the process of forming a near-term bottom reversal pattern. A positive sequential movement, like higher tops and bottoms, is observed and the present decline could be in line with the new higher bottom formation at Rs 200 level. The present decline is also expected to take support on the neckline of the inverted head and shoulder pattern at Rs 200 level. This is a positive indication and one may expect a sharp upside bounce from near the support in the coming week.

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