Escorts, GIC, Welspun: 5 stocks at 52-wk high may turn multibaggers in FY24

Despite the benchmark indices, the BSE Sensex and Nifty 50 experiencing slugging bias in the recent sessions, few stock are displaying remarkable charts structure implying opportunities for accumulating and concentrating on the long-term objective. 

On Tuesday, shares of Mahindra Lifespace Developers, Welspun India, and General Insurance Corporation of India have clinched a new 52-week, while Escorts Kubota and Linde India reached a new historic peak.   

The trend in these stocks remains highly robust, with price action exhibiting strong interest from market participants. The build-up of momentum during current uncertainness  highly recommends firm underlying strength.

Here’s the technical outlook of stocks hitting new 52-week high:-

Mahindra Lifespace Developers Ltd (MAHLIFE)

Likely target: Rs 650

Upside potential:  21%

The stock is progressively rising with a “Higher High, Higher Low” formation suggesting that the breakout of “Golden Cross” continues to uphold the upside bias. The earlier support of Rs 480 and the present support of Rs 520 shall act as bolstering levels. The overall trend is headed towards Rs 650-level. CLICK HERE FOR THE CHART

Welspun India Limited (WELSPUNIND)

Likely target: Rs 150

Upside potential:  22%

The “Ascending Triangle” breakout over Rs 107 has triggered a bullish rally in the shares of Welspun India from a medium-term perspective. The positive bias demonstrates a move in the direction of Rs 150. The support area falls in the range of Rs 115 to Rs 110, as per the daily chart. CLICK HERE FOR THE CHART

General Insurance Corporation of India (GICRE)

Likely target: Rs 250

Upside potential:  15%

While there is a negative divergence on the daily chart, the positive reversal of the stock price has sparked a new upside rally. The fresh 52-week high denotes robust underlying trend, with price action forecasting a climb towards Rs 250-mark. Support stays at Rs 205.CLICK HERE FOR THE CHART

Linde India Ltd (LINDEINDIA)

Likely target: Rs 6,000

Upside potential:  10%

The weekly chart clearly suggests a steady upside of “Higher High, Higher Low” formation building resilient base on the move. The immediate support comes to Rs 5,000-mark, which needs to considered on the closing basis. The counter is witnessing bullish momentum in the overbought category of the Relative Strength Index (RSI) implying a move to Rs 6,000-mark. CLICK HERE FOR THE CHART

Escorts Kubota Ltd (ESCORTS)

Likely target: Rs 3,400

Upside potential: 15%

The stock has rallied 12 per cent in the last five sessions, with string volumes indicating further upside in the forthcoming sessions. The trend is headed towards Rs 3,400, as per the daily set-up. The RSI trades in the overbought territory, implicating its ability to absorb the selling pressure at higher levels. Support stays at Rs 2,700. CLICK HERE FOR THE CHART