Paytm, Sun Tv, Prestige: 5 stocks where the momentum has turned favourable

Among the key momentum oscillators, the 14-day RSI, MACD and Stochastic Slow on selective basis have turned positive for these five stocks.

The market mood seems to be clouded with gloom amid fears of sustained FII outflows, as US Treasury yields hover around 16-year highs at 4.8 per cent. Sentiment in global markets too has been fairly bearish on worries over economic slowdown in the US and China.

Back home, the NSE Nifty has fallen over 4 per cent, in less than three weeks, from its all-time high of 20,222 registered on September 15. During the same period, the broader Nifty 500 index has declined a little more than 3 per cent.

Despite the somber mood, there have always been some pockets of outperformers in the market. 

The following FIVE stocks are such potential outperformers in the current market set-up as the select momentum oscillators have turned favourable on the daily charts.

CCL Products

Current Price: Rs 656

Upside Potential: 8%

Among the key momentum oscillators, the 14-day RSI (Relative Strength Index) and the MACD (Moving Average Convergence-Divergence) have turned favourable for the stock. Further, the stock has bounced back above its 20-DMA (Daily Moving Average) on the back of strong volumes on Tuesday.

The near-term bias for the stock is likely to remain positive with support seen around Rs 650 and Rs 632 levels. On the upside, the stock can potentially rally to Rs 710. CLICK HERE FOR THE CHART

One 97 Communications (Paytm)

Current Price: Rs 872

Upside Potential: 8%

Shares of Paytm seem to have formed a strong support base around the 50-DMA at Rs 850, and now attempting to cross the 20-DMA hurdle placed at Rs 868. Given the favourable trend in momentum oscillators, as and when, the stock starts trading consistently above the 20-DMA, it is likely to gain upside momentum.

On the upside, immediate target for the stock is seen at Rs 910, above which rally to Rs 940 levels also seems likely. CLICK HERE FOR THE CHART

Prestige Estates

Current Price: Rs 619

Upside Potential: 12%

Similar to Paytm, shares of Prestige Estates too seem to have formed a strong support base around its 50-DMA, which presently stands at Rs 594, and now attempting to cross the 20-DMA at Rs 618.

On the upside, the stock can test Rs 650, or rally further higher towards the recent highs at Rs 692. CLICK HERE FOR THE CHART

Sun Tv Network

Current Price: Rs 614

Upside Potential: 9%

Earlier in July 2023, Sun Tv witnessed a strong breakout from a near-about seven months trading range. Since then, the stock has surged over 39 per cent in less than two months and then consolidated for nearly a month. 

With the momentum once again turning favourable the stock seems to be ripe for another upward swing. Presently, the stock is seen testing resistance around the higher-end of the Bollinger Bands on the daily chart at Rs 627-odd levels. Break and sustained trade above the same can trigger a rally to Rs 670-odd levels.

On the flip side, failure to hold the 20-DMA support at Rs 603 can trigger a fall to Rs 580-odd levels. CLICK HERE FOR THE CHART

Voltas

Current Price: Rs 875

Upside Potential: 6%

Even as the key momentum oscillators have turned favourable, Voltas still seems to be struggling to clear the 20-DMA hurdle at Rs 879. However, the stock seems to have formed a considerable base in recent trading sessions. Hence, the probability of upside breakout seems higher.

On the upside, the stock can potentially rally to Rs 910-odd levels. Having said, the upside may be limited around Rs 930, indicates the weekly chart. CLICK HERE FOR THE CHART