Stocks to buy: Dr Reddy's Lab, Cipla among 9 stocks that can rise 6-15% in next 3-4 weeks, do you own any?

Stock market overview:

The Nifty 50 ended flat last week due to concerns over inflation, limited prospects of rate cuts, geopolitical tensions, and high domestic market valuations.

Experts anticipate the market to remain range-bound ahead of the general election outcome, with ongoing results season influencing stock-specific movements.

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Macro focus:

This week, attention will be on eurozone GDP data and the Bank of England (BoE) policy decision.

The Nifty index exhibits near-term bearishness, indicated by a double top pattern and a bearish engulfing candle on the daily chart.

Kunal Shah of LKP Securities suggests a sell-on-rise approach, with immediate resistance at 22,600-22,700 and support at 22,300.

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Stock recommendations:

Axis Securities:

Last traded price (LTP): ₹229.50

Buying range: ₹226-222

Target price: ₹240-250

Stop loss: ₹216

Upside potential: 9%

Orient Electric:

Orient Electric has shown a breakout above a medium-term falling channel pattern at ₹225 on the weekly chart, indicating an uptrend.

The stock's closing above the daily upper Bollinger Band suggests a short-term buying opportunity, with the weekly RSI indicating positive bias.

BASF India:

BASF has broken out above a rounded bottom pattern at ₹3,900 on the weekly chart, indicating a continued uptrend.

It is forming higher highs and higher lows, maintaining an upward bias and remaining above an upward-sloping trendline.

LTP: ₹4,062.50

Buying range: 4,030-3,950

Target price: ₹4,550-4,650

Stop loss: ₹3,710

Upside potential: 14.5%

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Indiamart Intermesh:

Indiamart Intermesh broke out above a symmetrical triangular pattern at ₹2,700 on the daily chart, indicating the beginning of an uptrend with a breakaway gap area and a strong bullish candle.

Increased activity during the breakout suggests an influx of market participation. After the breakout, the stock retraced to retest the 200-day simple moving average (SMA) at ₹2,768 and found support, confirming a positive bias.

The daily RSI has given a crossover above its reference line, generating a buy signal.

LTP: ₹2,799.65

Buying range: ₹2,780-2,726

Target price: ₹3,060-3,185

Stop loss: ₹2,598

Upside potential: 14%

Dr. Reddy's Laboratories:

Dr. Reddy's showed very strong uptrend with higher highs and higher lows on a weekly scale, indicating sustained upward momentum and bullish sentiment as well. 

LTP: ₹6,349.55

Buying range: ₹6,275-6,350

Target price: ₹6,700

Stop loss: ₹6,111

Upside potential: 6%Top of Form

Bottom of Form

Piramal Enterprises:

Piramal Enterprises found support at the 0.618 per cent retracement level from its previous upward movement and exhibits regular bullish divergence on a weekly scale, suggesting a favorable buying opportunity.

Initiating long positions within the range of ₹945-965 with an upside target of ₹1,060 is recommended.

LTP: ₹962.20

Buying range: ₹945-965

Target price: ₹1,060

Stop loss: ₹902

Upside potential: 10%

Cipla:

Cipla demonstrated a robust uptrend on a weekly scale, with recent trading sessions finding support at the middle Bollinger band.

The stochastic oscillator indicated hidden bullish divergence and a bullish crossover, reinforcing the bullish outlook as well. 

LTP: ₹1,424.75

Buying range: ₹1,400-1,430

Upside target: ₹1,555

Stop loss: ₹1,345

Upside potential: 9%

Gujarat Mineral Development Corporation (GMDC):

GMDC has recovered significantly from a low near the 200-period moving average and strengthened the trend with a breakout above an inverted head and shoulder pattern formation.

LTP: ₹448.65

Target price: ₹517

Stop loss: ₹420

Upside potential: 15%

Zydus Lifesciences:

Zydus Lifesciences has taken support near the important 50EMA level and indicated a trend reversal with a buy signal from the RSI.

LTP: ₹997.40

Target price: ₹1,150

Stop loss: ₹937

Upside potential: 15%

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Birla Corporation:

Birla Corporation has almost formed a higher low on the daily chart, indicating a trend reversal with a buy signal from the RSI.

LTP: ₹1,559.90

Target price: ₹1,770

Stop loss: ₹1,440

Upside potential: 13.5%

We recommend investors to approach with experts before investing in any companies.