Set to zoom: Maruti, Tech M among 5 Nifty stocks that can gain up to 14%

The sharp fall in the market has seen these stocks slip into oversold zone. Charts hint at a sharp rally in all these from the current levels, provided the overall market sentiment stays positive

Cipla Ltd (CIPLA)
Likely target: Rs 940 and Rs 975
Upside potential: 4.5% to 8%

The shares of Cipla look set to decisively breach 200-days moving average (DMA). Despite the recent weakness, the stock has managed to regain its footing, as per the daily chart. The 200-DMA is currently placed at Rs 901 levels and this is the fourth time the stock has managed to reverse from this significant support mark. A recovery may be expected towards the last breakout mark of Rs 940 levels. Stability above this level may see a further jump towards Rs 975 levels. CLICK HERE FOR THE CHART

Maruti Suzuki India (MARUTI)
Likely target: Rs 9,000
Upside potential: 14%

The formation of “Inverse Head and Shoulder” suggests an upside positive breakout for Maruti at the bourses, as per the monthly chart. The recent sell-off in the market has seen the counter test the support of Rs 7,700 levels. However, the pattern breakout now hints a rally towards Rs 9,000 levels in the medium-term provided the overall market momentum stays strong. The next crucial support for the counter is at Rs 7,400 levels. The Moving Average Convergence Divergence (MACD) conquered the zero line upward, which indicates that the stock will remain in a positive direction in the near future. CLICK HERE FOR THE CHART

UPL Limited (UPL)
Likely target: Rs 800
Upside potential: 10%

The scrip is currently testing the support of 200-DMA, which is placed at Rs 707 levels. This move emerged after UPL was able to conquer the resistance of Rs 770 levels. Accumulation around the support levels may see the stock rebound towards Rs 800 levels in a short span of time, according to the daily chart. Closing basis support stays at 200-DMA, which needs to be dismantled for at least two consecutive sessions to UPL to move higher from the current levels. CLICK HERE FOR THE CHART
 
 
Power Grid Corporation of India Ltd (POWERGRID)

Likely target: Rs 211
Upside potential: 6%

After witnessing an accumulation around the support levels of Rs 180 twice, the shares of Power Grid Corporation of India have experienced a decent reversal. This recent positive up move suggests a rally toward a new all-time high of Rs 211, according to the daily chart. The bullish trend has a support of Rs 190, and may see the addition of longs on every subsequent high. CLICK HERE FOR THE CHART
 
 
Tech Mahindra Ltd (TECHM)
Likely target: Rs 1,700
Upside potential: 9%

As long as the stock holds the breakout mark of Rs 1,450 levels, it looks set to rally in the direction of Rs 1,700 levels, as shown in the daily chart. Although, the volume scenario exhibits sideways movement, the stock price action is not letting any weakness dismantle the positive sentiment.  CLICK HERE FOR THE CHART