Stocks to buy: India's benchmark index, Nifty 50, opened on a weak note on Monday, December 2, slipping around 0.5 per cent in morning trade amid mixed global cues. The index has faced consistent pressure over the past two months, declining 6 per cent in October and 0.3 per cent in November. Currently, it stands over 8 per cent below its all-time high of 26,277.35.
The Indian stock market is dealing with multiple headwinds, such as weak quarterly earnings, geopolitical tensions and foreign capital outflow amid rising US dollar and bond yields. Signs of slowing domestic economic growth has come as a fresh matter of concern.
India's Q2 FY25 GDP came surprisingly lower at 5.4 per cent. After the GDP shocker, investors' focus is now on the upcoming RBI monetary policy on December 6.
According to Vinod Nair, the head of research at Geojit Financial Services, though the consensus shows the status quo, the probability of a rate cut in February is high due to the subdued growth in Q2. Other economic indicators like service and manufacturing PMI data, auto sales, and US job data will also influence investors’ attention and accordingly shape the market momentum.
Experts suggest a cautious approach to stock selection. Based on recommendations by three experts, here are nine stocks that may rise 8-18 per cent in the next three to four weeks. Take a look:
Jigar S. Patel, Senior Manager of Equity Research at Anand Rathi Share and Stock Brokers
Emami | Previous close: ₹684 | Buying range: ₹675–685 | Target price: ₹750 | Stop loss: ₹645 | Upside potential: 10%
Recently, Emami has shown promising technical signals indicating a potential upward trend.
The stock has successfully created a base near the 200-day exponential moving average (DEMA) high/low band, often regarded as a key level for determining long-term support and resistance zones.
Additionally, it has broken out of a bearish trendline, suggesting that downward pressure has been alleviated, paving the way for a potential bullish move. Complementing this setup, the daily chart's Relative Strength Index (RSI) has exhibited a bullish divergence.
This divergence indicates that while the price was previously making lower lows, the RSI began forming higher lows, a clear sign that momentum is shifting in favour of the bulls.
"The current setup appears attractive for initiating long positions. It is advised to enter the stock within the price range of ₹675–685. The potential upside target is ₹750, representing a significant profit opportunity. To manage risk effectively, a stop loss is recommended at ₹645 on a daily closing basis. This technical configuration, supported by bullish signals, suggests a favourable risk-reward ratio for traders at this juncture,' said Patel.
Bharti Airtel | Previous close: ₹1,627.15 | Buying range: ₹1,600–1,630 | Target price: ₹1,775 | Stop loss: ₹1,535 | Upside potential: 9%
In the recent trading session, Bharti Airtel demonstrated strong bullish momentum by surpassing its previous swing high on the daily chart and closing significantly above it.
This breakout signals the stock's price strength and suggests further upward movement. On the weekly chart, the stock has reversed after finding support at the 20-day EMA, reinforcing the idea that it has established a solid base for recovery.
Additionally, on the hourly chart, Bharti Airtel has broken above the R4 level of the Camarilla Pivot points, a technical indicator highlighting important intraday support and resistance levels.
This breakout enhances the bullish outlook for the stock. Moreover, the RSI has provided further confirmation of the bullish trend.
On the daily chart, the RSI has reversed upward from the 40 level, and on the weekly chart, it has bounced from the 50 level, both critical thresholds that indicate renewed positive momentum.
These combined technical signals suggest a favourable setup for the upcoming week.
"Traders are advised to buy Bharti Airtel in the price range of ₹1,600–1,630. The target for this move is set at ₹1,775, while a stop loss should be placed at ₹1,535 on a daily closing basis," said Patel.
Concord Biotech | Previous close: ₹2,127.50 | Buying range: ₹2,100–2,130 | Target price: ₹2,300 | Stop loss: ₹2,050 | Upside potential: 8%
In the previous trading session, Concord Biotech showcased strong bullish momentum by breaking out of a four-day consolidation phase on the daily chart and closing significantly above it.
This consolidation occurred just above the R4 level of the Camarilla Pivot, a key technical indicator highlighting support and resistance levels.
The positioning above R4 indicates a robust base formation, signalling strong buyer interest.
Furthermore, the weekly chart reveals a trendline breakout, as depicted in the chart, further strengthening the bullish narrative—the combination of these signals points to an attractive opportunity at the current price level.
"It is advised to initiate long positions in the range of ₹2,100–2,130. The upside potential is projected at ₹2,300, offering a favourable risk-reward ratio. To manage downside risk, a stop loss is recommended below ₹2,050 on a daily closing basis. This breakout and supportive price action make Concord Biotech an appealing buy at this juncture," said Patel.
Vishnu Kant Upadhyay, AVP, Research & Advisory at Master Capital Services
National Aluminium Company (Nalco) | Previous close: ₹242.14 | Buying range: ₹240-235 | Target price: ₹260, ₹265 | Stop loss: ₹225 | Upside potential: 9%
The stock is consolidating after a sharp uptrend, finding support near the 50 per cent Fibonacci retracement level around ₹241, which aligns with its 21-day EMA.
This confluence of support levels suggests the possibility of a rebound.
The sustained volumes in recent gains further affirm buying interest at lower levels.
"We believe ₹240-235 will provide an opportunity to build fresh long positions, with potential targets near ₹260 and beyond. As long as the stock holds above ₹225 (55-day EMA), the bullish trend remains intact, making dips attractive for accumulation," said Upadhyay.
Piramal Pharma | Previous close: ₹268.75 | Buying range: ₹264-263 | Target price: ₹286, 289 | Stop loss: ₹249 | Upside potential: 8%
Piramal Pharma (PPL) exhibits a bullish technical setup, with the stock rebounding sharply from its horizontal support zone near ₹240.
The recent price action indicates strong buying interest, reinforced by the 21-day EMA acting as dynamic support around ₹253. Volume spikes on up days further validate the bullish sentiment.
"A sustained move above ₹253 (21-day EMA) could trigger fresh upward momentum, with potential targets near ₹286-289. The broader uptrend will remain intact as long as the stock is above ₹240. This presents an attractive opportunity for positional traders to capitalize on the ongoing bullish momentum," Upadhyay said.
Karur Vysya Bank | Previous close: ₹236.56 | Buying range: ₹235-236 | Target price: ₹253, 258 | Stop loss: ₹223 | Upside potential: 9%
Karur Vysya Bank displays a strong bullish structure after breaking above its previous resistance, near ₹232.
The stock has sustained its upward momentum, supported by the 21-day EMA and 10-day EMA, which provide support at ₹223 and ₹227, respectively.
The recent surge in volume reinforces the bullish sentiment, suggesting robust buyer participation.
"As long as the stock holds above ₹230, the trend remains favourable for further upside, making it an attractive pick for positional traders," Upadhyay said.
Mandar Bhojane, Equity Research Analyst, Choice Broking
Mazagon Dock Shipbuilders | Previous close: ₹4,594.15 | Buying price: ₹4,594.15 | Target price: ₹5,200, ₹5,400 | Stop loss: ₹4,260 | Upside potential: 18%
Mazagon Dock has recently broken out of a descending triangle pattern on the daily chart. The price has successfully retested the breakout level, adding credibility to the pattern.
Moreover, the surge in trading volumes reflects strong buying interest and the potential for continued bullish momentum.
"A sustained close above ₹4,600 could serve as a trigger for short-term targets of ₹5,200 and ₹5,400. On the downside, key support is positioned at ₹4,400, providing an excellent buying opportunity on dips. To manage risk effectively, a stop loss at ₹4,260 is recommended to protect against unexpected market pullbacks," said Bhojane.
Aeroflex Industries | Previous close: ₹213.87 | Buying price: ₹213.87 | Target price: ₹240, ₹245 | Stop loss: ₹200 | Upside potential: 15%
Aeroflex Industries has recently broken out of a rectangle pattern on the daily chart.
This breakout is accompanied by a significant increase in trading volumes, indicating strong buying interest and the potential for further upside momentum.
The RSI at 69.5 is trending upward, signalling a strengthening of bullish sentiment.
"A decisive close above ₹215 could open the path for short-term targets of ₹240 and ₹245. On the downside, immediate support is located at ₹209, presenting a favourable buying opportunity on dips. To manage risk effectively, a stop loss at ₹200 is recommended to safeguard against unexpected market reversals," said Bhojane.
Ramco Industries | Previous close: ₹303.42 | Buying price: ₹303.4 | Target price: ₹345, ₹350 | Stop loss: ₹281 | Upside potential: 15%
Ramco Industries has recently broken out of an ascending triangle pattern on the daily chart.
The price is consolidating above the breakout level, indicating the potential for another breakout.
This breakout, accompanied by a significant surge in trading volume, suggests strong bullish momentum.
"A decisive close above ₹305 could open the door for short-term targets of ₹345 and ₹350. On the downside, immediate support is seen at ₹295, offering a favourable buying opportunity on dips. To manage risk effectively, a stop-loss at ₹281 is recommended to guard against potential market reversals," said Bhojane.
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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.