- The Indian stock market benchmark Nifty 50 fell over a per cent in intraday trade on Monday, May 13, with strong volatility as the India VIX jumped 12 per cent to a 52-week high of 21.49 during the session.
- Market experts expect volatility to continue due to strong foreign capital outflow ahead of the outcome of the Lok Sabha election 2024.
- According to brokerage firm Axis Securities, Nifty may trade in the range of 22,500-21,500 with a negative bias for the week.
As the Indian stock market faces volatility, experts suggest investing in stocks with strong technical indicators. Here are 10 stocks that can rise 6-16 per cent in the next 3-4 weeks.
Axis Securities Recommendations
Axis Securities recommends investing in Hero MotoCorp, Godrej Consumer Products, Zomato, and Kirloskar Electric Company. These stocks have demonstrated breakouts and strong technical indicators, suggesting the continuation of an uptrend.
Hero MotoCorp
Hero MotoCorp has demonstrated a breakout above the medium-term falling channel pattern at ₹4,635 on the weekly chart, suggesting the continuation of an uptrend. The stock has established a support base at ₹4,160, holding above the 38 per cent Fibonacci retracement level of the rally from ₹2,900 to ₹4,949, indicating potential medium-term support.
Godrej Consumer Products
Godrej Consumer Products has demonstrated a breakout above the 13 weeks of consolidation zone between ₹1,280-1,150 on the weekly chart, suggesting the continuation of an uptrend. The stock is currently trending within a rising channel, having recently found support at the lower band and progressing towards the upper band.
Zomato
On the weekly chart, Zomato has broken out above the small consolidation zone between ₹200-180, signalling the continuation of the uptrend. The stock has experienced a notable increase in volume activity, suggesting a surge in market participation.
Kirloskar Electric Company
On the weekly chart, Kirloskar Electric Company has broken out above the rounded bottom pattern at 164 with a strong bullish candle, signalling the onset of the uptrend. The stock is holding above key moving averages of 20, 50, 100, and 200 days, indicating an uptrend in both the short and medium term.
Other Recommendations
Other recommended stocks include Titan Company, Hindustan Aeronautics (HAL), Aegis Logistics, Zensar Technologies, Pidilite Industries, and JSW Energy. These stocks have shown strong technical indicators and potential for upward price movement.
Conclusion
Despite the volatility in the Indian stock market, certain stocks show strong technical indicators and potential for growth. Investors are advised to consider these stocks for short-term investment. However, it is crucial to monitor market trends and consult with certified experts before making any investment decisions.
