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HEG, Chennai Petroleum Corporation, Deepak Fertilisers and Petrochemicals Corporation, Graphite India and Jindal Steel are the 5 stocks that look strong on technical charts and can potentially rally up to 18 per cent from here.
Here's a detailed analysis on each of these 5 stocks.
HEG
Current Price: ₹578 Likely Target: ₹660 Upside Potential: 14.2% Support: ₹565; ₹530 Resistance: ₹600; ₹625 HEG share has given a breakout on the daily chart. The near-term bias at the counter is likely to remain upbeat as long as the stock trades above ₹565 followed by key support placed around ₹530. On the upside, the stock can potentially zoom to ₹660 levels, with interim resistance likely around ₹600 and ₹625 levels.Chennai Petroleum Corporation
Current Price: ₹866 Likely Target: ₹1,020 Upside Potential: 17.8% Support: ₹810; ₹785 Resistance: ₹900; ₹950 Chennai Petroleum stock can potentially rally to ₹1,020 levels on the upside. The stock may counter interim resistance around ₹900 and ₹950 levels. The bias at the counter is likely to be positive above ₹785, with near support visible around ₹810 levels.Deepak Fertilisers and Petrochemicals Corporation
Current Price: ₹1,493 Likely Target: ₹1,700 Upside Potential: 13.9% Support: ₹1,484; ₹1,415 Resistance: ₹1,515; ₹1,585; ₹1,650 Deepak Fertilisers and Petrochemicals stock is seen consolidating above its 20-Day Moving Average (20-DMA), which stands at ₹1,484 in recent days. That apart, the key momentum oscillators for the stock seem to be favourably placed, thus hinting at a likely positive bias at the counter.Also Read
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Graphite India
Current Price: ₹642 Likely Target: ₹760 Upside Potential: 18.4% Support: ₹623; ₹600; ₹580 Resistance: ₹650; ₹670; ₹696; ₹730 Graphite India stock has soared nearly 15 per cent in the last three trading sessions. The daily chart shows that the near-term bias is likely to remain upbeat as long as the stock quotes above ₹623; below which support can be anticipated at ₹600 and ₹580 levels.
On the upside, the stock can potentially rally to ₹760 levels, if it breaks and trades consistently above ₹650. The stock may face interim resistance around ₹670, ₹696 and ₹730 levels.
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