 "stock markets")
Equity markets have witnessed a fabulous run in the year 2024 thus far; with as many as 36 out of the Nifty 500 stocks more than doubling investor wealth. Top gainers include stocks such as GE T&D India, Godfrey Phillips, Rail Vikas Nigam and Hitachi Energy.
As we enter festive season of Navratri 2024 - the festival is celebrated in honour of Goddess Durga as a symbol of victory of good over evil. In India, apart from the religious significance the festivity is seen celebrated in its unique dance form and colourful attires.
Back to markets, given this auspicious period, here are five stocks that could generate up to 10 per cent returns in the near-term.
Bharat Dynamics (BDL)
Current Price: Rs 1,136
Upside Potential: 14.4%
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Support: Rs 1,124; Rs 1,078
Resistance: Rs 1,200; Rs 1,246
Bharat Dynamics stock is seen testing support around its 200-DMA (Daily Moving Average) for the last 10 trading sessions. The 200-DMA stands at Rs 1,124; below which exists another key support at Rs 1,078 - its weekly super trend line.
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Given the oversold conditions on key momentum oscillators and presence of strong support levels, the stock may attempt to pullback in the near-term. As such, a bounce towards its super trend line on the daily scale seems imminent at Rs 1,246; above which the stock can potentially rally to Rs 1,300 levels. Near resistance for the stock can be expected around Rs 1,200. CLICK HERE FOR THE CHART
Trident
Current Price: Rs 37.20
Upside Potential: 11.8%
Support: Rs 36.40
Resistance: Rs 37.50; Rs 39.10
Trident stock has recently given a breakout above its 20-DMA and key momentum oscillators after more than a month. The stock at present is seen testing resistance around its super trend line on the daily scale at Rs 37.30; above which immediate resistance is seen at Rs 37.50.
Break and sustained trade above the same can trigger a rally towards 41.60 levels, with interim resistance likely around Rs 39.10. In case of a dip, the 20-DMA at Rs 36.40 is likely to act as a support. CLICK HERE FOR THE CHART
Colgate Palmolive (India)
Current Price: Rs 3,775
Upside Potential: 11.5%
Support: Rs 3,677
Resistance: Rs 3,900; Rs 4,050
Colgate Palmolive stock is likely to trade on an upbeat note as long as the stock holds above Rs 3,775. In case of a decline, the stock is expected to find support around its 20-DMA at Rs 3,677.
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On the upside, the stock can potentially rally to Rs 4,210; with interim resistance expected around Rs 3,900 and Rs 4,050 levels. CLICK HERE FOR THE CHART
On the upside, the stock can potentially rally to Rs 4,210; with interim resistance expected around Rs 3,900 and Rs 4,050 levels. CLICK HERE FOR THE CHART
JK Lakshmi Cement
Current Price: Rs 781
Upside Potential: 12.7%
Support: Rs 760
Resistance: Rs 801; Rs 812; Rs 839
JK Lakshmi Cement is seen attempting a breakout on the daily scale after a long-period of consolidation. The stock is testing its near hurdle at 20-DMA at Rs 782. Break and sustained trade above the same can trigger a rally towards Rs 880; with interim resistance seen at Rs 801, Rs 812 and Rs 839 levels. In case of a dip, support for the stock can be expected around Rs 760. CLICK HERE FOR THE CHART
Siemens
Current Price: Rs 7,414
Upside Potential: 10%
Support: Rs 7,374
Resistance: Rs 7,600; Rs 7,800
Siemens stock is likely to trade on a buoyant note as long as the stock sustains above the higher-end of the Bollinger Bands on the daily scale, which stand at Rs 7,374. Below which near support for the stock exists at Rs 7,150 - its 20-WMA (Weekly Moving Average).
On the upside, the stock can potentially rally to Rs 8,155; with interim resistance likely around Rs 7,600 and Rs 7,800 levels. CLICK HERE FOR THE CHART
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